Raise mining investment threshold, not scrap stability agreement – Petroleum Hub Development Corporation boss
The Acting Chief Executive Officer of the Petroleum Hub Development Corporation (PHDC), Dr Toni Aubynn, has warned against proposals to abolish the Stability Agreement as part of Ghana’s mining policy reforms, stressing that such a move could harm investor confidence in the sector.
Speaking at the opening of the Mining & Minerals Convention 2025 at the Kempinski Gold Coast Hotel in Accra on Tuesday, September 9, Dr Aubynn said the Stability Agreement remains a critical assurance to investors and should not be discarded.
“The Stability Agreement guarantees investors that, upon committing substantial capital to our country, certain taxes and fiscal inputs will remain consistent. Instead of abolishing it, I recommend raising the investment threshold and incorporating additional provisions,” he explained.
Dr Aubynn, a former Chief Executive Officer of the Minerals Commission, argued that the agreement helps reassure both local and international investors that significant investments will be protected by a stable fiscal environment for up to a decade.
“This approach ensures confidence among both local and international investors, assuring them that significant investments will be safeguarded by a stable fiscal environment for up to a decade, thereby incentivising their participation,” he added.
He further endorsed proposals for mining leases to be aligned with the operational life of mines but called for flexibility to ensure that existing operators are given priority when leases expire. “I support linking mining leases to the life of the mine, provided the framework remains flexible to grant the incumbent operator the first right of refusal,” he affirmed.
The Stability Agreement has become a focal point in ongoing discussions about the future of Ghana’s mining policy, with some stakeholders calling for its abolition. But Dr Aubynn maintained that reform, rather than elimination, would be the most prudent path to sustaining investor interest and strengthening the country’s mining industry.