The Ghana Chamber of Mines has issued a strong defence of Ghana’s current mining regime, warning that attempts to undermine investor protections or reverse long-standing mining agreements could damage the country’s reputation as a stable investment destination.
In a detailed response to recent calls by the Institute of Economic Affairs (IEA) for the government to reject the renewal of Gold Fields’ Tarkwa Mine lease, the Chamber argued that Ghana’s mining sector has achieved significant growth through policy consistency, private investment, and collaboration between the state and investors.
The Chamber cautioned that proposals rooted in resource nationalisation or abrupt policy shifts risk reversing decades of progress in one of Ghana’s most important economic sectors.
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“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 statement said.
The Chamber also addressed the recent revocation of mining leases held by Adamus Resources Limited by the Ministry of Lands and Natural Resources following investigations into alleged regulatory breaches.
While reaffirming its support for lawful and responsible mining, the Chamber stressed that enforcement actions must still respect due process and the legal protections guaranteed under Ghana’s mining laws.
According to the Chamber, the credibility and competitiveness of Ghana’s mining industry depend not only on strict compliance but also on predictable regulatory systems that protect both the state and investors.
It welcomed ongoing engagements between the government and Adamus Resources over the matter, including the establishment of a ministerial committee to review the company’s petition challenging the revocation of its leases.
On the broader debate over ownership of Ghana’s mineral resources, the Chamber rejected suggestions that foreign participation in mining is responsible for Ghana’s recurring economic challenges or dependence on the International Monetary Fund.
Instead, it argued that the mining sector has consistently served as a stabilising force for the economy through tax revenue, foreign exchange earnings, and employment generation.
The Chamber pointed to the transformation of the Tarkwa Mine after private sector investment, noting that Ghana’s large-scale gold production increased from about 216,000 ounces in 1983 to nearly three million ounces in 2025 following reforms that attracted private capital into the sector.
It further maintained that Ghana already retains substantial benefits from mining through royalties, corporate taxes, levies, and the state’s carried interest in mining operations.
According to the Chamber, mining companies contributed about GHS19 billion in taxes in 2025, representing nearly 23 percent of direct domestic tax collections.
The statement also challenged claims that mining communities have seen little development from decades of extraction activities, highlighting more than US$300 million invested by mining companies in education, healthcare, roads, water systems, and livelihood programmes over the past decade.
The Chamber specifically cited projects undertaken through the Gold Fields Ghana Foundation, including road construction, educational support, youth training programmes, and ongoing expansion works at the Apinto Government Hospital in Tarkwa.
However, it argued that persistent infrastructure deficits in mining communities are linked more to weaknesses in Ghana’s mineral revenue distribution system than to a lack of corporate contribution.
The Chamber renewed its call for at least 30 percent of mineral royalty revenues to be allocated directly to mining communities to improve local development and accountability.
It also urged the government to pay greater attention to revenue leakages in the small-scale mining sector, arguing that while small-scale miners produced more than half of Ghana’s gold output in 2025, their tax contribution remained extremely low.
The Chamber further defended the legality of Gold Fields’ application to extend the Tarkwa Mine lease, insisting that Ghana’s mining laws clearly provide a framework for lease renewal where operators comply with their obligations.
It maintained that while the government has the right to review terms during renewal negotiations, decisions must remain consistent with established legal and regulatory processes.
“The imperative is not to reverse the gains made in the mining sector, but to strengthen and modernise the industry in ways that deepen benefits to the state, improve outcomes in mining communities and sustain investor confidence,” the Chamber stated.
The Chamber added that Ghana’s long-term interests would be better served through stable regulation, improved governance, and stronger local participation rather than policies that could create uncertainty in the sector.
CNR