Ghana Receives US$35m from Perseus Mining as Government Pushes for Bigger Share of Gold Wealth
Ghana has received a US$35 million dividend from Perseus Mining Ghana Limited, a major increase from the US$5 million the state received from the mining company a year earlier.
The payment, equivalent to about GH¢391 million, represents the government’s 10 per cent interest in Perseus Mining Ghana Limited and comes at a time when gold is becoming increasingly important to Ghana’s foreign exchange earnings and economic strategy.
The Ministry of Finance announced the payment on September 1, 2026, describing it as part of efforts to ensure the country receives a stronger financial return from its mineral resources.
For Ghana, the development goes beyond one dividend payment. It comes amid a broader push to increase state participation in the gold industry and retain more of the value generated from the country’s mineral wealth.
Perseus dividend rises sharply
The latest payment represents a sevenfold increase compared with the US$5 million dividend received by the government the previous year.
The increase reflects the performance of Perseus Mining and the returns from the state’s ownership stake in the company.
But the dividend is only one part of the company’s financial contribution to Ghana.
As of June 30, 2026, Perseus Mining had paid about GH¢1.7 billion in royalties, GH¢4.2 billion in corporate income tax and the Growth and Sustainability Levy, as well as GH¢1.96 billion in PAYE and other statutory taxes.
The company has also been involved in community development activities covering areas such as education, healthcare, infrastructure, skills training and local enterprise development.
Why Ghana is paying closer attention to gold
The timing of the dividend is significant because Ghana’s gold sector has grown substantially in recent years.
The country produced nearly 5.94 million ounces of gold in 2025, up from about 4.82 million ounces in 2024.
Small-scale mining accounted for a large part of the increase, with its production rising from approximately 1.90 million ounces in 2024 to 3.11 million ounces in 2025.
Gold has consequently become an increasingly important source of foreign exchange for Ghana.
GoldBod reported that the country’s gold export earnings reached about US$20 billion in 2025, almost twice the US$10.3 billion recorded in 2024.
That growing contribution has strengthened calls for Ghana to benefit more from the entire gold value chain instead of relying mainly on the export of unprocessed mineral resources.
GoldBod takes centre stage
A major part of the government’s strategy is the expanded role of the Ghana Gold Board (GoldBod).
GoldBod now has responsibility for the purchase, sale, weighing, grading, assaying and export of gold and other precious minerals.
In June 2026, GoldBod announced an arrangement under which it would purchase 30 per cent of the gold produced by large-scale mining companies.
The gold is to be purchased in Ghana and subsequently refined locally, with the policy linked to the government’s Ghana Accelerated National Reserve Accumulation Programme.
The objective is to build Ghana’s international reserves while ensuring more of the economic value created by the country’s gold remains within the domestic economy.
Ghana tightens rules on unrefined gold exports
Another major change took effect on September 1, 2026, when new requirements concerning gold doré exports came into force.
Under the directive announced by GoldBod, self-financing aggregators are required to ensure that gold doré is refined in Ghana before it is exported.
Unrefined gold doré will no longer be approved for export under the new arrangement. Export applications are expected to be processed only after GoldBod confirms that the gold has been refined locally and the relevant requirements have been satisfied.
The policy is part of a wider attempt to increase domestic value addition and give Ghana a stronger position in the international gold market.
Bigger state revenue, but investment remains important
While Ghana wants to capture more revenue from its gold resources, the country also needs mining companies to continue investing, expanding production and developing new projects.
Changes to taxes, royalties, ownership arrangements and gold trading rules can therefore have implications for the attractiveness of Ghana’s mining sector to investors.
The Ghana Chamber of Mines has previously expressed concerns about the effect of changes to the mining fiscal regime on investment and the competitiveness of the industry.
Government, on the other hand, has maintained that Ghana needs to secure a greater long-term share of the wealth generated from its natural resources.
The issue is therefore not simply about collecting more money today. It is about finding a balance between state revenue, local participation, investment and sustainable mining operations.
