Senior Economist and Director of Research at the IEA, Dr John Kwakye
The Director of Research at the Institute of Economic Affairs (IEA), Dr John Kwakye, has described the government’s takeover of the Damang Mine as a step in the right direction.
According to him, this action should be replicated for all mining leases that are set to expire soon.
Dr Kwakye’s comments follow the government’s decision not to renew the mining lease, which expired on Friday, April 18, 2025.
In a tweet sighted by GhanaWeb Business, the IEA Director of Research stated, “Restoration of Damang to state ownership is an important, bold step that should be replicated for all expiring mining leases.”
The Minister of Lands and Natural Resources, Emmanuel Armah-Kofi Buah, on Friday, April 17, 2025, announced that the government’s takeover of the Damang Mine, effective Saturday, April 19, 2025, marks a departure from the era of automatic mining lease renewals.
He added that the time when less-developed countries were controlled by developed nations through indirect means has come to an end.
In a press release sighted by GhanaWeb Business, the minister explained that the takeover aligns with Section 23 of the Minerals and Mining Act, 2006 (Act 703).
The Act represents a significant shift in Ghana’s natural resource management strategy, prioritising national interest and transparency over automatic lease renewals.
The minister further noted that the takeover underscores the government’s commitment to ensuring uninterrupted mining operations and safeguarding jobs.
The decision not to renew the mining lease follows the expiration of the initial 30-year lease, originally granted on April 18, 1995, and ending on April 18, 2025.
The government has stated that this move is part of a broader mission to transform the nation’s economic landscape.
SA/MA
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