'Gold Fields Ghana took profits to Chile and Canada' - Deputy Minerals Commission boss

The Deputy CEO of the Minerals Commission has criticized Gold Fields. He claims the South African mining company profited greatly from Ghana but reinvested abroad.

Isaac Andrews Tandoh spoke on Joy News’ PM Express Business Edition. He defended the government's decision to take control of the Damang mine. This followed Gold Fields' application to renew its mining lease being rejected.

The Lands Ministry announced this decision on Wednesday. It has sparked debate in business and mining sectors.

Andrews Tandoh stated, “Last year, Tarkwa and Damang mines made over $600 million in profit.” He questioned how much of that profit stayed in Ghana.

He described Gold Fields as exploitative. Instead of reinvesting in Ghana, they bought assets in other countries.

“They purchased mines like Osisko in Canada and another in Chile,” he noted.

He argued that it is easy for them to move money out of Ghana. “We can’t continue on that path,” he added.

Andrews Tandoh dismissed claims that capital constraints justify foreign dominance in mining. He said local capacity has grown significantly.

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

He mentioned BCM's financing with Caterpillar and Engineers & Planners' $250 million deal with them. Rockshore is also buying equipment worth hundreds of millions for work in Ghana.

Andrews Tandoh clarified that the government does not aim to drive away all foreign firms. “We will support them to do their work,” he said.

However, he emphasized that preferential treatment must come with accountability.

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

This agreement waived several tax liabilities, especially on fuel costs. “While Ghanaians struggled with fuel prices, these mines enjoyed tariff waivers,” he added.

He accused Gold Fields of focusing on stockpile treatment instead of actual mining recently. “They’ve been taking free cash from Ghana without working,” he declared.

“This cannot continue; Ghanaians deserve better.”

The controversy over the Damang lease highlights issues around resource nationalism and fair benefit-sharing in Ghana’s extractive sector.