The issue of the Renewal of the Mining Rights or Concession of Goldfields Tarkwa hasbeen on the front burner since, last week Wednesday (13 May 2026), the day the Institute for Economic Affairs (IEA) openly kicked against it. This happened during a media encounter with Her Ladyship former Chief Justice Sophia Akuffo, Professor Mike Aaron Quaye, and Dr Charles Mensah as the speakers or the champions.
According to them, not much Returns and not much Development have been gained by Ghana and the host Communities from the Operations of the Multinational Mining Companies, asseen in Johannesburg, the home or Headquarters of Goldfields Ltd. Consequently, they recommended that Ghana does the complete Mining activities that is both at the field and at the Gold Mine Plant operations into gold bars either by the Stateor by a local Champion.
Local Companies or Championsnormally mentioned in public, included E&P of Mr Ibrahim Mahama, Rocksure International of Mr Kwasi Ofori, Heath Goldfields of Dr Kwabena Duffour, Maripoma Mining Ltd of Mr Seidu, BCM International or the Nguvu Mining Group of Ms Angela List orOfori-Opoku Ltdof Mr Ofori-Opoku.
Mining is capital intensive and required technical expertise hence a global support for success, so it is unfortunate that the insinuations were/are based on unscientific deductions especially that Ghana or some citizens of Ghana have the capacity both technical and financial muscles to do both the field mining of the ore and the processing of the ore at the Metallurgical Gold Procession Operations Plant into gold bars or bullion.
To drive my point home, Ghana had 70 percent shares in Ashanti Gold Company(AGC) from the Regime of General Acheampong to regime of President Rawlings and not much was gained by Ghana or Obuasi Town under Ghanaian management. It was the Ghanaian management team led by Dr Sam Jonah who convinced an initial reluctant President Kofour to opt for the enticement of Foreign Direct Investment and expertize.
This led to the special purpose vehicle as AngloGold Ashanti Ltd between AGC and a foreign Mining Company. In 2017 or so, we heard the lamentation of His Royal Highness, the Ashantihene about no one was ready to buy Obuasi Mine for one US Dollar and so he commended then President Nana Addo for able to provide the needed investment environment and the enticement of further Foreign Direct Investment for the Obuasi Mine.
Hence Ghana should put all her eggs in one basket simply because she has emerging local Champions like Ms Angela List, Mr Ibrahim Mahama and Dr Kwabena Duffour running Adamus Gold Mine/Ashanti Gold Mine Konongo, then Damang Gold Ltd and Bogoso/Prestea Mine respectively.
It should be noted that the Multinational Mining Companies comply with local and International Standards including labour laws since they are listed in reputable Stock Market. So, we should have the fear of local champions with their Companies not listed in even the local Stock market may not meet theStandards of the member companies of the Ghana Chamber of Mines which is a member of the International mining community and as such support members to do the right thing. Hence, reason why Small Scale Mining Companies cannot be member Company of the Chamber.
There was also the ungodly insinuation at the media encounter that the xenophobic acts of some South Africans against Ghanaians and other Nationals in South Africa should make Ghana not to renew the Mining concession of Goldfields Ltd.
As part of the Better Ghana Agenda, once again the duty of retired Major Mohammed Bogobiri is to set the records straight with facts or share his rich knowledge and wide experiences in the mining sectorby walking you down the memory lane. So, this paper with strong reasons why the lease of Goldfields Ltd should be renewed.
Firstly, the protagonists of this campaign especially the IEA, need to take note of the history of the Structural Adjustment Program orMining SectorReforms by the PNDC in the 1980s meant to entice Foreign Direct Investments. They also need to take mental notice on why His Excellency President JD Mahamaand the Minister of Lands and Natural Resources have been trodden the globe to entice Foreign Direct Investments. His Excellency President JD Mahama was in a number of Countries with major financial hubs including Singapore since he took over as President.
Also very important to take mental note was the body language and the statement of the very hardworking Finance Minister on the day Ghana existed the strong grip of the IMF, that is at the end of the IMF bailout, yet Ghana wants to maintain close romance with the IMF up to 2029. As a measure, for buildinginvestors’ confidence in Ghana as sine qua non otherwise a disaster.
