ACCRA — The Ghanaian government has explicitly ruled out a blanket nationalization of multinational mining assets, seeking to reassure investors rattled by its recent decision to take operational control of Gold Fields’ Damang mine.

Following a meeting with the Ghana Chamber of Mines, Lands and Natural Resources Minister Emmanuel Armah-Kofi Buah confirmed that the country has no policy or plan to seize mining assets in a sweeping manner.

The announcement comes barely a month after the government’s dramatic move to reject Gold Fields’ lease renewal for the Damang mine, a decision that sent shockwaves through the sector.

“The government does not have a policy or plan to take over the mining assets of multinational companies in a blanket manner,” Buah stated, according to a Xinhua News Agency report.

Instead, the Minister indicated that each mining lease case would be handled on its own merit, as dictated by the legal and regulatory framework, while pursuing the primary objective of protecting the national interest. The government’s policy is aimed at ensuring a sustainable mining sector that assures returns for investors; promoting technology transfer and expertise development; improving local content; and creating opportunities for local mining communities.

The Damang Precedent and Sector Jitters

Investor anxiety has been running high since April 16, 2025, when the Ministry of Lands and Natural Resources announced it would assume operational control of the Damang Mine of Abosso Gold Fields Limited (AGL) upon the expiration of its 30-year lease on April 18, 2025.

At the time, the government justified the decision based on three grounds, citing the company’s failure to declare verifiable mineral reserves, the absence of a detailed technical program, and a lack of budgetary allocation for exploration over the preceding two years. Gold Fields had halted active mining at Damang in 2023 and shifted to processing stockpiles, with an estimated remaining life of mine of just one year.

However, the move triggered immediate alarm within the industry. The Ghana Chamber of Mines warned that lease revocations and uncertainty surrounding renewals could create the perception that “security of tenure in Ghana is not guaranteed,” potentially affecting investment inflows into the sector.

That concern was amplified in May when the Institute of Economic Affairs (IEA), led by former Chief Justice Sophia Akuffo, called on the government to reject Gold Fields’ reported application for a 20-year lease extension at the Tarkwa mine, arguing that Ghana should seize this “historic opportunity” to reclaim ownership of one of Africa’s largest gold mines.

The Chamber of Mines swiftly rejected those calls, cautioning that public pressure surrounding the renewal process risked undermining legal certainty, regulatory predictability, and Ghana’s reputation as a stable mining investment destination.

The Tarkwa Test Case

The contrasting positions set the stage for a fierce debate over the future of Ghana’s mining sector. The IEA argued that Ghana had little transformative development to show after decades of allowing foreign firms to exploit its mineral resources under what it described as concessionary arrangements rooted in the colonial era, maintaining that Ghana now has the technical expertise and operational capacity to manage the Tarkwa Mine itself .

But the Chamber of Mines pushed back forcefully. Chief Executive Officer Kenneth Ashigbey insisted that discussions must be guided by facts and careful analysis, warning that any move to nationalise operations without broader consultation could negatively affect investments and disrupt sector activities.

Resource governance expert and co-chair of the Ghana Extractive Industries Transparency Initiative (GHEITI), Dr. Steven Manteaw, also pushed back against calls for non-renewal, describing the proposals as “misplaced and completely ill-informed”.

“The oil sector is today struggling to attract investments because Ghana is seen as a hostile destination,” Manteaw warned. “The effect is that our oil sector risks collapse in less than 10 years if the situation remains the same. We must be careful here”.

A “Win-Win” Approach

Buah’s latest assurance—that Ghana remains open to investors based on “win-win” cooperation—appears calibrated to strike a balance between rising nationalist sentiment and the practical need for foreign capital and expertise.

The Minister’s stated goals include ensuring sustainable returns for investors while simultaneously promoting technology transfer, expertise development, local content, and benefits for mining communities.

This approach aligns with the government’s broader policy shift away from what officials have described as the “neo-colonial posturing of automatic renewals” of mining licenses, moving instead toward a thorough reassessment of mining leases to ensure optimal national benefit.

The Tarkwa mine remains a key test case for this new approach. The current lease is set to expire in 2027, and the mine produced approximately 427,000 ounces of gold in 2025. A final decision on its renewal will follow a technical review process that includes presentations to a technical committee at the Minerals Commission and subsequent ministerial-level consideration.

Key Facts at a Glance

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Tuesday, May 26, 2026. Stay informed with today’s front pages of Ghanaian newspapers, all in one place.