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

The 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 the money didn’t come from Ghana,” he explained. “It’s hard to move money out of Australia; our country is one of the few places they can.”

He criticized Gold Fields for mainly treating stockpiles at Damang in recent years. This practice allows easy profit without real investment.

“It’s like taking free cash from Ghana without actually working,” he said. “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 in mining operations. For example, BCM secured good financing with Caterpillar.

Engineers & Planners signed a $250 million deal with Caterpillar as well. LIBE invested over $100 million, and Rockshore is buying equipment worth hundreds of millions.

Local capacity is rising, and foreign dominance is fading, he argued. “In the past, people couldn’t access funding; now it’s different.”

“Our local companies are getting there,” he added firmly.

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

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