The Ghana Chamber of Mines has pushed back strongly against calls to halt the renewal of Gold Fields Ghana’s Tarkwa Mine lease, warning that abrupt policy shifts could damage Ghana’s reputation as a reliable destination for mining investment.
In a response to recent demands by the Institute of Economic Affairs for government to reject the lease renewal, the Chamber argued that Ghana’s mining success has been built on regulatory stability, investor confidence and collaboration between the state and private sector players.
According to the Chamber, proposals that lean toward resource nationalism or seek to overturn long-standing agreements could reverse years of progress in one of Ghana’s most critical economic sectors.
“The future of Ghana’s mining industry must be guided by evidence, regulatory certainty and constructive engagement—not emotionally driven prescriptions that could undermine investor confidence,” the Chamber said.
The statement also addressed the recent revocation of leases held by Adamus Resources Limited by the Ministry of Lands and Natural Resources over alleged regulatory breaches.
While supporting lawful and responsible mining practices, the Chamber emphasized that enforcement actions must still respect due process and legal protections under Ghana’s mining laws.
It noted that Ghana’s mining credibility depends not only on strict regulation but also on maintaining a predictable legal environment for investors.
The Chamber welcomed ongoing discussions between government and Adamus Resources Limited, including the formation of a ministerial committee to review the company’s petition over the revoked leases.
On concerns about foreign participation in Ghana’s mining sector, the Chamber rejected claims that foreign investors are responsible for the country’s economic struggles or reliance on the IMF.
Instead, it argued that mining continues to play a major stabilizing role through tax revenue, job creation and foreign exchange earnings.
The Chamber highlighted the transformation of Gold Fields Ghana’s Tarkwa Mine, noting that large-scale gold production in Ghana rose from about 216,000 ounces in 1983 to nearly three million ounces in 2025 after reforms attracted private investment.
It added that mining firms contributed approximately GH¢19 billion in taxes in 2025, representing nearly 23 percent of Ghana’s direct domestic tax revenue.
The Chamber also rejected claims that mining communities have seen little development, citing more than US$300 million invested in roads, healthcare, education, water systems and livelihood programmes over the past decade.
It specifically referenced projects by the Gold Fields Ghana Foundation, including road projects, youth development initiatives and expansion works at Apinto Government Hospital.
However, the Chamber admitted that infrastructure challenges remain and blamed weaknesses in Ghana’s mineral revenue distribution system rather than a lack of corporate contributions.
It renewed calls for at least 30 percent of mineral royalties to be directed straight to mining communities to improve development outcomes and accountability.
The Chamber also urged government to tackle revenue leakages in the small-scale mining sector, noting that although small-scale miners produced more than half of Ghana’s gold output in 2025, their tax contribution remained low.
It maintained that Gold Fields Ghana’s lease renewal application remains legal under Ghanaian mining laws and should be handled through established legal processes.
According to the Chamber, Ghana’s long-term mining future depends on stronger governance, increased local participation and policy stability—not uncertainty that could scare away investors.
