'We’re not chasing out all mining companies' – Minerals Commission Dep boss defends Damang takeover

The Deputy CEO of the Minerals Commission has denied claims of an anti-investor policy. This follows the government's takeover of the Damang mine from Gold Fields Ghana.

Isaac Andrews Tandoh spoke on Joy News’ PM Express Business Edition. He stated, “We are not saying we will chase all mining companies away.”

His comments came after the Lands Ministry announced the takeover. The government rejected Gold Fields’ lease renewal application.

Mr. Andrews Tandoh justified the decision. He noted that Gold Fields received significant state support over the years. However, they failed to reinvest profits into local operations.

“After giving them a 30-year lease, we improved their situation,” he said. “They received a development agreement that waived some tax liabilities.”

He added that these companies enjoyed fuel tariff waivers while Ghanaians faced high prices.

The expectation was for Gold Fields to reinvest profits in Ghana. Instead, they bought mines in Canada and Chile, according to Mr. Andrews Tandoh.

“They can’t say money didn’t come from Ghana,” he said. “It’s hard to move money out of Australia.”

He pointed out that in the last two years, Gold Fields mainly treated stockpiles at Damang. This practice allows easy profit without real investment.

“It’s like taking free cash from Ghana without actually working,” he explained. “Ghanaians deserve better.”

Regarding investor confidence, Mr. Andrews Tandoh dismissed fears of a hostile environment. He emphasized that they would support mining companies on a case-by-case basis.

“Capital is no longer a big argument,” he stated confidently.

He highlighted the growing capacity of Ghanaian companies for large mining operations. BCM secured good financing with Caterpillar, and Engineers & Planners signed a $250 million deal with them.

Local companies are increasingly capable and foreign dominance is fading, he argued.

“Unlike before when funding was hard to access, it’s different now,” he said.

“Our local companies are getting there.”

Isaac Andrews Tandoh insisted that the Minerals Commission acts in Ghana’s interest always.

“We can’t continue on this path,” he concluded. “After 30 years, you must give back.”