Ken Ashigbey
The Ghana Chamber of Mines has urged government to maintain a balanced mining investment regime that allows both foreign and local mining companies to co-exist.
Addressing the media on Thursday following calls by the Institute of Economic Affairs (IEA) for government to reject Gold Fields’ application to extend the Tarkwa Mine lease, the Chief Executive of the Ghana Chamber of Mines, Mr. Ken Ashigbey, said the country’s mining success has been built on decades of public-private partnership, policy continuity, and sustained investment by both local and foreign capital.
He, therefore, stated that any attempts by the state to prevent foreign investments in the country’s mining sector would not only undermine investor confidence, but also threaten the future of the country’s mining industry and the larger economy.
He said, “It is when local and foreign investors co-exist that we can win as a country, Ghana must remain an attractive destination for mining investment while simultaneously supporting indigenous participation in the sector.”
The Chamber mentioned that Ghana has significant mineral resources and should therefore intensify investment in exploration activities, including encouraging Ghanaian citizens and companies to participate in greenfield and brownfield exploration projects to develop new mines.
According to Mr. Ashigbey, the impact of private investment in the mining sector has been transformative, citing the example of gold production from large-scale mining, which rose from 216,000 ounces in 1983 to nearly 3 million ounces in 2025.
This, he stated, has helped Ghana emerge as Africa’s leading gold producer, positioning the country as a regional hub for mining support services, engineering, contract mining, equipment supply, and technical consultancy across West Africa.
“These outcomes represent the direct and measurable consequences of the investor-led model that the IEA proposes to replace,” he pointed out.
“Their proposal will destroy the security of tenure that is essential to the development and sustenance of the mining industry,” he added.
The Chief Executive also disputed claims by the IEA that the mining sector favours foreign companies rather than the national interest.
He explained that the country’s mining tax structure includes royalties, corporate income tax, withholding taxes, the Growth and Sustainability Levy, and dividends from the state’s free-carried interest.
He also cited data from the Ghana Revenue Authority indicating that Gold Fields, Ghana Manganese Company, and AngloGold Ashanti Iduapriem collectively paid about GH¢5.1 billion in taxes in 2024.
This figure, he noted, represented approximately 7.3 per cent of total direct domestic taxes collected by the GRA during the period.
“Taken together, these instruments result in the state retaining in excess of 60 per cent of mining sector rents,” he stated.
Mr. Ashigbey disclosed that producing member companies had collectively invested more than US$300 million over the past decade in corporate social responsibility initiatives covering education, healthcare, water systems, roads, livelihood enhancement, and other community development projects.
While the Chamber welcomed constructive national discussions on how mining could better contribute to the country’s economic transformation, the Chamber said such debates should be grounded in factual accuracy and historical context.
The Chamber emphasised that Ghanaian participation in the mining sector continues to grow, citing examples such as Kibi Goldfields, Adamus Resources, and Asante Gold, which have significant Ghanaian ownership interests.
“We at the Chamber are patriotic Ghanaians too, and what we seek is the sustainable development of Ghana.
“The imperative is not to reverse the gains made through policies that are insufficiently anchored in sectoral evidence, but rather to strengthen and modernise the sector in ways that deepen benefits to the state, improve developmental outcomes in mining communities, sustain competitiveness, and reinforce investor confidence,” Mr. Ashigbey added.
By Ebenezer K. Amponsah