Amid the debate surrounding the lease extension request by Gold Fields Ghana for the Tarkwa Mine, the Ghana Chamber of Mines has strongly pushed back against calls by the Institute of Economic Affairs (IEA) for the government to reject Gold Fields’ application.
With the lease for Tarkwa mine nearing expiration, Gold Fields, as provided by law, is seeking for a 20-year extension of the mine lease.
Chief Executive Officer of the South African-owned mine, Mike Fraser, came to the country to negotiate with the country for the extension after it lost the Damang mine. However, the IEA,in a press conference, has strongly opposed the lease extension, calling for Ghanaian or indigenous ownership of the mine.
IEA argues that years of foreign-owned large scale mining have not enured into a any significant socio-economic benefits for the country, hence the need for a change in direction of Ghana’s natural resource governance. The IEA outlined a number of reasons why the lease should not be extended.
But in sharp response, the Ghana Chamber of Mines is describing the think tank’s position as misleading, historically flawed, and potentially dangerous to investor confidence in Ghana’s mining sector.
Addressing a press conference in Accra, the Chief Executive Officer (CEO) of the Chamber, Ing Kenneth Ashigbey, argued that the IEA’s proposals risk undermining the legal and commercial foundations upon which Ghana’s mining industry has been built over the past decades.
Ing Ken Ashigbey said the statement of the IEA “contains material factual inaccuracies, relies on incomplete reading of the sector’s history, and advances policy prescriptions that are inconsistent with established evidence of resource governance.”
According to the Chamber, Ghana’s mining sector has achieved significant growth largely through sustained private sector investment, policy stability, and collaboration between the state and mining companies.
It maintained that attempts to reverse that model could threaten the country’s competitiveness as a leading mining destination in Africa.
The Chamber further insisted that the current mining regime already guarantees state ownership of mineral resources while allowing private firms to operate under strict legal, fiscal, and regulatory frameworks.
It also rejected suggestions that foreign participation in mining is responsible for Ghana’s recurring economic difficulties, arguing instead that the mining industry has consistently served as a major pillar of economic stability through tax payments, export earnings, employment creation, and foreign exchange generation.
On the specific issue of the Tarkwa lease renewal, the CEO of the Chamber maintained that the matter should be handled strictly within the framework of Ghana’s Minerals and Mining Act, stressing that the law clearly provides conditions under which lease extensions may be granted.
It also defended the developmental contributions of mining companies in host communities, highlighting investments in roads, health, education, agriculture, and social infrastructure over the years.
While acknowledging concerns about underdevelopment in some mining communities, the Chamber argued that the real challenge lies in how mineral revenues are distributed and utilized, rather than in the ownership structure of mining operations.
For now, the latest standoff between the Chamber of Mines and the IEA has deepened the national debate over resource ownership, economic sovereignty, and the future direction of Ghana’s mining sector as the government prepares to make a crucial decision on Gold Fields’ Tarkwa lease extension request.
Will the government side with the IEA or the Chamber, only time will tell.
