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Ghana weighs local firms for big mines as Tarkwa leases near end

Published

Ghana's lands and natural resources minister, Emmanuel Armah-Kofi Buah, said the government is considering local companies for large mines while it decides whether to renew Gold Fields' Tarkwa leases, which expire in April.

Buah said the government does not plan to take mines from foreign companies. He said considerations for Tarkwa differ from those for Damang. He suggested some big gold mines with many years of life left might be best run by an international company.

Gold Fields is in arbitration with Engineers and Planners, a company that belongs to the brother of President John Mahama. The company seeks more than $700 million (R11 billion) for alleged underpayment at Tarkwa and Damang. Gold Fields rejects the claims.

Gold Fields had to return the Damang mine to the state six months ago. It has submitted a 20-year mine plan for Tarkwa. The miner said the future of the mine is a material uncertainty for investors.

Buah expects parliament to approve revised mining law by the end of the year. The law would shorten leases, give government more say over renewals and end bespoke fiscal agreements.

Key facts

Who
Emmanuel Armah-Kofi Buah (Minister for lands and natural resources, Ghana); John Mahama (President of Ghana); Mike Fraser (Chief Executive Officer of Gold Fields); Ibrahim Mahama (President's brother, linked to Engineers and Planners)
What
Ghana's lands and natural resources minister said the government is considering local firms for large mines while deciding on renewal of Gold Fields' Tarkwa leases, which expire in April. Gold Fields is in arbitration with Engineers and Planners, a company belonging to the president's brother, which seeks over $700 million for alleged underpayment.
When
22 October 2026
Where
Ghana, Tarkwa, Damang
Status
Reported

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