The Ghana Chamber of Mines has strongly defended Gold Fields’ application for a 20 year extension of its Tarkwa mining lease, pushing back against claims by the Institute of Economic Affairs (IEA) and warning that rejecting the renewal could damage investor confidence and destabilise Ghana’s mining sector.
The debate centres on the future of the Tarkwa Mine, one of Africa’s largest open pit gold operations, whose current lease is set to expire in April 2027. The Chamber argues that attempts to block the renewal on nationalist grounds could reverse decades of reforms that have transformed Ghana into a leading global gold producer.
Chief Executive Officer of the Chamber, Dr Kenneth Ashigbey, said the IEA’s position contains “material factual inaccuracies” and reflects a misunderstanding of the historical development of the mining sector. He maintained that private sector participation has been critical to reviving an industry that previously struggled under state ownership.
“The facts are very clear. The mining sector almost collapsed during the period of extensive state control. Production declined sharply, there was chronic underinvestment, and operational inefficiencies became widespread,” Dr Ashigbey stated, stressing that liberalisation in the 1980s helped restore growth and stability.
According to the Chamber, the entry of companies such as Gold Fields played a key role in repositioning Ghana as one of Africa’s top gold producers. It noted that national gold output has risen significantly over the decades, supported by increased investment, improved technology and stronger operational capacity across mining sites.
The Chamber also highlighted the broader economic contribution of the sector, stating that mining remains a major source of national revenue. It disclosed that in 2025 alone, the mining industry contributed about GH¢19 billion in taxes to the Ghana Revenue Authority, representing nearly 23 percent of direct domestic tax collections.
On the Tarkwa enclave specifically, which includes Gold Fields, Ghana Manganese Company and AngloGold Ashanti’s Iduapriem Mine, the Chamber said the area contributed about GH¢5.1 billion in taxes in 2024. It described this as evidence of the sector’s strategic importance to Ghana’s fiscal stability.
Beyond revenue generation, Dr Ashigbey also pointed to social investments made by mining companies through the Gold Fields Ghana Foundation, which he said has spent nearly US$110 million on community development since 2002. These projects include roads, hospitals, water systems, education infrastructure and agricultural support programmes in host communities.
However, the Chamber acknowledged ongoing concerns about uneven development in mining areas, arguing that the issue is less about corporate contributions and more about how mineral revenues are distributed and managed by the state. It renewed calls for a reform that would allocate at least 30 percent of mineral royalties directly to mining communities to improve local development outcomes.
“The real question is how mineral revenues are distributed and utilised after they are paid to the state,” Dr Ashigbey said, adding that stronger local allocation could help address long standing development gaps in mining communities.
The Chamber warned that uncertainty around lease renewals could send negative signals to investors and undermine Ghana’s reputation as a stable mining jurisdiction. It argued that security of tenure remains a critical factor for long term capital intensive investments in the extractive sector.
The statement comes amid increasing public debate over whether Ghana should take a more nationalist approach to resource management or continue prioritising foreign and private investment as a driver of growth.
The Chamber also commented on the revocation of mining leases held by Adamus Resources Limited, urging the government to ensure due process and legal clarity in regulatory enforcement. It warned that inconsistent enforcement could affect employment and community stability in mining areas.
It welcomed the establishment of a ministerial committee to review Adamus’ petition and encouraged continued dialogue between stakeholders.
As discussions continue, the Tarkwa lease extension has become a key test case in Ghana’s broader debate over resource governance, balancing investor confidence with national development priorities.
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