Stakeholders in Ghana’s mining industry are urging the government to guarantee greater security of tenure to attract long-term investment and strengthen the sector’s contribution to the national economy.
Michael Akafia, Vice President for External Affairs at Gold Fields, stressed that the mining industry is capital-intensive, high-risk, and requires decades to deliver full value.
For that reason, he said, investors must be assured of secure lease agreements to commit resources.
He pointed to countries such as Australia, South Africa, and Canada, which have built robust mining sectors by adopting long lease terms that provide certainty for investors.
“We cannot ignore the fact that mining is not a short-term venture. Security of tenure gives companies the confidence to plan, invest, and expand, while ensuring the country reaps long-term benefits,” Akafia said.
The concern was echoed by Kenneth Ashigbey, Chief Executive Officer of the Ghana Chamber of Mines, who underscored the need for mining laws that are durable and supportive of investment.
He warned against overly restrictive regulations, particularly proposals to shorten lease durations, which he said could deter global mining firms from committing to Ghana.
The calls come at a critical time, as Ghana has recently discovered rare earth minerals, considered vital to the global green energy transition.
Industry players argue that the development of these minerals will require flexible policies and longer lease agreements, given the complex technology and capital involved.
At the policy level, Nanja Sanja, Vice-Chairman of the Parliamentary Select Committee on Lands and Natural Resources, called for closer collaboration between government and the private sector.
He stressed the urgency of tackling illegal mining, which continues to undermine both the environment and legitimate investment. Sanja also acknowledged the positive role mining firms play through corporate social responsibility programmes in local communities.
The parliamentary committee recently toured several mining companies in the Western Region to assess their operations, challenges, and contributions to the economy. Findings from the visit, officials said, will guide future legislative and policy decisions on the sector.
Industry leaders maintain that a stable and predictable regulatory environment is vital to position Ghana as a preferred destination for mining investment.
By addressing tenure security and strengthening laws to balance investor confidence with national interest, they argue, the country can unlock the full potential of its mineral wealth.
