Uncertainty over mining lease renewals and policy direction is casting a shadow over Ghana’s attractiveness as a mining investment destination, with industry leaders warning that the trend could drive away the capital needed to sustain the sector.
The Ghana Chamber of Mines has raised the alarm over what it describes as a growing pattern of lease revocations, stalled renewal negotiations and inconsistent policy signals that threaten to erode investor confidence in Africa’s leading gold producer.
At the centre of the concern is the future of Tarkwa, one of Ghana’s most productive gold mines, operated by South African major Gold Fields. The mine, which churned out approximately 427,000 ounces of gold in 2025, holds a lease set to expire in 2027. Yet efforts to advance renewal discussions have hit a wall, according to Kenneth Ashigbey, CEO of the Ghana Chamber of Mines.
“Tarkwa is a big deal because of the volumes it contributes,” a mining executive familiar with the matter told Reuters, speaking on condition of anonymity given the sensitivity of the issue. The source added that Gold Fields had grown increasingly anxious after attempts to secure meetings with government officials repeatedly came to nothing. Gold Fields itself did not respond to requests for comment.
Ashigbey, who addressed a press conference before speaking to Reuters on Thursday, also pointed to the revocation of certain leases held by local miner Adamus Resources over alleged illegalities as another signal unsettling the investment community. Taken together, he warned, these developments risk creating the perception that “security of tenure in Ghana is not guaranteed” — a message that could discourage both existing operators and prospective investors from committing capital to the country.
The tensions come as Ghana, like many African resource-rich nations, pushes to extract greater economic benefit from its mineral wealth at a time of elevated commodity prices. Last year, Accra declined to renew Gold Fields’ lease for its smaller Damang mine — an asset the company had flagged as a potential sale candidate — and instead awarded it to local contractor Engineers & Planners (E&P), signaling a sharper tilt toward local ownership.
That policy direction has received support in some quarters. The Accra-based Institute for Economic Affairs argued this week that Ghana should take a similar approach with Tarkwa, recommending that the lease not be renewed for Gold Fields but instead handed to local operators when it falls due.
Ashigbey pushed back firmly against that position. “Their proposal will destroy the security of tenure that is essential to the development and sustenance of the mining industry,” he said.
Ghana’s mines ministry and the Minerals Commission, the sector’s regulatory body, had not responded to requests for comment at the time of publication.
By: Andrews Kwesi Yeboah