The Minerals Commission has raised serious concerns over Gold Fields’ financial conduct in Ghana, revealing that the South African mining company made over $600 million in profit from its operations at the Tarkwa and Damang mines but chose to invest the gains in foreign assets in Chile and Canada instead of reinvesting in Ghana.

According to Isaac Andrews Tandoh, Deputy CEO of the Minerals Commission, the decision by the government to assume control of the Damang mine follows the company’s refusal to renew its lease.

Speaking on Joy News’ PM Express Business Edition, Tandoh accused Gold Fields of reaping substantial profits from Ghana’s natural resources and channeling the money abroad.

“Last year, Tarkwa and Damang mines made over $600 million in profit. How much of that stayed in the country? Your guess is as good as mine,” Tandoh said pointedly, adding that Gold Fields had neglected to develop its operations in Ghana while aggressively acquiring mines in other parts of the world.

“Instead of using the profit to develop the Damang mine, they were rather busy buying mines elsewhere, like Osisko in Canada. They bought another mine in Chile,” he stated. “They can’t tell me it’s not profit from Ghana. It’s difficult to move money out of Australia. But from Ghana, they had free will to move money around. And I’m saying, we can’t continue on that path.”

The Lands Ministry’s announcement to reject Gold Fields’ lease renewal and take over the Damang mine has triggered wide-ranging discussions in both the business and mining sectors. The move comes amid renewed calls for greater local participation and value retention in Ghana’s mining industry.

Tandoh pushed back against claims that capital limitations justify the continued dominance of foreign mining giants in the country. He argued that Ghanaian capacity has significantly improved, with several local firms securing substantial financing.

“Unlike those days when people couldn’t access funding, it’s a thing of the past,” he noted. “BCM had very good Caterpillar financing. Engineers & Planners signed a $250 million deal with Caterpillar. Rockshore is purchasing equipment worth hundreds of millions to work in Ghana.”

He clarified that the government is not opposed to foreign participation in the mining sector, but such companies must act responsibly and fairly.

“We are not saying we’re going to chase all mining companies away. No. We are going to support them to do their work,” he explained. “But after giving the 30-year lease to Gold Fields, government even bettered the situation for them with a development agreement. That agreement waived several tax liabilities, especially on fuel.”

Tandoh pointed out the contradiction in providing tax waivers to mining firms while Ghanaians grappled with soaring fuel prices.

“While Ghanaians were crying over fuel prices, these mines were enjoying tariff waivers,” he said.

He also took aim at Gold Fields’ recent operational approach, accusing the company of shifting from active mining to merely processing existing stockpiles.

“They’ve been taking free cash from Ghana without actually working. And this cannot continue. Ghanaians deserve better,” Tandoh declared.