The Government of Ghana and Goldfields Ghana Limited have reached a significant milestone with the announcement of a transitional agreement concerning the Damang Mine.
This development comes as part of ongoing efforts to ensure continuity in mining operations while laying the groundwork for future local ownership.
According to a statement released by the Presidency on Wednesday, April 23, 2025, the two parties have agreed to a new 12-month transitional mining lease. The lease, which is set to be issued to Goldfields’ subsidiary, Abosso Goldfields Limited, is pending parliamentary approval in May 2025.
Under the terms of the new arrangement, Goldfields will resume open-pit mining operations throughout the transition period. The company will also conduct feasibility studies aimed at determining the full potential of the Damang Mine’s reserves and lifespan.
“At the same time, the processing of existing stockpiles will continue under the supervision of a joint management team composed of representatives from the Government of Ghana and Goldfields,” the statement read. This joint oversight is intended to ensure transparency and cooperation as both parties work toward the mine’s eventual transition to Ghanaian ownership.
The government also emphasized its commitment to securing a smooth and sustainable transition, noting that the discussions have been conducted in good faith. Both parties have pledged to continue their collaboration beyond the Damang Mine, including upcoming lease renewal talks for the Tarkwa Mine, scheduled for 2027.
The statement, signed by Felix Kwakye Ofosu, Spokesperson to the President and Minister for Government Communications, concluded with an assurance that the partnership aims to position Ghana as a top-tier destination for mining investment.
This move is seen as a strategic step toward enhancing local participation in the country’s natural resource sector, while ensuring that mining operations continue to benefit the national economy.
