Will Ghana Give Gold Fields 20 More Years? 🇬🇭🇿🇦

Hinzugefügt: 2026-06-02

[00:00:00]One of Africa's richest gold mines has become the center of a highstakes political battle.

[00:00:06]>> We have come the the time is now for our people to manage our own affairs and this fight could reshape the future of Ghana's mining industry because a South African mining giant wants 20 more years inside Ghana's legendary taco mine.

[00:00:21]>> We are not going to give up in any way on Tqua. But what that will do is set up takqua to be a really successful worldass asset for another 20 years.

[00:00:32]>> But powerful voices in Ghana are pushing back very hard. And now former Chief Justice of Ghana Sophia Aku has weighed in with members of parliament all speaking out. Ghana today possesses a highly experienced pool of mining professionals with technical expertise and operational competence required to manage the Tanga mine successfully should government decline Goldfield's proposed lease extension. Policy groups also want the deal stopped and now Goldfield says that they are not backing now because this is no longer just about mining. is about sovereignty, resources, investment and who should control Ghana's GOLD MINE.

[00:01:18]>> IF THE government released from the mind was tall and collapsing, I'm an online journalist and this is Qua Africa Media. Watch the full video on YouTube. Now, let's get into the story.

[00:01:35]Guys, if you've enjoyed this video so far, please do me a huge favor and hit the like button and subscribe. These videos take quite a long time to make, so if you could help me out, I'll love you forever. Thank you all for your support. Now, let's get back to this crazy story. Now, at the center of this story is the Taka mine, which is one of Ghana's most important gold asset. In fact, every year hundreds of thousands of ounces of gold comes out of this operation. And for South African mining gold giant gold fields, Ghana is critical to them. Something big just happened in Ghana's mining industry.

[00:02:15]>> In fact, the companies say that Ghana contribute roughly a quarter of it global production and that is huge. You know due to the recent empires between Ghana and South Africa with I mean South Africa kicking Ghana out and all that antimigrant protest happening there's been recent calls because goldfields lease or the allian license has expired but they are trying so hard to get a renewal and several Ghanaian authorities and institutions are fighting this. They are telling the government not to continue their advances for extra 20 years. Now, this is huge because goldfields want a 20-year lease extension to continue operating Taqua far into the future. But inside Ghana, the conversation is changing because many people are asking very difficult questions that after decades of foreign mining, is Ghana receiving enough value for its own resources?

[00:03:08]>> This is quite unusual of me, but I think I also now back the calls that >> they can go to hell, somersort and come back. M >> that particular mining company from South Africa they shouldn't have their license renewed >> really >> oh I I support that call >> irrespective of the contributions to our economy >> what what are they contributing mining sector Ghana companies about 80% of the workshore companies for me I We have come the the time is now for our people to manage our own affairs.

[00:03:58]Can you imagine last year $540 million?

[00:04:18]The debate intensified after a major intervention from the Institute of Economic Affairs with the IA. Now standing prominently in the discussion was former Chief Justice Sophia Aufu. We must ensure that every pit dug beneath the earth a cons that for every pit dug beneath the earth a commensurate infrastructural legacy should rise in its place.

[00:04:45]The wealth drawn from the depth must be translated into schools, hospitals and opportunities that lift our communities upwards. This is not merely a policy. It is a fundamental principle.

[00:05:02]These resources are national blessings to be managed for the benefit of all.

[00:05:08]Not private windfalls for a few and not windfalls for non Ghanaians.

[00:05:21]Ghana today possesses a highly experienced pool of mining professionals with technical expertise and operational competence required to manage the Tanga mine successfully. should government decline Goldfield's proposed lease extension and to manage not only the Chaka mine every mile in this country.

[00:05:50]Over the past six decades, the University of Mines and Technology has trained internationally recognized mining engineers, technicians, geologists and managers.

[00:06:06]who continue to distinguish themselves across the global mining industry.

