Ghana Chamber of Mines Chief Executive Officer Ken Ashigbey has defended Gold Fields Ghana against criticisms of the company’s mining lease, investment in the Tarkwa mine and contribution to the Ghanaian economy.
His response follows a Facebook post by private legal practitioner Kofi Bentil, who questioned the financial terms under which Gold Fields acquired its mining rights, the company’s investment in developing the Tarkwa mine and claims that it had generated about US$30 billion in revenue over the years.
Bentil also raised concerns about the responsibility for reclaiming land disturbed by decades of mining operations.
Ashigbey said the issues required an assessment of the relevant figures and Ghana’s mining regulatory framework, warning that selective information could create misleading impressions about the company’s financial commitments and obligations.
On the reported US$30,000 consideration for the mining lease, he said the arrangement was consistent with standard mining lease agreements used in Ghana at the time.
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He explained that the amount did not represent the total financial commitment required to secure and maintain the company’s mining rights.
According to him, mining companies are also required to pay statutory charges, including application and processing fees, annual mineral rights fees, ground rent and other applicable payments, which may not be included in the consideration clause of a lease agreement.
Ashigbey further disclosed that Gold Fields paid approximately US$3 million in 1992/93 to access geological and technical information on the then underground Tarkwa Mine.
He said the mine was loss-making at the time and produced between 12,000 and 24,000 ounces of gold annually.
He clarified that the US$3 million payment was not consideration for the mining lease but formed part of the financial commitments and risks associated with assessing the mining opportunity.
Gold Fields also made a separate payment for the assets of the State Gold Mining Corporation’s Tarkwa Mine, based on an independent valuation.
Investment and economic contribution
Addressing the company’s investment in the mine, Ashigbey acknowledged that Gold Fields’ capital expenditure was primarily driven by its commercial interests but argued that the investments had also generated economic and social benefits for Ghana.
He said the company transformed the operation from an underground mine into a large-scale surface mining business, requiring substantial capital investment.
The transformation also involved the relocation of affected surface rights holders to newly developed communities, including New Atuabo in Tarkwa.
Ashigbey identified corporate taxes, royalties, the State’s 10 per cent free-carried interest, employment, local procurement and community investments as some of the benefits accruing to Ghana and other stakeholders.
He stressed that expenditure on developing the mine should not be treated as payment for the mining rights. However, he said the value generated by the operation should be assessed by considering the capital invested, risks assumed and economic benefits distributed.
Revenue and profit
On claims that Gold Fields had generated approximately US$30 billion in revenue over three decades, Ashigbey disputed the figure, describing it as doubtful and questioning its authenticity.
He also cautioned against treating gross revenue as profit, explaining that revenue from mining operations does not represent the amount retained by a company.
He said mining operations incur substantial capital and operational costs, including wages, energy, equipment, maintenance, financing and environmental management, which must be accounted for before profits can be established.
Ashigbey called for a comprehensive assessment of the company’s actual profits, capital investments, taxes, royalties, dividends and other economic contributions instead of comparisons based on cumulative revenue and an isolated lease consideration figure.
He further claimed that approximately 74 per cent of every dollar of value generated by Gold Fields remains in Ghana through corporate taxes, royalties, government dividends, employee compensation, local procurement and community investments.
Gold Fields’ reclamation obligations
On concerns about the environmental impact of mining and the rehabilitation of disturbed land, Ashigbey said the responsibility for reclamation rests with mining companies, subject to regulatory oversight.
He explained that companies are required to undertake progressive rehabilitation and make financial provisions for mine closure and environmental restoration.
He disclosed that Gold Fields had maintained a Reclamation Security Agreement (RSA) with the government through the Environmental Protection Authority since 2003.
Under the arrangement, the mine’s closure liability is calculated annually, taking into account disturbed areas that cannot immediately be reclaimed because of ongoing mining operations.
The financial obligations are secured through cash bonds and bank guarantees held with a bank in Ghana. The security is reviewed annually to reflect changes in the estimated closure liability.
Ashigbey said Gold Fields’ closure liability stood at US$82.47 million in 2023 and increased to US$92.74 million in 2024.
As of December 31, 2025, the estimated liability had risen to US$107.19 million.
However, the company’s existing closure security bond with Absa Bank Ghana Limited stood at US$83.9 million, comprising US$36.78 million in bank guarantees and US$47.12 million in cash.
He said Gold Fields was adjusting the bond to align it with the December 2025 closure liability and currently sets aside US$500,000 every month towards its eventual closure obligations.
The company had also invested approximately US$46 million in progressive rehabilitation since 2016, with annual expenditure averaging US$4.2 million, he disclosed.
Ashigbey rejected the description of mined-out areas as simply a “hole”, explaining that they were open pits, which are a common feature of surface mining operations in Ghana and other mining jurisdictions.
Chamber backs renewal of Gold Fields lease
Ashigbey also used his response to highlight the importance of security of tenure and predictability in Ghana’s mining investment environment.
He said the country must protect its mineral resources and secure greater benefits for citizens while maintaining a regulatory framework that attracts responsible long-term investment.
Mining, he noted, is capital-intensive and high-risk, requiring substantial financial commitments over extended periods. Investors must therefore have confidence that laws and contractual obligations will be applied fairly and consistently.
He said the Ghana Chamber of Mines’ position was that Gold Fields, having materially complied with the terms of its existing lease, should have the lease renewed in accordance with the law.
He added, however, that the renewal should provide an opportunity to negotiate terms that reflect current economic, environmental and social realities.
According to him, the arrangements should secure greater and more sustainable benefits for Ghana, particularly mining host communities, while giving the company the certainty needed to continue investing, creating jobs and generating economic value.
Calls for wider debate on mineral wealth
Ashigbey welcomed public scrutiny of mining agreements and the returns Ghana receives from its mineral resources but urged stakeholders to base their arguments on evidence, fairness and sound economic analysis.
He said the national debate should go beyond the revenue collected by the State to examine how effectively mineral revenues are managed and converted into sustainable development, improved livelihoods and long-term economic opportunities.
He also raised the issue of intergenerational equity, arguing that Ghana’s finite mineral resources should be converted into lasting national assets and productive investments for future generations.
Ashigbey invited Bentil and other stakeholders to participate in a broader discussion on how the country could maximise the benefits of its mineral wealth.
He maintained that protecting Ghana’s interests and respecting investors’ rights were not conflicting objectives, but both were necessary for building a credible and competitive mining industry.
The exchange has renewed attention on the financial terms of mining agreements, the distribution of mineral wealth, environmental rehabilitation obligations and the future of large-scale mining investments in Ghana.
