The Deputy CEO of the Minerals Commission, Isaac Andrews Tandoh, has offered a firm justification for the government’s decision to take over operations of the Damang gold mine, insisting that Ghana has for too long allowed mining firms to profit massively without equitable reinvestment into the local economy.
Speaking on Joy News’ PM Express Business Edition, Tandoh said it was time for a shift in the country’s mining governance.
He accused Gold Fields Ghana of benefitting from tax breaks and favourable fuel tariffs while reinvesting their profits outside the country.
“They’ve been taking free cash from Ghana without actually working. And this cannot continue. Ghanaians deserve better,” he stated bluntly.
The South African mining giant recently had its application to renew its lease at the Damang mine rejected by the Lands Ministry.
The Ministry subsequently announced that Ghana would take full control of the mine’s operations—an announcement that has since stirred heated reactions within both the business and mining sectors.
According to Tandoh, the government’s decision is not an attack on the mining industry but part of a broader reform to ensure mutual benefit and fairness.
“We are not saying we’re going to chase all mining companies away. No. We are going to support them to do their work,” he clarified.
He pointed to what he described as “unfair advantages” previously granted to companies like Gold Fields.
“After giving the 30-year lease to Gold Fields, government even bettered the situation for them with a development agreement. That agreement waived several tax liabilities, especially on fuel,” he noted.
“While Ghanaians were crying over fuel prices, these mines were enjoying tariff waivers.”
Tandoh argued that the playing field is now more favourable for local and African-owned companies to compete in the mining space, citing major equipment financing deals secured by Ghanaian firms.
“Unlike those days when people couldn’t access funding, it’s a thing of the past,” he said.
“BCM had very good Caterpillar financing. Engineers & Planners signed a $250 million deal with Caterpillar. Rockshore is purchasing equipment worth hundreds of millions to work in Ghana.”
