Ghana’s standing as a preferred investment destination is under threat, the Minority in Parliament has warned, citing a series of recent policy decisions by the Mahama-led administration that could undermine international investor confidence, particularly in the critical gold mining sector.
In a strongly worded five-page letter dated April 21, 2025, and addressed to the Ministers for Finance and Lands and Natural Resources, three leading opposition MPs—Kojo Oppong Nkrumah, Kwaku Ampratwum Sarpong, and Dr. Mohammed Amin Adam—outlined a pattern of policy shifts they say are sending “troubling signals” to Ghana’s investor community.
At the heart of their concern are new tax levies, legal reforms, and operational interventions that the Minority believes reflect unpredictability in the government’s economic strategy. Among the most controversial moves is the enactment of the GOLDBOD Act, which effectively bans foreign investors from participating in gold trading and exports—raising questions about Ghana’s commitment to open markets and rule-of-law principles.
“This violates constitutional protections and undermines the rights of investors who have already made long-term commitments in Ghana,” the letter noted.
According to the Minority, these actions come at a time when Ghana should be rebuilding trust with the international business community following a period of economic turbulence. Instead, they argue, the current administration has introduced measures that heighten investor anxiety, including a 2% Growth and Sustainability Levy and another pending levy on gross mining volumes.
The letter also criticized the government’s refusal to renew the lease of Gold Fields Ghana Limited, calling it a missed opportunity for constructive renegotiation. Rather than expelling key industry players, the Minority argues, Ghana should be striking mutually beneficial agreements that protect national interests without alienating long-standing partners.
A further blow to investor confidence, they say, comes from the alleged diversion of funds from the Minerals Income Investment Fund (MIIF), weakening the state’s ability to participate in strategic resource investments. This, the MPs contend, sends a message that “the state itself has lost faith in the mining sector’s profitability.”
Beyond fiscal policy, the Minority flagged escalating security issues, pointing to a recent fatal attack on a mine site as evidence of declining safety and weak enforcement. The government’s abolition of Community Mining Schemes, without a clearly structured replacement, has further fueled the resurgence of illegal mining (galamsey), compounding risks for legitimate investors.
“The decision to abolish the schemes rather than reform them has left a regulatory vacuum,” they wrote, “and we are now witnessing a resurgence in galamsey as a direct consequence.”
The MPs conclude with a call for the government to reassess its mining sector policies, warning that without immediate course correction, Ghana risks long-term economic damage, reduced foreign capital inflows, and reputational harm in global investment circles.
“Our current trajectory is unsustainable,” the Minority warned. “In today’s competitive global economy, investor trust is not given—it is earned and maintained through consistency, fairness, and strategic foresight.”
