Co-Chair of the Ghana Extractive Industries Transparency Initiative, Dr Steve Manteaw
The Co-Chair of the Ghana Extractive Industries Transparency Initiative (GHEITI), Dr Steve Manteaw, has revealed that despite the ongoing brouhaha between the government and Gold Fields over the Damang Mine, there is a surge in investor interest in gold mining in the area.
He attributes this to the precious metal’s growing status as a store of value.
According to him, investor interest varies depending on the commodity in question.
He noted that gold has increasingly become a safe haven for investors, regardless of a mine’s geographical location.
Earlier this week, the government rejected the renewal of the Damang Mining Lease for Gold Fields Ghana Limited, citing the mine’s failure to meet the necessary requirements for the lease to be extended upon its April 18, 2025 expiration.
In an exclusive interview with GhanaWeb Business, Dr Manteaw stated that the ongoing disagreement between the government and Gold Fields is unlikely to have any significant impact on the market.
“There is a mad rush for gold, and so, even as the discussions are ongoing and the decision has been made not to renew the lease, I wouldn’t be surprised if other investors have already lined up to take over that mine. Gold is the commodity of the moment.
“Investors now understand that interest depends on the commodity involved, and gold, as I’ve indicated, is in extremely high demand. It has become a reliable store of value in recent times,” he added.
His comments come at a time when Ghana’s mining sector is experiencing shifts in ownership and regulatory changes, driven largely by fluctuating commodity prices and global market trends.
SP/MA
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