So, the stand by theseabove named three persons, who are noted as being among the well educated elite persons in Ghana or the position of the IEA, noted as one of the reputable CSOs in the Economic front, as the name connotes with Economic Affairs, is very wrong for Ghana. Since their standseemed to be driven by emotions and not by critical thinking academic work.
It is also unfortunate that IEA with members with legal brains failed to take note of the inducement of Investors as provided fromSections 1 to 80 of the Minerals and Mining Act 2006 (At 703) of Ghana. Sections 1 to 80 of Act 703 are the combinations of the original or parent mining laws by the PNDC/IMF in 1986especially Minerals and Mining Law1986 (PNDC Law153)and others as incorporated in 2006 to get Act 703. So Act 703 like PNDC Law 153 was framed to attract investments from both local and International arena.
It is important to say that the Small Scale Mining laws from Section 81 to 99of Act 703 are combination of Section 77 of PNDC Law 153, Small Scale Gold Mining Law1989 (PNDC Law218) and others for the control or legalization of Galamasey operations into Small Scale Mining.Section 21 of PNDC Law 218 is very clear to even a JSS Pupil, on what is Small Scale Mining. Hence why Dr Tony Aubyn recommended for the Review of the Small Scale Mining Law. Google and read Review the Laws on Small Scale Mining by Dr Tony Aubyn. The issue of mining license and mining operations permits are just requirements to do Small Scale Mining. Period.
Thus,the very poor intelligence on the Mining Sector to the public, made Madameor Her Ladyship former Chief Justice Sophia Akuffo, with her usual fiery or heated rhetoric of populism, by her usual tantrums,driven by emotions.
So, it is sad that thereputable IEA, has demo that it has failed to apply critical thinking mindset on a very serious national matter by usinghistorical perspectives or facts on the mining sector including mining laws, economic truths or experiences or data, science and engineering. As well as the IEA failed to take note of why the President of Ghana and the Minister for Lands and Natural Resources have been trodden the globe to entice Foreign Direct Investments.
It really unfortunate that the reputable IEAwoefully failed to look for scientific data from Bank of Ghana, GRA, SSNIT, or the Ghana Chamber of Mines to learn that not less than 70 percent of the revenue from gold exports were/are brought to Ghana by the Multinationals to meet both the legal or Bank of Ghana requirements and against the Operation, Logistics and Administrative costs of the Large Scale Mining Companies, as provided sometime ago by Alhaji Sulemana Konney, a former CEO of the Ghana Chamber of Mines. They also failed to note that some foreign investors in the Mining Sector did not make much or did not get back their principals. Example was the ill executed hedging by Dr Sam Jonah with AGC, which led to massive losses. Google and read ‘In the Matter of the Golden Egg’.
The data on the contributions of the Large Scale Mining Companies can be obtained from the internet. So, the IEA needs to takenote ofthe massive contributions of the Multinational Mining Companies including or especially Goldfields Ltd,to the economic and development of Ghana and host communities.
It is also very sad that the affected members of theIEA and some Ghanaians failed to understand that Goldfields Ltd does not belong to single owner or champion but is a global Company, belonging to global shareholders including some Ghanaians. It is only Headquarters in South Africa,since it started in South Africa by Cecil Rhodes in 1887. There is also the poor understanding on how Johannesburg is very far, far developed than Obuasi, the home of Obuasi Mine which was found ten years after the establishment of Goldfields of South Africa.
Ghanaians need to take note that other strong factors contributed to the development ofJohannesburg and notonly on the backbone of the Mining Sector, as explained by retired Major Mohammed Bogobiri, in his article comparing the state of development of Johannesburg to that of Obuasi or Tarkwa or Bogoso or Prestea and demand same, is not academic as published in Modern Ghana in 2022.
It also demo a failure by some Ghanaians to understand the relevant provisions of the 1992 Constitution and laws, especially on Unitary State, Regional Balance in development, and the welfare of the citizens, where state revenues are to be paid into, and how the revenue are to be utilized, ownership of minerals byall citizens of Ghanaand not by host communities, payment of compensations to the direct affected people. So the best way is to agree with a Mining Company to pay Community Development Fund for host Communities and the Company to manage.
Today’s Goldfields Ltd, is not the same as the old Goldfields of South Africa with Cecil Rhodes as the owner. Infact Goldfields Ltd does not own a mine in South Africa, since it transferred the three mines in South Africa to Sibanye in 2012.
