Ghana’s Lands and Natural Resources Minister Emmanuel Armah-Kofi Buah has formally ruled out a blanket nationalisation policy toward multinational mining companies, pledging case-by-case engagement within existing legal frameworks, in a direct response to investor anxiety triggered by two recent state takeovers of major mining assets.
Buah made the remarks at a breakfast meeting organised by the Ghana Chamber of Mines at the Accra Marriott Hotel, where he stressed that maintaining stability, predictability and investor confidence in Ghana’s mining industry remains a major priority for the Mahama administration.
“The best policies are those shaped through open dialogue, transparency and collaboration,” Buah told industry participants.
The minister said the government had not adopted a blanket nationalisation policy to take advantage of the sector but was seeking partners that would leave behind expertise and empower Ghanaians in the industry. He clarified that government actions regarding the Damang Mine and Adamus Resources were handled strictly within existing legal and regulatory frameworks and were not part of any broad anti-investor agenda.
The statement addresses a specific and current concern. Ghana assumed operational control of the Gold Fields Damang Mine on April 18, 2026, after rejecting the South African miner’s application to renew its lease. The government had also taken over Adamus Resources, another multinational operation. The Ghana Chamber of Mines warned this month that lease revocations and renewal uncertainty risk creating the impression that “security of tenure in Ghana is not guaranteed,” potentially damaging the country’s reputation as an investment destination.
The stakes are elevated by an impending deadline. Gold Fields’ Tarkwa Mine — a cornerstone asset that produced approximately 427,000 ounces of gold in 2025 — has a lease expiring in 2027. Buah said the government was committed to renewing it but ruled out any automatic extension.
Ghana is also consciously positioning itself against the aggressive nationalization wave sweeping military-governed neighbors. Unlike Mali and Burkina Faso, where military-led governments have applied mining reforms retroactively, Buah has previously stated that “In Ghana, we don’t do retrospective laws. Existing agreements are sanctified and will be respected.”
Buah said Ghana’s approach is anchored in four principles: ensuring a sustainable mining sector with reliable returns for investors; promoting technology transfer and skills development; strengthening local content and capacity building; and creating economic opportunities for host mining communities. He described the framework as a win-win model designed to ensure both investors and the Ghanaian economy share in the benefits of extraction.
Ghana is Africa’s leading gold producer and one of the top six globally.
