The Minerals Commission CEO says Ghanaian-owned companies now have the financial muscle and technical expertise to run large-scale mining operations.
Isaac Andrews Tandoh was challenging long-held assumptions that capital constraints leave the sector in the hands of foreign multinationals.
Speaking on PM Express Business Edition on Joy News, he defended government’s decision to assume operational control of the Damang mine from Gold Fields after the South African giant’s lease renewal request was rejected.
“Unlike those days when people couldn’t access funding, it’s a thing of the past,” he said firmly.
“Now we have groups and companies in Ghana—look at BCM, Engineers and Planners, Rockshore—they’re all raising hundreds of millions of dollars to finance equipment and operations.”
He cited major deals involving local firms to underscore his point.
“Engineers and Planners signed a $250 million deal with Caterpillar. BCM had strong Caterpillar financing. Another company has over $100 million in financing from LIBE. Rockshore is buying equipment worth hundreds of millions to work in Ghana,” he said.
Mr. Tandoh questioned the logic of keeping strategic mineral resources under the control of foreign entities that, in his view, prioritise profit repatriation over local development.
“Last year alone, Tarkwa and Damang Mines made over $600 million in profit. How much of that stayed in the country? Your guess is as good as mine,” he remarked.
“We’ve gotten to that point where this cannot continue. Ghanaians deserve better.”
According to him, government has treated Gold Fields more than fairly, offering them generous terms that go beyond a typical mining lease.
“After giving the 30-year lease to Gold Fields, the government even bettered the situation for them with a development agreement,” he revealed.
“That agreement waived a number of their tax liabilities, especially on fuel.”
But instead of using their profits to reinvest in Ghana, Mr. Tandoh claims the company focused on overseas acquisitions.
“They were busy buying mines in Canada and Chile, Osisko and others. And they can’t tell me that wasn’t from Ghana’s profits,” he said.
“It’s difficult to move money out of Australia, but Ghana, you can move it freely.”
The Minerals Commission boss insists the government isn’t out to kick foreign investors out of the mining sector.
“We’re not saying we’re going to change all mining companies away,” he clarified.
“We’re going to support them to do their work. But it must be done in a way that serves the people of this country.”
He expressed particular concern that in the final two years of their lease, Gold Fields resorted to treating stockpiles rather than fully investing in mining operations.
“That’s just taking free cash from Ghana without actually working. This cannot continue,” he warned.
The takeover of the Damang mine comes at a time when government is under pressure to ensure that Ghana derives greater value from its natural resources.
Mr Andrews Tandoh’s remarks signal a more assertive posture aimed at protecting national interests while still encouraging responsible foreign participation.
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