The Deputy CEO of the Minerals Commission has dismissed claims that the government is implementing an aggressive anti-investor stance in the mining sector after the recent decision to take operational control of the Damang mine from Gold Fields Ghana.
Isaac Andrews Tandoh, in an interview on Joy News’ PM Express Business Edition, stated, “We are not saying we are going to chase all mining companies away. We are not going to do that.”
His remarks come shortly after the Lands Ministry announced that the government had rejected Gold Fields’ application for lease renewal, leading to the takeover of the mine.
Mr. Andrews Tandoh defended the government’s decision, highlighting the extensive support and incentives Gold Fields has received over the years. He noted, “After giving them a 30-year lease, the government even improved the terms with a development agreement that waived certain tax liabilities. While Ghanaians were grappling with high fuel prices, these companies benefited from relief.”
He emphasized that the expectation was for Gold Fields to reinvest its profits back into local operations. “Instead of developing the Damang mine, they were acquiring mines in Canada and Chile,” Mr. Andrews Tandoh revealed. “They can’t claim that the money didn’t come from Ghana. One of the few places they can move money freely is our country.”
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