Finance Minister Dr Cassiel Ato Forson has commended Perseus Mining (Ghana) Limited for a record dividend payment of GH¢391.2 million (US5 million paid the previous year.
The substantial payout reflects the Australian-listed gold producer’s improved profitability and comes as Ghana pushes forward with sweeping mining sector reforms designed to capture greater value from its mineral wealth .
Presenting the dividend on behalf of the government, Dr Forson described the payment as evidence that Ghana’s extractive sector policies are yielding tangible results. The government holds a 10% free-carried interest in Perseus’ Edikan Gold Mine, entitling the state to a share of the company’s earnings .
“Ghana must receive its fair share from the extractive sector. That is why we introduced the sliding-scale system: when mining companies earn more, the people of Ghana must benefit more!” the Minister stated in a Facebook post .
Strategic Push for Greater Returns
The sevenfold increase in the dividend comes against the backdrop of historically high gold prices and the government’s aggressive push to reform fiscal policies governing the mining industry.
In January 2026, Ghana announced plans to replace its flat 5% royalty rate with a sliding-scale system linked to gold prices—a policy that has drawn both praise and opposition. Under the new framework, gold miners will pay up to 12% when gold prices hit US$4,500 per ounce, significantly increasing state revenues during periods of high commodity prices .
The policy shift forms part of a broader strategy by the Mahama administration to address what the government has described as a long-standing revenue gap in the extractive sector. At the National Economic Dialogue earlier this year, Dr Forson revealed that while Ghana’s extractive industry generates rents equivalent to 14% of GDP, the government captures only 1.5% in revenue .
Perseus Mining’s Strong Performance
For Perseus Mining, the stronger payout to Ghana comes amid a particularly robust financial year. The company produced 404,998 ounces of gold in the fiscal year ended June 2026 from operations in Ghana and Côte d’Ivoire, while developing its Nyanzaga project in Tanzania .
The company declared a 14 Australian-cent full-year dividend for FY2026, worth approximately A229 million) in mineral royalties as of June 2026 .
The dividend translates to US413 per share declared for the 2024 financial year .
Industry Context and Future Outlook
Ghana, Africa’s largest gold producer, has been steadily reshaping its gold industry to retain more value domestically. Recent reforms include plans for the state Gold Board (GoldBod) to ensure all gold doré handled by licensed aggregators is refined in Ghana before export—a policy that took effect on September 1, 2026 .
The country produced approximately 6 million ounces of gold in 2025, its highest output on record, with artisanal and small-scale miners accounting for roughly half of production .
However, the government’s mining policies have not been without controversy. Mining executives and the Ghana Chamber of Mines have warned that the sliding-scale royalty regime could “dry up new projects and output,” potentially deterring future investment in the sector . The United States, China, and several Western governments also mounted a rare joint effort to persuade Ghana to halt the policy, though the government proceeded with its implementation .
Despite these concerns, the government has maintained that the reforms strike the right balance—boosting state revenue while preserving industry margins—and that investors are more concerned with regulatory stability than marginal cost shifts .
For now, the US$35 million dividend represents a significant victory for Ghana’s efforts to capture a larger share of its natural resource wealth, with the Finance Minister signalling that more such announcements could follow as the reforms take effect.
