Ghana Pushes to Retain More Mining Wealth Amid Lease Renewal Debate

Former Energy Minister Kwabena Donkor argues that Ghana now has the expertise and local companies to keep a larger share of its mineral wealth. He notes that Ghanaian engineers, geologists and subcontractors handle most of the mining work, citing the Damang mine as an example where local oversight boosted production and protected jobs after a lease change.

Finance Minister Dr. Ato Forson warns against mining firms renewing leases only to sell the assets shortly afterward, referencing Newmont’s sale of the Akyem Gold Mine to Zijin Mining a month after a lease extension. He says such practices should not be encouraged and that the government will review lease requests, including the Gold Fields Tarkwa lease due to expire in 2027. Forson also outlined a review of the mining tax regime, introducing a sliding‑scale windfall tax tied to gold prices, and described the Bank of Ghana’s plan to hold 20% of reserves in gold.

Both officials stress that Ghana’s growing local capacity and revised fiscal policies aim to ensure that rising mineral prices benefit the country rather than foreign investors alone.