Ing. Ken Ashigbey, the Chief Executive Officer of the Ghana Chamber of Mines, delivered a message that echoed through Ghana’s mining sector. “The reason why we became the number one mining destination in Africa is because of some of the decisions we took. Let’s not reverse them,” he cautioned, his words carrying the weight of decades of mining history.
Ghana, long celebrated in history books as Africa’s leading gold producer, now finds itself at a crossroads. The Chamber’s warning comes amid growing concerns that policy shifts could erode the investor confidence that has long fueled the nation’s mining industry. Ashigbey’s caution follows a recent proposal by the Institute of Economic Affairs, which urged the government not to approve a 20-year lease extension for Gold Fields’s Tarkwa Mine. The Institute argues for greater state control and increased local participation in the sector. But Ashigbey’s message was clear: while reform is necessary, Ghana must not lose sight of the stability and predictability that has made it an investment magnet.
The threat is not just from within. In neighboring Côte d’Ivoire, officials are rolling out ambitious strategies to transform their country into Africa’s next gold giant within the next decade. “Côte d’Ivoire has developed a long-term strategy aimed at becoming Africa’s leading gold producer,” Ashigbey explained. Both Ghana and Côte d’Ivoire share similar geological riches, their gold deposits stretching across borders. But investors, he warned, can easily shift their attention, and their capital, to countries that offer more attractive and stable environments.
Evidence of this shift is already visible. The Chamber has observed a movement of mining investments and Ghanaian entrepreneurs into Côte d’Ivoire, drawn by its evolving policies and investor-friendly climate. Ashigbey emphasized the need for Ghana to not just attract foreign investors but also retain its local talent and capital. “We need to make sure that we are attracting the investment capital but not only foreign, local investment capital as well. There are Ghanaians who now want to go and set up in Cote d’Ivoire,” he noted.
As Ghana stands at this critical juncture, the story of its mining sector is being rewritten. The next chapters will depend on whether policymakers choose to safeguard the confidence of investors, both local and foreign, or risk losing the nation’s golden legacy to its ambitious neighbors.
Source: Apexnewsgh.com