Chamber of Mines opposes rejection of Gold Fields lease extension
The Ghana Chamber of Mines has opposed calls by the Institute of Economic Affairs (IEA) for the government to reject the application by Gold Fields to extend the mining lease of its Tarkwa operations, warning that such a decision could threaten investments, jobs and tax revenues within the mining sector.
The Chief Executive Officer(CEO) of the Chamber, Kenneth Ashigbey, said in Accra last Thursday that denying lease renewals would undermine investor confidence and create uncertainty within Ghana’s mining industry.
In a press conference, he said the country’s mining sector depended heavily on long-term investments and policy stability, stressing that companies required security of tenure to continue investing in infrastructure, exploration and community development projects.
The chamber’s response followed calls by the IEA for the government to reject the proposed renewal or extension of Gold Fields’ Tarkwa mining lease, which expires in 2027.
IEA position
At a press conference in Accra, former Chief Justice and IEA Fellow, Sophia Akuffo, supported calls for increased Ghanaian participation in the management of the country’s mineral resources and stressed the need for greater national control over strategic assets.
The IEA said the proposed lease renewal would be “deeply inimical” to Ghana’s long-term economic and strategic interests and urged the government to pursue a framework that ensured meaningful Ghanaian ownership of the Tarkwa mine.
The institute argued that Ghana needed to prioritise local ownership of its natural resources to maximise benefits from the country’s mineral wealth.
The comments added to the growing national debate over the future of the Tarkwa mining lease, which remains one of Gold Fields’ major mining operations globally.
Investment concerns
Responding to the concerns raised by the IEA, Dr Ashigbey said private sector participation had transformed Ghana’s mining industry and contributed significantly to economic growth and government revenue mobilisation.
He explained that reforms introduced over the years attracted substantial domestic and foreign investments into the mining sector and helped Ghana regain its position as a leading gold producer in Africa.
“The investor-led model helped revive the mining industry and denying lease renewals could weaken confidence in Ghana as a mining destination,” he said.
Dr Ashigbey said gold production from the large-scale mining sector increased from about 216,000 ounces in 1983 to nearly three million ounces in 2025 because of sustained investments by private mining firms.