Ghana’s Minerals Commission has moved to dispel concerns over foreign investor exclusion amid a renewed push to rebalance mining sector agreements in favor of national interests.
Isaac Andrews Tandoh, Deputy Chief Executive Officer of the commission, clarified the government’s position following its decision not to renew Gold Fields Ghana’s lease for the Damang Mine, a move that sparked speculation about resource nationalism.
“Genuine investors are not afraid of fairness. They fear instability. We offer structure, fairness, and a clear growth plan,” Tandoh stated during an interview with Joy News. He emphasized that Ghana remains open to foreign investment but insists on modernizing decades-old mineral development agreements that critics argue undervalue local benefits.
The nonrenewal of Gold Fields’ 30-year Damang Mine lease, announced in June 2025, reflects a broader audit of existing contracts. Tandoh described the review as a strategic effort to align mining deals with Ghana’s developmental priorities, particularly infrastructure upgrades and community welfare. “If you’ve operated under a 30-year lease, it cannot be business as usual. Neo-colonial agreements must end,” he said, referencing terms negotiated in the 1990s that locked in tax rates and royalty structures now deemed outdated.
Addressing fears of nationalization, Tandoh drew a clear distinction between Ghana’s approach and policies in neighboring Sahel nations. “We are not Burkina Faso or Mali. There is no nationalization policy. However, we are prioritizing indigenization to ensure Ghanaians benefit directly from their resources,” he explained. The commission’s strategy includes stricter local content mandates, profit-sharing models, and requirements for miners to process more gold domestically.
The shift comes as Ghana seeks to optimize returns from its mineral wealth amid rising global demand for gold, which accounts for 14% of export earnings. While the country produced 3.7 million ounces of gold in 2024, analysts estimate up to 30% of small-scale mining revenue leaks out through illicit trade. Tandoh linked the policy overhaul to combating such losses, noting that “every ounce mined should translate to tangible gains for communities near mines and the national economy.”
Investor response has been mixed. Major firms like Newmont and AngloGold Ashanti continue expanding operations, with Newmont’s Ahafo North project set to produce 550,000 ounces annually by 2027. Yet industry groups warn that abrupt contractual changes could deter exploration funding. Tandoh countered that transparency and phased negotiations mitigate these risks. “This isn’t abrupt. It’s a deliberate, Ghana-first strategy developed through stakeholder consultations,” he said.
Ghana’s balancing act mirrors trends across resource-rich African nations renegotiating legacy mining and oil contracts. From Zambia’s copper royalty hikes to Namibia’s critical minerals equity requirements, governments are testing how far they can recalibrate terms without triggering capital flight. For Ghana, which attracted $1.3 billion in mining investments last year, the challenge lies in proving that fairness and profitability can coexist a proposition that will shape the sector’s role in the country’s $100 billion GDP target by 2030.
As global mining giants weigh legal safeguards against policy shifts, Tandoh’s message underscores a regional reality: the era of extraction on colonial-era terms is fading, but the blueprint for equitable, modern partnerships remains a work in progress.
