Ghana’s Minerals Commission has issued a sharp rebuke against Gold Fields Limited, accusing the multinational mining company of prioritizing foreign investments over local economic development despite generating substantial profits from its Ghanaian operations.
Deputy CEO Martin Ayisi raised the concerns during an interview on Joy News’ PM Express Business Edition, highlighting tensions over profit repatriation in the country’s gold mining sector.
Ayisi cited Gold Fields’ recent exit from the Damang mine as emblematic of broader issues, noting that the Tarkwa and Damang mines collectively generated over $600 million in profit last year. “How much of that stayed in the country? Your guess is as good as mine,” he stated, arguing that the profits were funneled toward acquisitions abroad rather than reinvested locally. The company reportedly purchased mines through its subsidiaries in Canada and Chile, including a stake in Osisko Mining, while scaling back operations in Ghana.
“They can’t tell me it’s not profit from Ghana,” Ayisi said, emphasizing the ease of capital flight compared to stricter financial controls in countries like Australia. “We can’t continue on that path,” he added, calling for policies to ensure mining revenues contribute more directly to national development.
Ghana, Africa’s largest gold producer, has long grappled with balancing foreign investment incentives with demands for local value retention. The mining sector accounts for nearly 10% of the nation’s GDP, yet debates over profit-sharing and taxation persist. In recent years, the government has introduced measures such as the Minerals Development Fund to channel mining royalties into community projects, though critics argue enforcement remains inconsistent.
Gold Fields has yet to publicly respond to Ayisi’s remarks. The company’s 2023 financial report listed global operational challenges, including declining ore grades at Damang, as factors in its restructuring. Analysts note that foreign exchange regulations and fiscal stability agreements often complicate profit retention efforts in resource-rich nations, a recurring friction point in Ghana’s push for economic sovereignty.