As explained by Dr Cadman Mills on the matters with the Damang Mine ownership, Mining is capital intensive with requirement of a lot of expertise, hence it is a global undertakings by both International Mining Community and host Country and her peoplefor success, this is in line with the metaphor of Dr Kwagir Aggrey that both the black and white keys of a piano are needed to be played for good melody. So speaking of retaliatingacts against Goldfields Ltd, a global public company, due to the xenophobic acts of some South Africans against Ghanaians, is ungodly.
Folks, the former Chief Justice, her ladyship Former Chief Justice Grace Araba Torkonoo was 100 percent right with the statement that the law is the law, that is the principle of Constitutionalism is supreme. Hence, the national authorities, be it the in Judiciary or Courts, Parliament or the Executive must obey the law or adhere to the rule of the law.
So based on the Mining laws of Ghana, her Ladyship former Chief Justice Sophia Akuffo, Professor Mike Aaron Quaye, and Dr Charles Mensah, otherwise the IEA got it wrong with the matters on the renewal of the Goldfields Tarkwa Lease. They need to read the history of mining and the appreciate the mining laws of Ghana and the huge contributions of Goldfields Ltd, a global public Company which is listed in both Johannesburg and New York Stock Exchange..
Gold Coast Ghana between 1897 and 1986 restricted mining operations to largely by Underground Mine operations, with Small Scale Mining alias Galamasey done under secret cover since it was illegal. Sobetween 1897 and 1986 Ghana kicked against Surface Mining both by Large Scale Surface Mining, and Small Scale Surface Mining alias Galamasey, an ancient or indigenous or a time-tested traditional mining, which was actually pronounced illegal between 1906 and 1986.
Enter the PNDC. Due to the very serious economic downturn in 1983, due to nationwide drought and bush fire that destroyed crops all over the Country, hence farms products including cocoa, Oil Palm etc which were the backbone of the economy, were destroyed.
This made the PNDC to quickly change her socialist stand to semi capitalism status, including the introduction of the National Farmers Day in 1984 in order to jump start the economy. So in late 1983, the government of the PNDC with romance with the IMF/World Bank, launched the Economic Recovery Program ( ERP) as part of the Structural Adjustment Program for structural reforms in the mining sector as the immediate area of action for quick support of Foreign Direct Investment (FDI).
So the PNDC heavily promoted the privatization of the mining sector to attract large scale foreign investments. Thus in 1986 with the support of IMF/World Bank, the PNDC enacted the Minerals and Mining Law 1986 (PNDC Law 153), a modernized regulatory framework that offered attractive incentives to investors. The PNDC also established the Minerals Commissions with PNDC law 154 of 1986 to regulate the Mining Sector.
This saw Large Scale surface mining or open pit mining Ghana in the late 1980s that is the rise of surface mining by the privatization of the mining sector by the creation of an attractive deregulated climate for foreign direct investments. PNDC Law 153 also saw the legalization of Galamasey into Small Scale Mining operations with Section 77 of the Minerals and Mining Law 1986 (PNDC Law 153).
The Regularization and Formalization of Galamasey into Small Scale Gold Mining were done by the PNDC with PNDC law 218 and the establishment of the Precious Minerals Company for gold and Diamond trading and curbing of smuggling of gold from the Small Scale Mining Sector was made in 1989. It will be very instructive to find out why the IMF/PNDC opted for Precious Minerals Company or why they did not opt for GoldBod since Guyana established the Guyana GoldBod in 1988.
So the Minerals and Mining Law 1986 (PNDC Law 153), was a legal framework that overhauled the mining industry by offering foreign companies tax incentives, foreign exchange retention and guaranteed mining rights with the government of Ghana with 10 percent current interest or no financial obligation and with royalty rate pegged at 12 %, repeat 12 percent by the PNDC/IMF. Also PNDC Law 153 was for the legalization of Galamasey with Section 77 of the Minerals and Mining Law 1986 (PNDC Law 153).
The current Minerals and Mining Law Act 2006 (Act 703) is the consolidation of the PNDC Laws on Mining. So not much different. Hence a decorated donkey is still a donkey. The few changes are the size of mining rights or concession with the oscillating royalty rate since 2010.
