The Ghana Chamber of Mines strongly opposed the Institute of Economic Affairs’ (IEA) recommendation to reject Gold Fields’ Tarkwa mining lease renewal, warning of significant negative impacts on investor confidence. The Chamber stated that blocking the renewal could weaken security in tenure and destabilize Ghana’s crucial foreign exchange and revenue-generating mining sector.
This opposition came during a press conference where Ing. Dr. Kenneth Ashigbey, CEO of the Ghana Chamber of Mines, highlighted the need for evidence-based discussions on mining. The IEA, supported by former Chief Justice Sophia Akuffo and former Speaker of Parliament Prof. Aaron Mike Oquaye, had suggested that Ghana should gain more national control over mineral assets. They proposed rejecting Gold Fields' lease extension to prioritize Ghanaian ownership.
This debate fits into Ghana's ongoing discussion about how to balance foreign investment with national ownership in key economic sectors. Ghana’s mining sector significantly contributes to its Gross Domestic Product and foreign exchange earnings. Large-scale gold production increased from 216,000 ounces in 1983 to nearly 3 million ounces by 2025 due to private investment.
“The statement contains material factual inaccuracies, relies on an incomplete reading of the sector’s history, and advances policy prescriptions that are inconsistent with established evidence on resource governance,” the Chamber stated in its response to the IEA. The Chamber emphasized that Ghana’s ownership of minerals is already secured under the Minerals and Mining Act, 2006 (Act 703). This Act vests mineral rights in the President on behalf of the people.
Future policy decisions will likely consider how to enhance benefits for mining communities. The Chamber noted that the three main mining operations in Tarkwa—Gold Fields, Ghana Manganese Company, and AngloGold Ashanti Iduapriem—paid GHS 5.1 billion in taxes in 2024. This figure represents 7.3 percent of the total direct domestic taxes collected by the Ghana Revenue Authority. However, only a small portion of mineral royalties currently reaches host communities.
The Chamber has consistently advocated for a minimum statutory allocation of 30 percent of mineral royalty receipts to mining communities. They believe this measure would better address development deficits and unemployment in areas like Tarkwa. This approach, they argue, is more effective than disrupting existing ownership or lease arrangements, which could deter future investment.
The IEA’s perspective stems from a belief that Ghana has not received enough structural value from foreign control over strategic mines. This view reflects growing public frustration over infrastructure gaps and limited local economic transformation in gold-rich areas. However, the Chamber insists the root cause is the mineral revenue distribution framework, not foreign operational control.
The Gold Fields Ghana Foundation has invested almost USD 110 million in community development. This highlights the private sector's role in local improvements. Decision-makers must now weigh the benefits of continued foreign investment against calls for greater national control. They must also consider the most effective ways to ensure mining revenues benefit local populations.