[00:06:15]Significantly, many large scale mining operations in Ghana are indeed already managed by indigenous firms such as engineers and planners, Heath Goldfields Limited and Rockshore International Limited. on behalf of foreign of the foreign mining concessioners.

[00:06:44]Indeed, major the indeed major concessioners operations and operational activities at Goldfields.

[00:06:56]major sorry indeed major operational activities at gold fields takqua mine itself are presently executed by Ghanaian mining service providers and they're not just um selling minor inputs they actually doing the real mining the equipment belong to them and not to gold fields the employees are the workers are employed by them and not my gold ve >> the message coming from critus was direct that Ghana should think carefully before granting another long-term extension now don't forget that when it comes to patriotic alliance and operation ludula they are just saying one thing they are saying that go and fix your country your country is one of the highest gold producing countries you still allow South Africa to come and fix your country take charge that's what they are telling you so gradually Ghanaians are listening to the advice of the South African antimigrant groups are now kicking their major gold mining giant gold fields to go into South Africa and mine South African gold because there are gold also in South Africa. Now crits argue that after decades of operations many mining communities will struggle with major development concerns and that is a fact.

[00:08:15]If you go to all the taqua, even the taqua itself, poor roads, no hospitals, bad communication network, everything is poor. And to even add salt to injury, they have poor drinking water because their water is heavily polluted with all sorts of chemicals and it's even not a place to live. Several people who live there live there because they have nowhere to go and that's why they live there. And this has revived a bigger national debate that should Ghana continue depending heavily on foreign operators or should local Ghanaian companies take a larger leadership role in managing strategic national assets.

[00:08:52]Now some supporters of this position point toward indigenous firms and argue that Ghana now has a far more technical capacity than it did decades ago. In other words, the resource nationalism conversation is growing louder. But Goldfields is not quietly stepping aside. CEO Mike Fraser has publicly reaffirmed the company's long-term commitment to Ghana and their position is clear. They believe that Taco remains a major strategic asset. They believe continue operation protect jobs, support investment and strengthen Ghana's mining ecosystem. Trust was the most important thing. But I will say this today is that we are not going to give up in any way on TA. So in November last year, we submitted a lease extension for the Taqua mine, which would give us at least for the initial term another 20 years of mining at at Taqua. This will require quite a significant amount of reinvestment. We're going to have to move a huge amount of more material.

[00:09:55]We're going to have to um invest a whole lot in additional fleet and equipment.

[00:10:01]um that's going to require additional manpower to actually move that material over the next 20 years. But what that will do is set up Taqua to be a really successful worldass asset for another 20 years and then during that time we can consider how we continue to extend the life of that asset beyond that period.

[00:10:21]So, we are very committed to to Taqua.

[00:10:24]And if there's a um a disappointment that I don't spend enough time at the mine in Taqua is because unfortunately a lot of the time that I'm spending in Ghana has been to try and lobby the minister, minerals commission. Um we're meeting this week with the minister of finance and all of those politicians who actually have a role to play in the decision about the role that Goldfields has in the future. So a lot of the work that we're doing um and that I'm having to lift is to really try and present the case of why goldfields and if I come back to why goldfields and and we have the privilege of being the largest gold mining company in Africa and so when we think about our business in in Ghana, we see it as an extension of who we are as an African mining company. So when I think about uh taqua, it's a really important part of our business. In fact, 25% of our production comes out of Ghana.

[00:11:29]Our global production, a quarter of our production is from from Ghana.

[00:11:35]In some respects, we were very disappointed to see that Demang is no longer part of our our group because over 30 years of being part of of of Demang and seeing the success of Demang, it was a time um part of the the regulatory changes that that moved on to different ownership. What we are proud of though is we have set demand up for a sustainable future. And when we started the conversation with the government about what the future of Demang was, we were very clear that the most important thing for us is that all of those jobs and livelihoods that were dependent on domain mine continued. So we invested quite a lot in ensuring that we had a plan for the sustainability of demand.

