We can’t continue on that path – Minerals Commission Deputy CEO slams Gold Fields over profits shift abroad

The Deputy CEO of the Minerals Commission has criticized Gold Fields’ operations in Ghana. He claims the company fails to reinvest locally, despite making huge profits.

During an interview on Joy News’ PM Express Business Edition, he discussed Gold Fields' exit from the Damang mine. He raised concerns about how profits from mining are managed.

“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.” This highlights a gap between profit-making and national development.

His frustration continued as he questioned Gold Fields’ reinvestment choices. He noted their focus on foreign expansion instead of local development.

“Instead of using profits to develop Damang, they bought mines elsewhere,” he stated. “They purchased Osisko in Canada and another mine in Chile.”

He emphasized where the funds came from: “They can’t say it’s not profit from Ghana.” He added that moving money out of Australia is difficult, but not from Ghana. “We can’t continue on that path,” he concluded.