Damang Mine decision opens door to local investment in mining sector – Isaac Tandoh

The government has rejected the lease extension for the Damang Gold Mine. The Minerals Commission views this as a turning point for Ghana’s resource management.

Isaac Andrews Tandoh, Deputy Chief Executive Officer of the Minerals Commission, spoke about this decision. He believes it allows Ghana to redefine its extractive industry. It also enables greater national control over mineral wealth.

“For too long, our nation has seen wealth drawn from our soil,” Tandoh said. He noted that local communities remain underdeveloped and benefits are insufficient. “This moment gives us the chance to reset those dynamics,” he added.

His comments align with former Chief Justice Sophia Akuffo's recent calls for mining law reviews. Justice Akuffo described many existing agreements as “neo-colonial.” She emphasized that Africa must reclaim ownership of its natural resources.

Tandoh cited Burkina Faso’s recent nationalization of gold operations. He urged Ghana not to fall behind in this continental shift toward resource sovereignty. “This is not a crisis; it is a clarion call,” he stated.

He stressed the need to prioritize Ghanaian investors who can operate responsibly. This focus should be on long-term national interests, not just short-term revenue.

Tandoh proposed three steps for Ghana’s next actions:
1. The Ministry of Lands and Natural Resources should favor Ghanaian-led bids.
2. A moratorium on new large-scale foreign mining contracts until a review is done.
3. Establish a Ghana Minerals Sovereignty Fund to reinvest profits into local communities.

He emphasized the importance of strategic partnerships with local entrepreneurs invested in Ghana's future. “Ghana deserves to benefit fully from her natural wealth,” he said.

The Damang decision signals a shift in government policy and may impact foreign investment in mining. Officials stress that extractive activities must align with national development goals and ensure fairer shares for Ghanaians.