Ghana lease uncertainties threaten mining investment, mines chamber says
DAKAR – Ghana's mining investment climate risks being undermined by lease revocations, renewal delays and policy uncertainty, adding to cost pressures for miners, the head of the industry group has said.
Kenneth Ashigbey, CEO of the Ghana Chamber of Mines, told Reuters on Thursday that the revocation of some leases held by local miner Adamus Resources over alleged illegalities, along with uncertainty over Gold Fields' lease renewal, risk creating the impression that “security of tenure in Ghana is not guaranteed,” potentially hurting investment.
The lease for Tarkwa – a cornerstone asset for the South African miner that produced about 427,000 ounces of gold in 2025 – expires in 2027, but efforts to advance renewal talks have stalled, Ashigbey said.
Ghana, like other African commodity producers, has launched reforms to capture more revenue, as prices of minerals and metals soar.
Africa's top gold producer last year declined to renew Gold Fields' lease for its smaller Damang mine – which the company had indicated it might sell – and instead awarded it to local contractor Engineers & Planners (E&P).
Accra-based nonprofit Institute for Economic Affairs said this week that Ghana should not renew Tarkwa's lease but instead allocate it to local operators.
"Their proposal will destroy the security of tenure that is essential to the development and sustenance of the mining industry," Ashigbey told a press conference on Thursday, before speaking to Reuters.
Gold Fields did not immediately respond to requests for comment. A mining executive, who asked not to be named due to the sensitivity of the matter, said the company was concerned about the uncertainty after attempts to meet officials failed. “Tarkwa is a big deal because of the volumes it contributes," the executive said.
Ghana's mines ministry and the Minerals Commission, the sector regulator, did not immediately respond to requests for comment.
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