The Ghana Chamber of Mines has warned that Ghana could lose its position as Africa’s leading gold producer if the government introduces policies that reduce investor confidence in the mining sector.
The warning comes after the Institute of Economic Affairs (IEA) urged the government not to renew the 20-year mining lease extension for Gold Fields’ Tarkwa Mine. The
IEA believes refusing the extension could help increase state control and encourage more local participation in the mining industry.
Speaking at a press conference, the Chief Executive Officer of the Ghana Chamber of Mines, Ing. Ken Ashigbey, said Ghana must be careful not to make decisions that could scare away investors.
According to him, although reforms in the mining sector are important, the country also needs to maintain a stable and friendly environment for businesses and investors.
He explained that investors can easily move their money to other African countries if Ghana becomes less attractive for mining business.
Ing. Ashigbey noted that countries like Côte d’Ivoire are working hard to attract mining companies and increase their gold production over the next ten years.
He added that Ghana and Côte d’Ivoire share similar natural resources and geological advantages, making it easy for investors to choose either country.
Because of this, Ghana must remain competitive if it wants to continue leading Africa’s gold industry.
The Chamber also revealed that some mining companies and Ghanaian business owners are already showing interest in investing in Côte d’Ivoire because of its favourable investment policies and stable business environment.
Ing. Ashigbey stressed that Ghana should focus not only on attracting new foreign investors but also on keeping the mining companies and local businesses already operating in the country.
He warned that any policy seen as unfriendly to investors could affect mining growth, reduce investments and weaken Ghana’s position in the African mining industry.
