As West African nations seek to capture a fairer share of extractive revenues, the year 2026 marks a strategic divergence in royalty policies. While the common goal remains to increase public revenues, the mechanisms chosen by Bamako, Accra and Abidjan reveal distinct economic priorities, ranging from immediate value capture to incentives for industrialisation.
Mali: The choice of state maximisation
Under the impetus of its new mining code, Mali introduced one of the most demanding royalty regimes in the sub-region in 2026. The Malian tax structure no longer relies solely on ad valorem royalties (based on the value of the ore); it now includes taxes on excess profits triggered when world prices exceed certain thresholds. For gold, the pillar of the economy, royalties combined with various production taxes can now reach effective rates of 10% to 12%, compared to around 6% previously. This strategy aims to directly finance local development funds, but it puts increased pressure on the margins of operators in the exploration phase.
Ghana: Flexibility driving transformation
Ghana has opted for a more nuanced approach, particularly in the emerging lithium sector. For 2026, Accra is applying a sliding scale royalty system. The base rate has been raised to 10% for lithium, but the government is offering significant "tax rebates" to companies that commit to local spodumene refining. Conversely, for gold, Ghana is maintaining a certain stability with a base rate of 5%, favouring the sustainability of its mature operations while using taxation as a lever to encourage new critical metal projects to create added value within the country.
Ivory Coast: Attractiveness through stability
In 2026, Côte d'Ivoire will continue to offer the most favourable investment environment among the three countries, with gold royalties indexed to world prices ranging from 3% to 6%. Abidjan is banking on massive investment volume rather than high tax rates. The Ivorian strategy is based on broadening the tax base: by attracting more projects through predictable taxation, the state compensates for its moderate rates by increasing the number of sites in operation. This model is particularly attractive to junior mining companies and Western investors seeking a less aggressive tax environment.
Summary of regional trends
The following table summarises the main tax guidelines for 2026:
| Country | Average Royalty Rate (Gold/Lithium) | Special feature 2026 |
| Mali | 10% – 12% | Systematic tax on superprofits |
| Ghana | 5% (Gold) / 10% (Lithium) | Modulations based on local transformation |
| Côte d’Ivoire | 3% – 6% | Strict indexation to global prices |
In conclusion, the choice for investors in 2026 depends on their time horizon: Mali offers rich deposits but heavy taxation, Ghana offers a strategic industrial partnership, while Côte d'Ivoire remains the destination of choice for secure profit margins.