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

The Deputy CEO of the Minerals Commission says Ghanaian companies are now capable of large-scale mining.

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

Mr. Tandoh highlighted major deals involving local companies as evidence. Engineers and Planners signed a $250 million deal with Caterpillar. BCM also secured strong financing from Caterpillar. Another firm received over $100 million from LIBE.

Rockshore is purchasing equipment worth hundreds of millions for work in Ghana.

He questioned why strategic mineral resources should remain under foreign control. In his view, these entities prioritize profit repatriation over local development.

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

“We’ve reached a point where this cannot continue,” he added. “Ghanaians deserve better.”

Mr. Tandoh believes the government has treated Gold Fields fairly, offering 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.

However, instead of reinvesting profits in Ghana, Mr. Tandoh claims Gold Fields focused on overseas acquisitions.

“They were busy buying mines in Canada and Chile,” he said, referring to Osisko and others.

“It’s easier to move money out of Ghana than Australia.”

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

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

“We will support them but it must benefit our people.”

He expressed concern that Gold Fields treated stockpiles instead of investing fully in operations during their final two years of lease.

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

The takeover of the Damang mine comes as the government faces pressure to ensure greater value from natural resources.

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