The Minerals Commission has pushed back against criticism that Ghana is pursuing an anti-investor stance following the government’s decision to take over the Damang gold mine from Gold Fields Ghana.
Speaking on Joy News’ PM Express Business Edition, Deputy CEO of the Commission, Isaac Andrews Tandoh, clarified that the government’s move should not be interpreted as a blanket rejection of foreign mining companies. “We are not saying we are going to chase all mining companies away. We are not going to do that,” he stated.
The government recently declined Gold Fields’ lease renewal request, assuming control of the mine. According to Mr. Tandoh, the company had received generous incentives, including a 30-year lease and a development agreement with tax and fuel tariff waivers. Despite this, he said Gold Fields failed to reinvest adequately in Ghana’s mining sector.
“While Ghanaians were battling fuel price hikes, these companies were receiving relief,” he noted, adding that Gold Fields instead directed profits toward acquisitions in Canada and Chile. “They can’t tell us the money didn’t come from Ghana,” he said.
He accused the company of minimal investment in Damang, focusing mainly on treating stockpiles, a method he described as “taking free cash from Ghana without actually working.”
Addressing concerns about investor confidence, Mr. Tandoh emphasized that Ghana still welcomes partnerships with responsible mining firms, but insisted the country must benefit fairly. “We’ll take it case by case,” he said. “Capital is no longer a big argument.”
He highlighted the growing financial and technical capabilities of local companies like BCM, Engineers & Planners, and Rockshore, noting that Ghanaian firms are increasingly positioned to undertake major mining projects.
“The days of total foreign dominance are over,” he said. “We’ll always act in Ghana’s interest. After 30 years, you don’t just take and go. You must give back.”
