The CEO of the Minerals Commission has rejected suggestions that government is pursuing an aggressive anti-investor policy in the mining sector in the wake of its decision to take over the Damang mine from Gold Fields Ghana.
Isaac Andrews Tandoh, speaking on Joy News’ PM Express Business Edition, said, “We are not saying we are going to chase all mining companies away. We are not going to do that.”
His comments come a day after the Lands Ministry announced that government had taken over operational control of the mine after rejecting Gold Fields’ lease renewal application.
Mr. Andrews Tandoh argued that the decision was justified. He said Gold Fields had enjoyed significant state support and incentives over the years but had failed to reinvest profits into local operations.
“After giving them a 30-year lease, government even bettered the situation for them by giving them a development agreement,” he said.
“This agreement waived some tax liabilities. They got fuel tariff waivers. While Ghanaians were crying over fuel prices, these companies were enjoying relief.”
He said the expectation was that Gold Fields would reinvest those profits in Ghana.
“Instead of developing the Damang mine, they were buying mines in Canada and Chile,” Mr. Andrews Tandoh disclosed.
“They can’t tell us the money didn’t come from Ghana. It’s hard to move money out of Australia. One of the few places they can freely move money from is our country.”
[embedded content]He noted that in the last two years, the company was mainly treating stockpiles at Damang, a practice he believes allows for easy profit without real investment.
“It’s like taking free cash from Ghana without actually working. And this cannot continue,” he said. “Ghanaians deserve better.”
On the broader implications for investor confidence, Mr. Andrews Tandoh dismissed fears of a hostile environment.
“We’ll take it case by case. We’ll support the mining companies to do their work. But let’s be honest—capital is no longer a big argument.”
He pointed to the growing capacity of Ghanaian companies to handle big mining operations.
“BCM had very good Caterpillar financing. Engineers & Planners signed a $250 million deal with Caterpillar. LIBE came in with over $100 million. Rockshore is buying equipment worth hundreds of millions,” he revealed.
He argued that local capacity is rising and the era of complete foreign dominance is fading.
“Unlike those days when people couldn’t access funding, it’s a thing of the past,” he said.
“Our local companies are getting there.”
Isaac Andrews Tandoh insisted that the Minerals Commission would always act in Ghana’s interest.
“We can’t continue on that trajectory,” he said. “After 30 years, you don’t just take and go. You must give back.”
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