The Minerals Commission CEO has assessed Gold Fields’ exit from the Damang mine, accusing the South African mining giant of reaping massive profits from Ghana and reinvesting them abroad.
Isaac Andrews Tandoh, speaking on Joy News’ PM Express Business Edition, defended government’s decision to assume operational control of the mine after it rejected Gold Fields’ application to renew its mining lease.
The decision, announced by the Lands Ministry on Wednesday, has stirred debate in both the business and mining sectors.
Andrews Tandoh didn’t hold back. “Last year, 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 said.
He described Gold Fields’ behaviour as exploitative, stressing that instead of reinvesting in Ghana, the company chose to acquire assets in other countries.
“Instead of using the profit to develop the Damang mine, they were rather busy buying mines elsewhere, like Osisko in Canada. They bought another mine in Chile,” he said.
“They can’t tell me it’s not profit from Ghana. It’s difficult to move money out of Australia. But from Ghana, they had free will to move money around. And I’m saying, we can’t continue on that path.”
The Minerals Commission boss also dismissed the idea that capital constraints justify the dominance of foreign companies in Ghana’s mining sector. He said local capacity has grown substantially.
“Unlike those days when people couldn’t access funding, it’s a thing of the past,” he insisted.
“BCM had very good Caterpillar financing. Engineers & Planners signed a $250 million deal with Caterpillar. Rockshore is purchasing equipment worth hundreds of millions to work in Ghana.”
Andrews Tandoh stressed that the government is not on a mission to drive away all foreign mining firms.
“We are not saying we’re going to chase all mining companies away. No. We are going to support them to do their work,” he said.
But he added that preferential treatment must come with accountability.
“After giving the 30-year lease to Gold Fields, government even bettered the situation for them with a development agreement. That agreement waived several tax liabilities, especially on fuel,” he said.
“While Ghanaians were crying over fuel prices, these mines were enjoying tariff waivers.”
He accused the company of focusing on stockpile treatment in the last two years rather than actual mining.
“They’ve been taking free cash from Ghana without actually working. And this cannot continue. Ghanaians deserve better,” he declared.
The Damang lease controversy is the latest flashpoint in the conversation around resource nationalism, local participation, and fair benefit-sharing in Ghana’s extractive sector.
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