The Chief Executive Officer of the Ghana Chamber of Mines, Dr. Kenneth Ashigbey, has cautioned that Ghana risks losing its competitiveness as Africa’s leading mining investment destination unless government guarantees policy certainty and maintains an investor-friendly environment.
Speaking at the Mining for Development Forum (MDF) in Accra on the theme, “Strategic Mining: Value Retention and Development,” Dr Ashigbey said while government was justified in seeking greater value from the country’s mineral resources, frequent policy changes and uncertainty over mining leases could discourage both local and foreign investors.
He noted that government’s share of mining revenues was approaching 60%, making Ghana less attractive compared to competing mining jurisdictions. “Capital is fungible. Even Ghanaian capital will not necessarily come to Ghana because we are Ghanaians. Ghanaian capital would want to go into places where they would also get a good return for their money,” he said.
According to him, mining requires patient capital because of the huge investments involved, adding that investors were more concerned about certainty than high taxes. “The investor is not worried too much about high taxes as much as he is worried about the uncertainty and changes in the investment environment,” he stressed.
Dr. Ashigbey urged government to preserve the security of tenure provided under Ghana’s mining laws, warning that any perception that lease renewals could become uncertain would increase Ghana’s investment risk. He further warned that neighbouring countries, particularly Côte d’Ivoire, were aggressively attracting exploration investments.
“Look at the heat map of where exploration investment is going. It is going to a lot of the countries around us. Côte d’Ivoire has an objective to become the number one gold producer in the next ten years. How do you think they are going to achieve it? They are going to take it from us,” he stated.
He called for a win-win approach that balances investor confidence with value retention through increased Ghanaian participation across the mining value chain, local refining, research and development, and stronger partnerships between government and the private sector.
Meanwhile, President of the National House of Chiefs and Paramount Chief of the Sefwi Anhwiaso Traditional Area, Ogyeahoho Yaw Gyebi II, called for sweeping reforms to ensure mining communities receive a fair share of the wealth generated from their lands.
He criticised the exclusion of traditional authorities from key mining decisions despite being custodians of customary lands. “We own the land and we have never been consulted,” he lamented, insisting that constitutional provisions governing mineral resources should be interpreted together with those recognising the role of chiefs in managing customary lands.
The President of the National House of Chiefs argued that mining communities continue to bear the environmental and social costs of extraction without enjoying commensurate development. “Those people should also benefit from the natural resources. It shouldn’t be a case where natural resources are discovered in an area only to affect the people,” he stressed.
Ogyeahoho Yaw Gyebi II proposed increasing the allocation of mineral royalties to mining communities from the current level to 30%, while also advocating an increase in the community support payment from US$1 per ounce to US$2 per ounce.
“We are demanding fair justice for these people. Government should send back some of the revenue to develop those areas,” he said. He further proposed that the additional funds be jointly managed by traditional authorities, district assemblies and mining companies to finance local development projects.
The traditional ruler also appealed to mining companies to establish training centres within mining communities to equip young people with employable skills. “When you open employment, people are told they don’t have experience. How do they get the experience? Please establish training centres within the mining areas together with the universities,” he urged.
He further questioned the level of community participation in enforcing environmental and social safeguards, saying chiefs and local people must be involved in monitoring compliance and protecting water bodies, farmlands and other community resources.
Earlier, the Minerals Commission underscored the need for Ghana to maximise value from its mineral resources through deliberate policies that promote local participation, industrialisation and sustainable development.
The Commission noted that while the mining sector remains a major contributor to the national economy, greater emphasis must be placed on retaining more value within the country by strengthening local content, supporting downstream processing and expanding opportunities for Ghanaian-owned businesses.
Officials stressed that value retention should not be measured solely by royalties and taxes, but also by investments in infrastructure, skills development, technology transfer and employment creation in host communities.
The Commission also called for stronger collaboration among government institutions, mining companies, traditional authorities and academia to ensure that mining contributes meaningfully to long-term national development.
It further indicated that improved data collection across both the large-scale and small-scale mining sectors would support evidence-based policymaking and enhance transparency in the management of mineral revenues.
Participants at the forum agreed that Ghana must pursue reforms that simultaneously attract investment, deepen local participation and ensure that communities hosting mining operations receive a fair and sustainable share of the country’s mineral wealth.
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