Gold fields Damang lease rejection;Ghana Chamber of Commerce raises concern

The Ghana Chamber of Mines has voiced its concerns following the government's decision to reject the lease renewal application for Gold Fields' Damang Mine.

In a statement issued on April 15, the Chamber recognized the government's role in the granting and renewal of mining leases, emphasizing that such decisions are essential for the responsible management of the country's mineral resources. However, the Chamber warned that such actions could have far-reaching consequences for the mining sector, investor confidence, and the country's overall economic growth.

"The mining industry is a key pillar of Ghana's economy, making substantial contributions to employment, foreign exchange earnings, and national revenue. In 2024, gold exports alone generated approximately US$11.5 billion, accounting for over half of the nation’s total export earnings," the statement highlighted.

The Chamber urged the government to carefully consider the potential negative repercussions of such decisions, stressing the importance of maintaining a stable and transparent regulatory framework that encourages continued investment in the mining sector.

Reaffirming its commitment to productive engagement, the Chamber called for open, transparent discussions to understand the reasons behind the decision and to collaborate on finding a fair and effective resolution.

In conclusion, the Chamber reiterated its dedication to supporting sustainable mining practices through ongoing cooperation with the government, regulators, and industry stakeholders, ensuring that the interests of both Ghanaian citizens and investors are adequately safeguarded.