A refusal to renew the lease of Goldfields would dampen Investors’ confidence in Ghana, since under the Mining laws of Ghana, the renewal of mining lease, is a must requirement, since it is contingent on once the holder has made application for renewal which is in material compliance with the obligations under the lease and provisions, the varying matter is the restriction of the royalty rate, initially as 12 percent between 1986 and April 2006.
Then between 2006 and 2010, the royalty rate was made not more than six percent and not less than 3percent, then in 2010 it was made to be fixed at 5 percent anda default rate of not less than five percent with room for the Sector Minister to negotiate for more or above the floor rate of 5 percent. So, the settled rate by both parties to the Lease Agreement to be subject to the ratification by Parliament as provided in 2015 with Minerals and Mining Amendment Act 2015 (Act 900) at section 25.
In 2026 or now, a law on a sliding scale between 5 and 12 percent, depending on the world price was enacted. By the mining laws of Ghana, the government has further option to acquire a special share in a mining company for no consideration or in exchange for such consideration as the government and the company may agree with.
So the above details shows that IEA has no case. Since, the Government if the financial muscle and is risky tolerant, can enter a Joint Venture with Goldfields Ltd by contributing equity or purchase shares say to make it 50; 50 percent or moreJoint Venture with Goldfields, provided Ghana has the funds.
The large Scale Mining Companies especially Goldfields Ltd have made massive contributions to the economic and development of Ghana and host communities, through job creation, taxes, royalties, community infrastructure, , local procurement and local enterprise development. E&P of Mr Ibrahim Mahama, Zen Petroleum of Mr Tawiah etc are ‘developed babies’ of Goldfields Ltd.
Google and read How Mr Ibrahim Mahama a School dropped out became a Billionaire and Google for retired Major Mohammed Bogobiri’s article on Country First Agenda, the success story of Zen Petroleum, as a Real-world example of the good works of Goldfields Ltd and Regulatory Compliance.
So, Goldfields Ltd has made great impact in host communities and Ghana with projects like roads especially the tarring of Tarkwa to Damang road, modernization of the Tarkwa stadium, and hospitals especially the Foundation Hospital at the gate of the Company, then modernization of the Tarkwa or Apinto Government Hospital with 17 Million US Dollars. The benefits of the Mining operations of Goldfields to Ghana is over sixty percent of mining rents through royalties, taxes(corporate tax withholdingtaxes, PAYE, growth sustainability levies, the carried interests and SSNNIT Contributions from the employer.
Goldfields Foundations invested over 100 million dollars in health, roads, Agric, water and sanitation projects since 2002, the for expansion of the Tarkwa Government Hospital Goldfields Ltd gave 17 Million US Dollars, 15 million US dollars to the Ghana Black star in 2006 for both the African and World Cups.
It has a Work force of over 7,000 in-house or direct staff and contractors, with 70 percent from the host communities. Tarred Tarkwa to Damang road, rehabilitated the T &A Stadium with about 17 Million US Dollars. Suppliers is made of 70 percent through local procurement, supporting Ghanaian business and suppliers
From 2020 to 2024, the revenue generated for Ghana by Goldfields ltd were as follows corporate taxes of 802 Million US Dollars, Royalties, was 296.3 Million US Dollars, Dividend of 122.8 Million US Dollars, PAYE 131 Million US Dollars, SSNIT contribution component of about 10 Million US Dollars. Not talking of the expenditure by the Company, the Staff and associates.
Large Scale Mining Companies have a Group or Community of local Service Providers including engineering firms, security service providers, transportation service providers, catering and equipment suppliers, medical services providers, contract mining companies across West Africa.
Goldfield Ltd and I am Gold Ltd in 1993, bought the Tarkwa Underground Mine and operated it up to 1999 and placed it under care and maintenance and opted for Open Pit or Large Scale Surface Mining with initial development. Later on it started the mining operations through Contractors like AMS, BCM and E&P, as the Company’s own business modelamong others to reduce cost and labour problems and not by legal or national policy requirement. Abosso Goldfields Ltd was bought by Goldfield Ltd and I am Gold Ltd in 2002 from Rangers Minerals NL.The success story of E&P, Zen Petroleum etc as Mining Operations and Service providing hence in the Service Industry of the Economy of Ghana are due to operations with Goldfields Ltd in Ghana.
