'Ghanaians can raise capital for mining,' says Minerals Commission CEO after Damang takeover

The CEO of the Minerals Commission, Isaac Andrews Tandoh, says Ghanaian companies are now capable of large-scale mining.

He challenged the belief that only foreign multinationals can operate in this sector.

Tandoh spoke on PM Express Business Edition on Joy News. He defended the government's decision to take control of the Damang mine from Gold Fields. This followed a rejected lease renewal request from the South African company.

“Funding issues are a thing of the past,” he stated confidently.

Ghanaian firms like BCM, Engineers and Planners, and Rockshore are raising significant funds. They are securing hundreds of millions for equipment and operations.

He highlighted major deals involving local companies as evidence.

“Engineers and Planners signed a $250 million deal with Caterpillar,” he noted. “BCM also secured strong financing from Caterpillar.” He added that another company received over $100 million from LIBE.

Rockshore is investing heavily in equipment for operations in Ghana.

Mr. Tandoh questioned why strategic mineral resources remain under foreign control. He believes these entities prioritize profit repatriation over local development.

“Tarkwa and Damang Mines made over $600 million last year,” he said. “How much stayed in Ghana? Your guess is as good as mine.”

He emphasized that Ghanaians deserve better treatment.

According to him, the government has treated Gold Fields fairly with generous terms beyond typical leases.

“After granting them a 30-year lease, we improved their situation with a development agreement,” he explained.

This agreement waived several tax liabilities, especially on fuel costs.

However, Mr. Tandoh claims Gold Fields did not reinvest profits into Ghana but focused on overseas acquisitions instead.

“They were busy buying mines in Canada and Chile,” he said about Osisko and others. “They can’t deny this was funded by Ghana’s profits.”

He pointed out that moving money out of Australia is difficult compared to Ghana's free movement of funds.

The Minerals Commission boss clarified that the government does not aim to remove foreign investors from mining.

“We’re not saying we’ll change all mining companies away,” he stated clearly.

Instead, they want to support these companies while ensuring they serve Ghana’s interests.

Tandoh expressed concern about Gold Fields' recent focus on treating stockpiles rather than investing fully in mining operations.

“That’s just taking free cash from Ghana without actual work,” he warned firmly.

The takeover of the Damang mine comes amid pressure for greater value from Ghana's natural resources.

Mr. Tandoh's remarks indicate a stronger stance aimed at protecting national interests while still welcoming responsible foreign investment.