Dr. Kwabena Donkor, Chairman of the Parliamentary Committee on Public Administration and State Interests, has raised concerns about the government’s apparent disinterest in securing a stake in the Akyem operations of Newmont Corporation, which are currently up for sale.
Newmont has agreed to sell the mine to Chinese firm Zijin Mining Group for a cash consideration of up to $1 billion. Dr. Donkor is urging President Akufo-Addo to intervene and ensure the state obtains a stake in the mine, which he describes as highly productive with over 20 years of mining potential left.
Speaking to the press, the former Minister of Power stressed that the acquisition of a stake in the Akyem mine aligns with the president’s ‘Ghana beyond aid’ vision, suggesting it would be a missed opportunity if the government fails to act.
Dr. Donkor argued that the mine, which enjoys unique privileges, could significantly benefit the nation’s economy if it were at least partially owned by the state or local businesses.
According to Dr. Donkor, Newmont’s decision to sell the Akyem mine is part of a global strategy to divest from non-core assets. He emphasized that despite this, the Akyem mine remains financially healthy with strong cash flows, making it an attractive investment for Ghanaian interests.
He further pointed out that Newmont is not selling the mine due to any operational shortcomings but rather as part of a broader corporate restructuring.
Dr. Donkor expressed disappointment over the lack of government initiative in pursuing this “golden opportunity” and called for urgent reconsideration of the matter before the sale is finalized. He noted that Newmont enjoys certain privileges that other mining companies do not, which would make this acquisition particularly valuable for the state.
Local businesses were also encouraged to explore opportunities for acquiring stakes in the mine, which Dr. Donkor described as “very profitable.” He reiterated that the government and Ghanaian companies could still take a significant interest in the mine if they acted swiftly.
Newmont has stated that the sale is part of its ongoing program to divest non-core assets, a plan that was initially announced in February. The sale, pending regulatory approval and other conditions, is expected to be finalized by the end of the year.