So, Goldfields Ltd is with the vision or aim to create positive and sustainable value for employees, host communities, capital and service providers, the government and business partners, hence value that will last beyond the closure of her mines. Real-world example are Engineers and Planners of Mr Ibrahim Mahama, BCM International of Madame Angela List. Western Transport Services, and ZEN Petroleum of Mr William Tawiah, GASO etc.Goldfields Ltd though scholarships etc has helped Ghana to train a lot of experts or scholars for Ghana and the global village.
Rehabilitation of Goldfields Ltd mine impactedareas and robust Water management are superb. Through rehabilitation of mine impacted areas, especially the closed tailings damat Damamg Mine, Goldfields Ltd turned the impacted areas into agricultural land for the benefits of hostcommunities and supported them with inputs to ensure sustainable economy of host communities.
Current Ghanaian personalities Goldfields Ltd, include Mr Elliot Twum as Senior Vice President and MD, Dr Celestina Allotey as Vice President for ESQ Strategy, and Integration (Group). Dr Catherine Kuupol Kuutor Tarkwa Mine Manager. Lawyer Michael Edem Akafia, vice President for External Affairs at Goldfields include legal affairs, compliance and business operations Adelaide Arthur, Emma Morrison media Team. Mr Alfred Baku who joined in 2002 as Mining Engineer rose to Executive Vice President and Head of West Africa Operations.
Goldfields Ghana is owned by Goldfields Ltd 71.1 percent, I am Gold 18.9 percent, Government of Ghana 10 percent. Global Goldfields Ltd is an international diversified publicly traded company, so it does not have single corporate owner like E&P of Mr Ibrahim Mahama, or like Rocksure of Mr Ofori or BM International of Ms Angela List or like Heath Goldfields of Dr Kwabena Duffour.
Goldfields Ltd is owned by a diversified mix of global institutional corporations such as the Public Investment Corporation, Van Eric Associates, Black Rock, the Vanguard Group and individual retail shareholders including Ghanaians. Goldfields Ltd, shares are traded globally since it is listed in the Johannesburg Exchange Stock Market, the New York Stock Exchange.
The IEA needs to explore other areas of investments with revenue from the Mining Sector to support Ghana to gain more from the mining sector especially with royalties. So, the IEA should speak on the benefits of Gold royalty and streaming companies which are widely considered as excellent investment that offer happy medium, between owning a physical gold and traditional mining stocks, thus they offer higher profit margins, better diversification and less exposure to the operating costs.
Gold royalties are strong, defensive alternative to owning physical gold by owning mining stocks which offers fixed income like returns and protection against inflation, since they are immune to rising labour issues, energy and equipment cost. So they are great for protection from inflation, no issue of digging for gold and the associated risk to the environment, host communities, no headache of assaying, to refine, to transport the gold etc.
So the IEA, should see to Ghana revisiting the idea of Gold Royalties after the embarrassed botched Agyapa Royalty, allegedly tainted with corruption. It is not true that there was no and the will not transparency with the Agyapa Royalty, since transparency and investment warning notices, are some of the major requirements before listing in the London Exchange Market. Gold Royalties provide upfront capital for fixed percentage future production or revenue from a mine without bearing operating costs. This model offers gold royalty investments with predictable cash flow since royalties are paid based on output or sales and not profits
So, the essence of setting the record straight for a better Ghana byretired Major Mohammed Bogobiri, one with very good insight in the Mining Sector since 1987,the year that initially saw him as one of the members of the Military team that joined the PNDC Team,led by Chairman Flt JJ Rawlings for the commissioning of Canadian Bogoso Mine in 1987 in Bogoso. So Bogoso Gold is the first Company to start with massive or Large Scale Surface Mining in Ghana, this resulted in the first public outcry against surface mining and gave birth to WACAM in 1988 at Dumase near Bogoso.
At this juncture, need for intelligence on Retired Major Mohammed Bogobiri. He isone who is conversant with a lot of issues in the Mining Sector, since on several times, he was a Rep of the Commanding Officer (CO)of 2BN, Takoradi at the Regional Security Meetings of the Western and Central Regional Security Councils. He was more than thrice as the OC 2BN Rear Details, so he worked with three different Regional Ministers of the two Regions especially in the Western Region with Dr John Abu, Mrs Lilly Nkansa in regime of NDC1, and NDC2, and Mr Joseph Boahim Aidoo in the NPP 1 era of President Kofour. ThusStarting inthe era of the Command of then Col George Amamoo, then in the command of Col Kumah before handing over to Major Salifu.
