Ghana Could Lose Top Gold Producer Status to Côte d’Ivoire – Chamber of Mines Raises Alarm

The Ghana Chamber of Mines has cautioned that Ghana risks losing its position as one of Africa’s leading gold producers if policy decisions continue to weaken investor confidence in the mining sector.

According to the Chamber, countries such as Côte d’Ivoire are aggressively working to attract mining investments and expand their gold production capacity over the coming decade.

The concerns come in the wake of recommendations by the Institute of Economic Affairs urging government not to approve the proposed 20-year lease extension for Gold Fields’ Tarkwa Mine, arguing for greater state participation and stronger local involvement in the sector.

Addressing a press conference, Chief Executive Officer of the Chamber, Ken Ashigbey, stressed that although reforms in the mining industry are necessary, Ghana must preserve a stable and investor-friendly environment to remain globally competitive.

He warned that policies seen as unfavourable to investors could drive away both foreign and local capital at a time when several African countries are competing for mining opportunities.

“The reason Ghana became Africa’s top mining destination was because of certain strategic decisions. We must be careful not to reverse them,” he stated.

Ing. Ashigbey further revealed that Côte d’Ivoire has developed a long-term plan aimed at becoming Africa’s leading gold producer within the next ten years, underscoring the growing competition in the West African mining industry.

He explained that Ghana and Côte d’Ivoire possess similar geological resources, making it easier for investors to redirect funds to countries considered more stable and attractive for business.

The Chamber also pointed to a growing trend where mining investments and even Ghanaian entrepreneurs are increasingly exploring opportunities in Côte d’Ivoire because of its evolving investment climate.

According to Ing. Ashigbey, Ghana must focus not only on attracting foreign investment but also on retaining local investors within the mining sector.

“We need to ensure we attract both foreign and local investment capital. Some Ghanaians are now looking to establish mining ventures in Côte d’Ivoire,” he said.