Uncertainty over mining lease renewals, rather than high tax rates, is the greatest threat to Ghana’s attractiveness as Africa’s leading mining investment destination, the Ghana Chamber of Mines has said. 

It urged the Government to guarantee security of tenure for mining leases to attract long-term investment and sustain the country’s competitiveness in the mining sector. 

Dr Ken Ashigbey, Chief Executive Officer of the Ghana Chamber of Mines, said this at the 2026 Mining for Development Forum in Accra. 

He said Ghana became Africa’s leading mining investment destination under the Minerals and Mining Act, 2006 (Act 703), which provided certainty for investors. 

Dr Ashigbey said Section 44(3) of Act 703 required the Minister responsible for Lands and Natural Resources to renew a mining lease where the holder had materially complied with its terms, but recent developments in the investment environment were eroding that advantage. 

He said the capital-intensive nature of mining made certainty over lease renewals more important to investors than tax levels. 

“Once the investor puts his patient capital in, the investor is not worried too much about high taxes as much as he is worried about the uncertainty and the changes in the investment environment.” 

Dr Ashigbey said uncertainty over lease renewals could increase Ghana’s country risk and discourage investors, including Ghanaian mining companies, from committing capital to new projects. 

He cited the case of a local contract-mining company whose financiers sought assurances on the remaining duration of the underlying mining lease before providing funding, adding that banks were becoming increasingly reluctant to extend credit where lease renewals were uncertain. 

Changes in the treatment of local businesses following changes in government had also increased investment risk in the sector. 

Dr Ashigbey welcomed recent assurances by the Minister for Lands and Natural Resources that Ghana was not pursuing nationalisation and that mining lease renewals would be undertaken in accordance with existing law. 

He called for a national mining strategy to guide the country’s efforts to transform its mineral resources into long-term industrial development. 

“For many years, the success of mining has been measured by production volumes, export earnings, and fiscal contributions. While these remain important, the real measure of success today is the extent to which mining creates, retains, and reinvests value within the national economy,” he said. 

Mr Emmanuel Kwamena Anyimah, Deputy Chief Executive Officer of the Minerals Commission, also called for greater local value retention through increased domestic participation across the mining value chain. 

“Ghana’s success can no longer be judged only by production volumes, export earnings, or fiscal contributions… The real measure of success today is the extent to which mining creates, retains, and reinvests value within the national economy,” he said. 

Mr Anyimah said Ghana continued to depend on imports for specialised mining equipment, heavy machinery, chemicals, advanced technology and engineering components, while much of the processing and technology development took place outside the country. 

He called for stronger Ghanaian businesses, expanded local supply chains, increased mineral processing and refining, more skilled jobs and the positioning of Ghana as a competitive mining services hub for Africa. 

Mr Anyimah said the Minerals Commission envisaged a mining sector where more inputs were manufactured locally, Ghanaian engineers developed solutions, universities supported research and indigenous firms participated across the mining value chain. 

He said the Commission remained committed to ensuring the efficient development of Ghana’s mineral resources while extending its role beyond the administration of mineral rights.