Gold Fields reaped big from Ghana, invested abroad – Minerals Commission
The Deputy CEO of Ghana’s Minerals Commission, Isaac Andrews Tandoh, has accused South African mining giant Gold Fields of extracting massive profits from Ghana and channelling them into foreign acquisitions while neglecting reinvestment in the country.
Speaking in an interview following the government’s decision to take over operations at the Damang mine, Tandoh defended the move, saying Gold Fields had failed to prioritise Ghana’s interests.
“Last year alone, the Tarkwa and Damang mines made over $600 million in profit. But how much of that remained in Ghana? Your guess is as good as mine,” Tandoh said.
According to him, instead of using the profits to develop the Damang mine or expand local operations, Gold Fields redirected the funds to acquire assets abroad.
“They were busy buying mines—Osisko in Canada, another one in Chile. Don’t tell me that wasn’t Ghana’s money. It’s hard to move money out of Australia, but from Ghana, they had free rein,” he stated.
“We can’t keep going down this road.”
The Ministry of Lands and Natural Resources on April 16 rejected Gold Fields’ application to renew its lease for Damang, sparking debate within Ghana’s mining and business sectors.
The government has since moved to assume control of the mine.
Mr Tandoh further rejected claims that Ghana lacks the financial muscle to manage large-scale mining, noting that several local companies now have access to significant funding.
He added that the government is not opposed to foreign mining firms, but insisted that investment incentives must be matched by accountability.
“We gave Gold Fields a 30-year lease and even sweetened the deal with a development agreement that waived several tax obligations—especially on fuel,” Tandoh said.
He also criticized Gold Fields for scaling down operations at Damang, alleging the company had focused largely on processing stockpiles rather than active mining in recent years.
“They’ve been cashing out of Ghana without actually working. That’s not right. Ghanaians deserve better,” he said in an interview with Joy News, Monitored by The Ghana Report.
The Damang dispute has reignited broader discussions about resource nationalism, equitable benefit-sharing, and increasing local participation in Ghana’s extractive sector.