Lastly, in the Command of Col Sammy Ayittor from late 2000 to the early part of 2001,during the period which actually saw him and other members of the Western Regional Security Counciltrodden the mining field to physically support Mining Companies including Goldfields/GAG and settled labor problems especially of Goldfields which nearly resulted in the burning of assets of Goldfields and the likely taking of expatriate staff as hostages due to,especially demand by the workers for the payment of Severance award by Goldfields in 2001,due to then disengagement from GAG, as enshrined in the Collective Bargaining Agreements.
He and his troopsfrom 2 BN, on the ground defended and protected the assets of Goldfield and associates in the field in 2001, the thenassociates included BCM of Mr Paul Listat Zone 1 at Terberebie, E&P of Mr Ibrahim Mahama at Zone 2 at Akon. In those days, the morale of staff of Goldfields Ltd Tarkwa was very low since the Workers could not compare themselves to the Staff of AGC/GAG, GMC etc, so they felt very shy to wear Goldfields uniform in Tarkwa. This is how far Goldfields Ltd Tarkwa with the support of 2BN has transformed to one of the leading Gold Mining Companies with better condition of services.
Under his command, 2BN Rear Details supported Goldfields and the then Chief of Awudia to settle local employment problem, since the then greedy chiefof Awudia sold employment vacancies as provided by Goldfields Ltd to immigrants and not seeing to the employment of his people or the youth of the area as wanted by Goldfields.
The greedy acts by the then Chief which motivated destruction and killing was halted by him and some troops who were air lifted by Helicopter for the rescue mission due to the burning of the Chief’s palace. Hence, by demand of Mining Companies as championed by Mr YB Amponsah, then with GAG/AGC, but now as Labour Consultant and by Mr Yerankyi, then as the Manager for Community or Public Affairs to deal with violent crime and labour issues and to some extent illegal miners who disturbed the operations of Goldfields and other Companies.
The sad story of victims of a soldier namely as Killer at the National Reconciliation Committee established by the regime of President Kofour to look into the atrocities in the PNDC era is very regrettable but worth mentioning since it is part of the history of 2BN in Tarkwa to support mining Companies. Killer reportedly threw suspected criminals into the deep Tarkwa underground mine.
So, Major Bogobiriin 2001, personally ensured good discipline by the troops by a dossier to the Chairman of the Western Regional Security Council to deal with security issues on all fronts especially at the Mining towns, cocoa growing areas especially close to the western border. So, based on a promise by the Mining Companies and COCOBOD to provide adequatelogistic and admin support, hencewithout Military superior command approval, caused the Regional Security Council to beefup the troops of 2BN Rear Details and saw the deployment of the Military personnel including troops from the Naval Base Sekondi, AirFoce Station, Takoradi and Police personnel under his strict command,in the location of mining companies for Admin and logistics support with delegated Officers as Commanders of the troops.
It is very important to add that this bold action by the then young and dynamo Major Bogobiri was to the great admiration of Mr YB Amponsah, who together with Col Amadu Disu (rtd) of Bogoso Mine, initially made several fruitless attempts to convince then Brigadier General JB Danquah of the Southern Command for troops to protect mining companies.
So, Goldfields Ltd in 2001 with Major Galas Amuzu (rtd) as head of security benefited from this deployment,using troops from Ghana AirFoce, Takoradi Station and Sekondi Naval Base to beef up the strength of the troops of the 2 BN Rear Details with logistics and Admin support (deployment buses, patrol cars with fuel, three square meals, daily allowance from the Mining Companies.
This writer, lateron as Security Superintendent of Bogoso Mine, caused the Company to get the Ghana Chamber of Mines to establish the Chamber of Mines Security Committee.So, from the above one should be able to deduce that hewas/is wellexposed to the Security and the mining operations both in the field and at Metallurgical Process Plant operations of Large Scale Mining Companies and their associatesThus, he has rich knowledge and experiences on the facts in the mining landscape to share with the World, hence, his attempt to prove that the IEA was/is wrong.So Ghana should renew the lease of Goldfields Ltd.
By Major Mohammed Bogobiri (rtd), 0246229199, email [email protected]
