The Director of Research at the Institute of Economic Affairs (IEA), Dr John Kwakye, has welcomed the government's decision to increase the Growth & Sustainability Levy on mining companies.

He stated that the fact is that the Growth and Sustainability Tax is obsolete, having been introduced in 2001 as a Fiscal Stability Tax. "However, a higher tax on the mining sector is justified.

Indeed, what is needed is a Super-profit or Windfall Tax of at least 10%," he wrote on his X page.

Dr Kwakye was reacting to a comment made by a former Deputy Minister of Finance, Mona Quartey, has raised concerns over the government's decision to increase the Growth & Sustainability Levy on mining companies from 1% to 3%, warning of its potential impact on the extractive sector.