'No more forever deals' - Minerals Commission boss defends Damang Mine takeover

The government is taking bold steps to indigenise its mineral wealth. This aims to ensure that Ghanaians truly benefit.

Isaac Andrews Tandoh, CEO of the Minerals Commission, shared this message. He spoke during an interview on Joy News’ PM Express Business Edition on April 17.

His comments followed the government's decision not to renew Gold Fields' mining lease at Damang. The South African firm has operated the mine for decades. This rejection means Ghana will now take operational control of the gold-rich site.

“There hasn’t been a policy for nationalisation,” Andrews Tandoh stated. “We are not Burkina Faso or Mali. But we are pushing for indigenisation.”

He clarified that this move is not about removing foreign investors. “We support foreign investment,” he said. “But some agreements cannot last forever.”

Andrews Tandoh emphasized the need for real value for Ghana. “If you’ve had a lease for 30 years, it cannot be business as usual.” He added that neo-colonial agreements should not continue.

He stressed that this decision is not political. “This is about Ghana and ensuring our communities benefit from what is under their feet.”

Ghana has relied on foreign companies for major mining operations, but Andrews Tandoh believes change is coming.

“We’re not saying don’t come,” he explained. “We’re saying let’s do fair business and review old agreements.”

He hinted that other leases may also face scrutiny if they don't serve Ghana's long-term interests. “We are evaluating everything to protect Ghana’s future.”

Tandoh dismissed concerns that the Damang decision would scare off investors. “Genuine investors welcome fairness,” he said, adding they fear instability instead.

The Commission is collaborating with the Lands Ministry to ensure transparency and a smooth transition.

“This process is deliberate and strategic,” he concluded, emphasizing it is ultimately for Ghanaians.