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

The CEO of the Minerals Commission has criticized Gold Fields. He accused the South African mining company of making huge profits in Ghana and investing them 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 both business and mining sectors.

Andrews Tandoh was direct in his comments. “Last year, Tarkwa and Damang mines made over $600 million in profit,” he said. “How much of that stayed in the country? Your guess is as good as mine.”

He described Gold Fields’ actions as exploitative. Instead of reinvesting profits in Ghana, they bought assets elsewhere.

“They were busy buying mines like Osisko in Canada and another mine in Chile,” he noted.

He emphasized that these profits came from Ghana. “It’s difficult to move money out of Australia,” he explained. “But from Ghana, they had free will to move money around.”

Andrews Tandoh also dismissed claims that capital constraints justify foreign dominance in Ghana's mining sector. He stated that local capacity has grown significantly.

“Unlike those days when funding was hard to access, it’s a thing of the past,” he insisted.

He mentioned several local companies securing financing for their operations. “BCM had good Caterpillar financing,” he said. “Engineers & Planners signed a $250 million deal with Caterpillar.”

Andrews Tandoh clarified that the government does not aim to drive away all foreign firms. “We are not saying we’re going to chase all mining companies away,” he stated.

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

“After giving 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.

“While Ghanaians struggled with high fuel prices, these mines enjoyed tariff waivers,” he pointed out.

He accused Gold Fields of focusing on stockpile treatment instead of actual mining over the last two years.

“They’ve been taking free cash from Ghana without actually working," he declared. "Ghanaians deserve better.”

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