[00:12:25]We were willing to hand that asset over to ensure that that asset was sustainable. And what we've seen today is that the work over the last 12 months has meant that we've now got a a mind that's continued without interruption.

[00:12:39]And that to us was the most important thing. But I will say this today is that we are not going to give up in any way on Taqua. So in November last year, we submitted a lease extension for the Taqua mine, which would give us at least for the initial term another 20 years of mining at at Taqua. This will require quite a significant amount of reinvestment. We're going to have to move a huge amount of more material.

[00:13:09]We're going to have to um invest a whole lot in additional fleet and equipment.

[00:13:15]And that's going to require additional manpower to actually move that material over the next 20 years. But what that will do is set up Taqua to be a really successful worldass asset for another 20 years. And then during that time, we can consider how we continue to extend the life of that asset beyond that period.

[00:13:35]So we are very committed to to Taqua.

[00:13:38]And if there's a um a disappointment that I don't spend enough time at the mine in Taqua is because unfortunately a lot of the time that I'm spending in Ghana has been to try and lobby the minister minerals commission. Um we're meeting this week with the Minister of Finance and all of those politicians who actually have a role to play in the decision about the role that Goldfields has in the future. So a lot of the work that we're doing um and that I'm having to lift is to really try and present the case of why gold fields and if I come back to why gold fields and why we feel so convicted about the work that we do is that our strategy is really clear. We don't just mine gold for the sake of our shareholders for all of the international shareholders around the world. A key part of our strategy is to make a meaningful difference in the host communities in which we operate. And they are not alone because some industry voices warned that sudden hostility toward large foreign investors could damage confidence in Ghana's investment climate because mining is intensively competitive and countries across Africa are competing for capital and decisions made today could influence future investment flows tomorrow. Gold is in this country on the back of our loss.

[00:15:01]When go took over that tawa mine in 1993 their production was just about 24,000 ounces per anum. But now go is pro I mean is producing about 500,000 ounces of gold invested over $5 billion in 30 years becoming the largest open paid gold mine in Ghana and one of the largest um in Africa. Over this period, go for has been able to pay about $3.3 billion in terms of corporate taxes um and royalties, pay as you earn dividend to the state. They've invested about $110 million in community I mean development activity and many others.

[00:15:41]However, I believe that if the lease has expired, we should not use just blanket form that we should we should suck them.

[00:15:50]When you look at section 44 of the mining act reading together with regulation 189 of LI 2176, it gives room for mining companies whose leases are about to expire the opportunity to put in relication. I'm like I mean to renew subject to the terms of the act. So we have embedded this clauses predictability clauses in our mining laws which has given this mining companies the urge to go out get money to come and invest in the asset. He fears investment in the mining sector will seize due to current happenings. If Ghana want to get more from the minerals and I have indicated that owning the mineral alone will not give you a bigger share because what it takes to get the mineral from the ground is about cost.

[00:16:39]Okay. So beyond the royalties, beyond the corporate tax, beyond the dividend, beyond all what you get from this company, if you want to get more, you either participate as a state or your people participate. Running a mining company like Taqua is not about the color of the person who is in charge.

[00:16:59]It's about where the source of financing is what is coming from. So a Ghanaian can take over and things may go bad. So I would just advise government that uh we should not suck because the manner in which the government even took over the diamond list is still questionable. Cut me from today Ghana from now to the next 5 years or so no investor from outside the world will bring $500 million and above to come and invest in our man investments.

[00:17:30]>> So um I mentioned $500 million because when you look at section 49 of the mining act the art protect companies that bring $500 million and above give them other benefits. It's it was more like an attraction and like an incentive to attract investors into the country.

