A fresh debate has emerged over Ghana’s fiscal policy direction after former Chief Justice Sophia Akuffo questioned the government’s decision to reduce the Growth and Sustainability Levy shortly after increasing it.
Speaking at a press briefing in Accra organised by the Institute of Economic Affairs (IEA), she raised concerns about the consistency of the policy shift. The levy, which had been increased from one per cent to three per cent to boost revenue from the extractive sector, has now been reduced back to one per cent to ease pressure on investors.
Justice Akuffo questioned the rationale behind the move, arguing that it undermines the broader objective of maximising value from Ghana’s natural resources. She noted that such reversals could weaken the country’s ability to fully benefit from rising global commodity prices and limit long-term economic gains.
The IEA also warned that inconsistent fiscal measures could send mixed signals to investors and weaken confidence in Ghana’s economic strategy. According to the think tank, global trends increasingly favour stronger resource ownership and policies that prioritise national value retention.
Justice Akuffo further expressed concern about Ghana’s continued reliance on external support, including programmes with the International Monetary Fund, despite its rich natural resource base. She urged policymakers to adopt more coherent, predictable strategies that balance investor interests with national development priorities.
She emphasised that with expiring mining leases and high global mineral prices, Ghana has a unique opportunity to reset its resource governance framework and secure greater economic benefits.
Source: Graphic Online (Daily Graphic)
