THE GHANA Chamber of Mines has voiced strong concerns following the government’s decision to reject Gold Fields’ application to renew the mining lease for its Damang Mine.
In a statement signed by Acting CEO Ahmed Nantogmah, the Chamber emphasized that such decisions could have far-reaching implications for the mining sector, investor confidence, and Ghana’s broader economic prospects.
“The mining sector remains the largest contributor to Ghana’s economy, providing significant employment opportunities, foreign exchange earnings and critical revenues for national development,” the Chamber noted. In 2024 alone, gold exports generated approximately $11.5 billion, accounting for over 50% of the country’s total export earnings.
According to the Chamber, the rejection of Gold Fields’ lease renewal sends worrying signals about the long-term security of mining investments in Ghana. “A predictable and transparent regulatory environment is crucial for attracting and retaining the investments necessary to sustain and grow this vital sector,” the statement read.
While acknowledging the government’s authority over the granting and renewal of mining leases, the Chamber stressed that such decisions must be approached carefully to avoid undermining Ghana’s hard-earned reputation as a leading mining investment destination in Africa.
“This development could potentially erode investor confidence and harm the country’s standing in the global mining community,” Nantogmah warned.
The Chamber called for urgent dialogue and collaboration between the government and industry stakeholders to resolve the matter swiftly. “We firmly believe in constructive engagement and urge all parties to prioritize collaboration to safeguard Ghana’s enviable investment credentials,” the Chamber urged.
Reaffirming its commitment to responsible and sustainable mining, the Chamber pledged to work closely with government authorities, regulators and stakeholders to foster an environment that benefits both the people of Ghana and investors in the sector.
Source: Nationaltyme.com
