According to the Chamber, regional competitors such as Côte d’Ivoire are aggressively positioning themselves to attract mining investment and expand gold production over the next decade.

The caution follows proposals by the Institute of Economic Affairs urging the government not to approve the proposed 20-year lease extension for Gold Fields’s Tarkwa Mine, citing the need for increased state control and stronger local participation in the mining industry.

But speaking at a press conference, Chief Executive Officer of the Chamber, Ing. Ken Ashigbey, stressed that while reforms within the mining sector are important, Ghana must also maintain a stable and predictable investment environment to remain competitive globally.

He warned that policies perceived as unfavourable to investors could discourage both foreign and local capital at a time when other African countries are actively competing for mining investments.

“The reason why we became the number one mining destination in Africa is because of some of the decisions we took. Let’s not reverse them,” he stated.

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

He explained that Ghana and Côte d’Ivoire share similar geological advantages, stressing that gold deposits extend across the sub-region and investors can easily redirect capital to jurisdictions perceived as more attractive and stable.

The Chamber also referenced the movement of mining investments from Ghana into neighbouring countries, noting that some mining companies and Ghanaian entrepreneurs are increasingly exploring opportunities in Côte d’Ivoire due to its evolving investment environment.

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

“We need to make sure that we are attracting the investment capital but not only foreign, local investment capital as well. There are Ghanaians who now want to go and set up in Cote d’Ivoire.” Ing. Ken Ashigbey said.