Chamber of Mines Challenges IEA on Gold Fields Lease
The Ghana Chamber of Mines has strongly defended Gold Fields’ bid to extend its Tarkwa mining lease. It accuses the Institute of Economic Affairs (IEA) of promoting incorrect information. The Chamber warns these policies could harm investor trust. They could also destabilise Ghana’s key mining industry.
This response comes amid a national discussion about the future of the Tarkwa Mine. This mine is one of Africa’s largest open-pit gold operations. The Chamber warns that rejecting the lease renewal on nationalist grounds could undo mining sector reforms. It could weaken investment security. It would also damage Ghana’s image as a good place to invest.
The Chamber’s position follows the IEA’s campaign. The think tank urges the government to reject Gold Fields’ application. This application seeks a 20-year extension for the Tarkwa lease. The current lease expires in April 2027. Dr. Kenneth Ashigbey, CEO of the Chamber, spoke at a press conference in Accra. He said the IEA’s arguments misunderstand the mining sector’s history. He added that their policy ideas lack evidence. These ideas contradict known facts about resource management.
Dr. Ashigbey argued that calls to deny the renewal overlook the past. Private investment helped revive Ghana’s mining sector. This followed a period of decline under state ownership. He recalled that the Tarkwa Mine was once part of the State Gold Mining Corporation. During Ghana’s post-independence era of state control, the sector suffered. Production dropped significantly. Investment was very low. Operations were inefficient.
He stressed that reforms in the 1980s were crucial. These brought in private investors like Gold Fields. This helped make Ghana a leading gold producer in Africa. Companies like Gold Fields invested heavily. They brought money, technology, and knowledge to the sector. The transformation of Tarkwa was not accidental. It resulted from investment, better operations, and long-term confidence in Ghana.
The Chamber highlighted growth in large-scale gold production. Output rose from about 216,000 ounces in 1983 to nearly 3 million ounces in 2025. This shows the impact of investor-led reforms. The mining industry's expansion has helped create supporting services. Ghana is now a regional hub for contract mining and engineering. It supplies equipment and offers technical advice across West Africa.
Dr. Ashigbey also countered claims of limited value from large mining. He stated the sector's financial contribution is substantial. In 2025, the mining sector paid around GHS 19 billion in taxes. This was to the Ghana Revenue Authority (GRA). That figure represented nearly 23 percent of direct domestic tax collections. These contributions are significant.
He also spoke about Tarkwa specifically. In 2024, three main mining companies there paid about GHS 5.1 billion in taxes. These companies are Gold Fields, Ghana Manganese Company, and AngloGold Ashanti’s Iduapriem Mine. That mining area alone contributed about 7.3 percent of total direct domestic taxes. Few local areas in Ghana contribute at this level.
The Chamber also defended Gold Fields regarding community development. It pointed to investments by the Gold Fields Ghana Foundation. Since 2002, the Foundation has invested nearly US$110 million. These funds went to community projects. Projects included roads, health, education, and water. The Tarkwa-Damang road project is a notable example. It covers 33 kilometers. The Foundation also supported hospital upgrades and youth training programs.