Damang Mine decision opens door to local investment – Minerals Commission Dep CEO - MyJoyOnline (2025)

The Minerals Commission says government's decision to reject the lease extension for the Damang Gold Mine is not a setback, but as a turning point for Ghana’s natural resource management.

According to Isaac Andrews Tandoh, Deputy Chief Executive Officer of the Minerals Commission, this decision offers Ghana a rare opportunity to redefine the trajectory of its extractive industry and assert greater national control over its mineral wealth.

"For far too long, our nation has watched as immense wealth is drawn from our soil, yet local communities remain underdeveloped and the benefits to the state fall short of what is just and sustainable," Isaac Tandoh said in a piece sighted by Joy News.

"This moment gives us the chance to reset those dynamics," he added.

His comments also echo recent calls by former Chief Justice Sophia Akuffo for a sweeping review of Ghana’s mining laws and agreements.

Justice Akuffo described many of the existing arrangements as “neo-colonial,” highlighting the growing sentiment across the continent that Africa must reassert ownership of its natural resources.

Citing Burkina Faso’s recent move to nationalise several gold operations, Isaac Tandoh said Ghana should not be left behind in the continental shift toward greater resource sovereignty.

“This is not a crisis, it is a clarion call, and we must now prioritise Ghanaian investors and consortia who have the capacity and commitment to operate responsibly and reinvest in our communities. This is about long-term national interest, not just short-term revenue,” he pointed out.

To that end, Isaac Tandoh outlined a three-point proposal to guide Ghana’s next steps:

• The Ministry of Lands and Natural Resources should give precedence to Ghanaian-led bids in future mining lease reassignments.

• A moratorium should be placed on new large-scale foreign mining contracts until a comprehensive review of Act 703 and all existing agreements is completed.

• A Ghana Minerals Sovereignty Fund should be established to reinvest profits from national mining assets into infrastructure, education, and healthcare in mining communities.

He also emphasised that this is the moment for bold vision and strategic partnerships with indigenous entrepreneurs who are fully invested in the country’s future.

“Ghana deserves to benefit fully from its natural wealth. We must rise with a renewed sense of purpose and reclaim the dignity and dividends of our land,” he added.

The Damang decision, while signaling a shift in government posture, could have wider implications for foreign investment in Ghana's mining sector.

However, officials say the priority must be aligning extractive activities with national development goals and ensuring a fairer share for the Ghanaian people.

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