The Ghana Chamber of Mines has cautioned that Ghana’s long-held position as one of Africa’s leading gold producers could be under threat if policy decisions begin to erode investor confidence in the sector.
The Chamber says rising competition from neighbouring countries, particularly Côte d’Ivoire, is reshaping the regional mining landscape as governments roll out aggressive strategies to attract long-term mining investment and expand gold output.
The warning comes amid renewed debate over proposals by the Institute of Economic Affairs urging government not to approve a proposed 20-year lease extension for Gold Fields’ Tarkwa Mine. The Institute argues for stronger state participation and greater local control in the mining industry.
But the Chamber insists that while reforms are important, Ghana must be careful not to undermine the stability that has historically made it a top destination for mining investment.
Speaking at a press conference, Chief Executive Officer of the Ghana Chamber of Mines, Ing. Ken Ashigbey, warned that policy unpredictability could push investors to more favourable jurisdictions across the region.
He stressed that Ghana’s success in the mining sector has been built on consistent policy choices that attracted global capital over the years.
“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 stated.
Ing. Ashigbey further noted that Côte d’Ivoire has set out a deliberate long-term strategy aimed at positioning itself as Africa’s leading gold producer within the next decade, intensifying competition between the two West African neighbours.
He explained that both countries share similar geological formations, meaning investment flows can easily shift across borders depending on perceived stability and returns.
According to him, there are already signs of capital movement, with some mining firms and Ghanaian entrepreneurs exploring opportunities in Côte d’Ivoire due to its evolving investment climate.
He urged policymakers to strike a balance between attracting foreign direct investment and retaining domestic investors who are increasingly looking beyond Ghana’s borders.
“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,” Ing. Ken Ashigbey said.