[00:17:52]So you give all these asurances to people to go and bring money and assurance that you protect their investment for 15 years. It is stated in the act then midway you come and tell them that let's take the lease for a Ghanaian. It is it's a very serious thing and they won't come. But this is where the story becomes much bigger than one company. Because Ghana now faces a strategic national question that how do you balance foreign investment, local participation, national ownership, economic growth and long-term sovereignty because too much dependency on foreign operators and critics fear Ghana loses control over its wealth. Too much uncertainty for investors and supporters worry jobs, investment and production could also suffer.

[00:18:37]This is why both of us being the operators in this area has been so advantageous to our points because they have deep pockets. They have been able to create a lot of developmental projects in our communities.

[00:18:54]They started with us when we had nothing in this town called we USED TO WALK MILES AWAY to get access to transport. WE USED TO CARRY PEOPLE ON OUR BACKS TO get to hospitals.

[00:19:09]By the grace of their operation around us, they have been able TO GIVE US ROAD NETWORK. They have given us health structures. THEY HAVE GIVEN US educational institutions. THEY HAVE SPONSORED our children.

[00:19:26]THEY HAVE SPONSORED OUR CHILDREN TO SECONDARY and secondary schools.

[00:19:32]As at now we CAN COUNT A GOOD NUMBER OF PEOPLE WHO ARE NOT JUST WALKING AROUND WHO ARE just not FALLING OUT OF SCHOOLS BECAUSE OF LACK of financial capabilities.

[00:19:46]Now we have children who have moved from the elementary schools right down to universities.

[00:19:54]They have spotted OUR CHILDREN WHO ARE SOME ARE NOW ENGINEERS SOME ARE DOCTORS.

[00:20:00]SO I think or we think their existence here has really been good to us.

[00:20:10]On this point, WE SAY IF THE government are strengthening the lead from both enhances to a local consortium purely based on political patronage or pruning capitalism and the local firm LACKS THE IMMEDIATE LIQUID CAPITAL TO sustain operations, the mind will stall and collapse.

[00:20:38]IN DEMAND STORES. THOUSANDS OF OUR YOUTH WORKING AS SUPERVISORS, MECHANICS, SECURITIES, GAS, equipment operators, kitchen assistants, laborers, etc., etc. will lose their livelihood overnight.

[00:20:58]THE TAPER THE TAPER ECONOMY.

[00:21:04]The tapa economy will collapse.

[00:21:08]Ghana's revenue will COLLAPSE BECAUSE THE ECONOMY of Ghana IS HIGHLY DRIVEN BY THE mining sector.

[00:21:19]And it is we the youth OF AND IN THE CATCHMENT AREAS WE WILL SUFFER. IT IS NOT JUST THE PEOPLE WHO ARE SITTING IN A car and ARE MAKING PROPOSALS. It is we who will suffer. And when this mind collapses, IT WILL BE LIKE A A VOLCANO. POVERTY WILL BE LIKE A volcano in our community. AND ON THIS NOTE, WE STILL RECOMMEND TO THE GOVERNMENT THAT IN PUTTING ALL THINGS TOGETHER, YOU SHOULD CONSIDER THE le renewal for the go force to continue THEIR OPERATION AND CAN SIT DOWN with them and make currents OR CONDITIONS THAT WOULD BOTH FAVOR FAVOR THE COMPANY AND FAVOR THE GHANAIANS, FAVOR WE THE PEOPLE of to be for them to continue their mice.

[00:22:21]>> These are very powerful argument on both sides and the stakes are enormous because we are talking about gold billions of dollars and the future direction of Ghana's resource policy.

[00:22:31]Now CEO of Taco Mine has promised to fight very hard and now and now the Tales debate is far from over but one thing is becoming increasingly clear that the conversation around Ghana's natural resource is changing and the battle over who benefit from Africa's wealth is entering a new phase. So let me ask you what do you think should Ghana grant another 20 years to go fields or is it time for a new model with a stronger Ghanaian control? Drop your thoughts in the comment section and don't forget to like, comment, share and subscribe.