The Ghana Chamber of Mines has warned that uncertainty over the renewal of mining leases poses a greater threat to investment than high tax rates, urging government to guarantee security of tenure to sustain Ghana’s position as Africa’s leading mining investment destination.
Speaking at the 2026 Mining for Development Forum in Accra, Chief Executive Officer of the Ghana Chamber of Mines, Dr. Ken Ashigbey, said predictable mining policies and legal certainty are critical for attracting the long-term capital required by the industry.
He said Ghana’s rise as one of Africa’s preferred mining destinations was built on the certainty provided under the Minerals and Mining Act, 2006 (Act 703), particularly provisions governing the renewal of mining leases.
Dr. Ashigbey explained that Section 44(3) of Act 703 requires the Minister responsible for Lands and Natural Resources to renew a mining lease where the holder has materially complied with its terms. However, he said recent developments have created uncertainty that is weakening investor confidence.
“Once the investor puts his patient capital in, the investor is not worried too much about high taxes as much as he is worried about the uncertainty and the changes in the investment environment,” he said.
According to him, uncertainty surrounding lease renewals increases Ghana’s country risk, making it more difficult for both foreign and indigenous mining companies to secure financing for expansion and new projects.
He cited the example of a Ghanaian contract mining company whose financiers demanded assurances on the remaining duration of the underlying mining lease before approving funding, noting that banks are becoming increasingly cautious about lending where lease renewals are uncertain.
Dr. Ashigbey also expressed concern over changing treatment of local businesses following political transitions, saying policy consistency is essential to maintaining investor confidence.
He welcomed recent assurances from the Minister for Lands and Natural Resources that Ghana is not pursuing the nationalisation of mines and that lease renewals will continue to be handled in accordance with existing law.
Beyond regulatory certainty, Dr. Ashigbey called for a comprehensive national mining strategy focused on maximising domestic value addition rather than simply increasing mineral production.
He said the sector’s success should increasingly be measured by its ability to create jobs, build local industries, retain more value within the economy and stimulate broader industrial development.
Deputy Chief Executive Officer of the Minerals Commission, Mr. Emmanuel Kwamena Anyimah, echoed the call for greater local participation across the mining value chain.
He noted that Ghana continues to rely heavily on imported mining equipment, machinery, chemicals and engineering technologies, while much of the processing and technological innovation occurs outside the country.
Mr. Anyimah said expanding local manufacturing, mineral processing, engineering services and research capabilities would enable Ghana to capture more value from its mineral resources and position the country as a regional mining services hub.
He added that the Minerals Commission envisions a mining industry where more inputs are produced locally, Ghanaian engineers develop mining solutions, universities support innovation and indigenous companies participate across the entire mining value chain.
The Commission, he said, remains committed to ensuring the efficient development of Ghana’s mineral resources while supporting policies that strengthen local content and long-term sector competitiveness.
