Don’t heed IEA calls to terminate Gold Fields Ghana’s Tarkwa Mine lease…GCM urges govt
The Ghana Chamber of Mines (GCM) has urged the government not to heed to the calls by the Institute of Economic Affairs (IEA) for it to terminate the mine lease of Gold Fields Ghana’s Tarkwa Mine, warning that such a move could weaken investor confidence and destabilise the country’s mining sector.
The chamber said that although national discussions on how to maximise benefits from mining were important, such debates must be guided by facts, historical context, and the operational realities of the industry.
Addressing the press in Accra on Thursday, the Chief Executive Officer (CEO) of the Chamber, Dr Kenneth Ashigbey, said Ghana’s previous era of state-controlled mining under the State Gold Mining Corporation was characterised by declining production, underinvestment, and operational inefficiencies, which contributed to the country’s economic difficulties in the 1980s.
He noted that private sector participation had since revived the mining industry through modernisation, exploration, and improved operational efficiency.
The Chief Executive Officer of GCM said Ghana’s gold production had increased significantly from about 216,000 ounces in 1983 to nearly three million ounces in 2025, helping position the country as Africa’s leading gold producer.
He dismissed assertions that the state derived little benefit from mining activities, insisting that the government captured more than 60 per cent of mining rents through taxes, royalties, and dividends.
Dr Ashigbey disclosed that Gold Fields, Ghana Manganese Company, and AngloGold Ashanti operating within the Tarkwa enclave paid approximately GH¢5.1 billion in taxes in 2024, representing about 7.3 per cent of Ghana’s domestic tax revenue.
The CEO further called for strict adherence to due process in handling the revocation of the Akango, Salman, and Nkroful mining leases held by Adamus Resources Limited.
The Chamber argued that the revocation did not follow the statutory notice requirements, including formal notification and an opportunity for the company to respond before the action was taken.
Dr Ashigbey stressed that respect for legal safeguards remained essential to maintaining trust and stability within Ghana’s mining industry.
He said the Chamber was excited about the establishment of a Ministerial committee to review Adamus Resources’ petition and encouraged continued engagement among government, regulators, and the company to resolve the matter amicably.
Dr Ashigbey said government terminating Gold Fields Ghana’s Tarkwa Mine lease could have socio-economic implications for workers and host communities dependent on mining operations.
He reaffirmed GCM’s commitment to responsible mining and regulatory compliance while urging balanced enforcement that safeguarded both legal integrity and investment stability in Ghana’s extractive sector.
BY KINGSLEY ASARE & PRINCE ADDO FRIMPONG
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