In a candid critique of Gold Fields’ operations in Ghana, the Deputy CEO of the Minerals Commission has taken a bold stance against what he describes as the mining company’s failure to reinvest locally, despite raking in massive profits from its Ghanaian operations.
Speaking on Joy News’ PM Express Business Edition, the Deputy CEO addressed Gold Fields’ recent exit from the Damang mine, using the moment to raise deeper concerns about how profits from the sector are being handled.
“Last year, Tarkwa and Damang mines made over $600 million in profit. How much of that stayed in the country? Your guess is as good as mine,” he said, underscoring the disconnect between profit-making and national development.
The frustration didn’t end there. He went on to question the mining giant’s reinvestment decisions, particularly its preference for foreign expansion over local development.
“Instead of using the profit to develop the Damang mine, they were rather busy buying mines elsewhere, like Osisko in Canada. They bought another mine in Chile,” he pointed out.
To him, it’s clear where the funds originated: “They can’t tell me it’s not profit from Ghana. It’s difficult to move money out of Australia. But from Ghana, they had free will to move money around. And I’m saying, we can’t continue on that path.”
