Ghana’s Finance Minister, Dr. Cassiel Ato Forson has raised concerns over a growing trend in which mining companies secure extensions to their leases and then sell those assets to new investors shortly afterwards.
Speaking to Bloomberg News in London, Dr. Forson said such practices undermine trust between mining companies and the government and should not be encouraged. “That was a mine whose lease had expired after 25 years. We renewed it for them, and they sold it a month later,” he said, referencing Newmont Corporation’s sale of the Akyem Gold Mine to Zijin Mining Group for about US$1 billion last year.
He explained that the government’s decision to renew leases is intended to support continued operations and development, not to facilitate near-immediate transfers of ownership.
Commenting on the future of the Tarkwa Mine lease held by Gold Fields Limited, Dr. Forson said discussions remain ongoing, stressing that the current lease is valid until 2027 and no final decision has been reached. “We have not come to an agreement with anyone because the lease is still active as we speak,” he noted.
The minister dismissed suggestions that Ghana is pursuing nationalisation of mineral assets, insisting that the government’s objective is to ensure the country receives a fair return from its resources while maintaining a conducive environment for investment.
Dr. Forson defended the government’s review of the mining sector’s fiscal regime, including royalty payments and a proposed windfall tax mechanism. He argued that rising global gold prices present an opportunity for resource-rich countries like Ghana to capture a greater share of the benefits. “We pushed for a sliding-scale policy to ensure that when gold prices increase, the country also benefits,” he explained.
The approach, he said, is designed to balance government revenue needs with the realities faced by mining companies.
Dr. Forson also justified the government’s support for the Bank of Ghana’s gold acquisition programme, describing it as a strategic measure to strengthen foreign reserves and support currency stability.
He outlined a medium-term target of maintaining 20 per cent of Ghana’s reserves in gold, with the remaining 80 per cent held in foreign currencies, particularly the US dollar. “We believe this approach will place the Bank of Ghana in a stronger position to support the currency,” he stated.
The minister’s remarks underscore Ghana’s push for greater transparency in mining lease renewals, fairer resource returns, and stronger reserve management to bolster economic resilience.
