CEO’s Address at the 98th Annual General Meeting of the Ghana Chamber of Mines, held on Friday, 5th June 2026

It is an honour to welcome you to the 98th Annual General Meeting of the Ghana Chamber of Mines. Let me begin with a simple point: today, we reflect on our 2025 performance and outline our priorities for 2026.

This is my first AGM as Chief Executive Officer. I assumed office in June 2025 following the retirement of my predecessor, Mr. Sulemanu Koney. I also acknowledge Mr. Ahmed Nantogmah Dasana for his leadership during the transition and for his continued service as Chief Operating Officer.

The past year deepened my appreciation of mining’s role in Ghana’s development. I am convinced this industry is key to our economic future. Over 3 trillion ounces of gold remain to be found.

Industry Performance and Policy Engagement

In 2025, the industry faced both challenges and opportunities. We navigated geopolitical tensions, inflation, supply chain issues, energy volatility, and climate obligations. Meanwhile, debate grew about the value retained by host countries.

Despite these headwinds, Ghana’s large-scale mining sector remained resilient. It contributed over GH¢22.22 billion in revenue and supported more than 13,819 direct jobs. It also sustained merchandise exports, foreign exchange generation through the Domestic Gold Purchase Programme, local procurement spend of US$4.20 billion, infrastructure investment, and community development spending of US$88.6 million

Fiscal policy advocacy was a key priority. Policy stability is vital for competitiveness, investment, and long-term planning. An increase in the Growth and Sustainability Levy (GSL) from one to three per cent raised concerns about costs and investment. Through ongoing, evidence-based talks with Government and stakeholders, we secured a reduction in the GSL to 1% in 2026 and a commitment to phase it out by 2028. We still believe it should be reduced to zero and continue to push for its removal.

Equally important, the Chamber played a central role in shaping debate on the sliding-scale royalty regime. Our engagement contributed data-driven proposals for a more balanced framework. This matters because Ghana must advance its development objectives while sustaining its attractiveness to investors.

The Chamber contributed to the review of the Minerals and Mining Act and advocated sector reforms. Focus areas included lease terms, stability agreements, and dispute resolution. We endorse adding a medium-scale mining category and setting limits for ratifying leases. We also supported the conditional reinstatement of international arbitration to boost investor confidence while protecting national interests.

We also strengthened media capacity-building efforts through training sessions and mine visits. The goal was clear: to foster more accurate and objective coverage of the mining industry.

Sustainability, Compliance, and Industry Integrity

Sustainability remained central to our work. We strengthened collaboration with the Environmental Protection Authority on permitting, reclamation bonds, ESG standards, and governance reforms. This matters because responsible mining depends on strong institutions, credible standards, and public trust.

We also engaged at the highest level of national leadership. In the first half of the year, Chamber Executives met with H.E. President John Dramani Mahama to congratulate him on his re-election and discuss the sector’s key priorities. This engagement gave us an important opportunity to hear the President’s vision for the growth and development of Ghana’s mining sector directly.

Illegal mining continued to negatively impact the environment, although the Government made some efforts to curb it. In response, the Chamber intensified engagement with Government, the World Gold Council, the World Bank, the London Bullion Market Association (LBMA), regulators, security agencies, and traditional authorities. The aim was to promote enforcement and responsible mining practices in the small-scale mining sector.

The Secretariat also facilitated field visits, meetings, and training for key Parliamentary Select Committees. These engagements provided direct insight into large-scale mining operations, ESG principles, water treatment systems, safety standards, and community programmes.

International Liaison

Our international engagement remained deliberate and strategic. These relationships help us track global industry trends, advocate for Ghana’s mining sector, and contribute to international policy discussions. Key partners included the International Council on Mining and Metals (ICMM), EFEDCOM, the World Gold Council (WGC), Rand Refinery, LBMA, the International Monetary Fund (IMF), the World Bank, and the International Cyanide Management Institute (ICMI), among others.

Industry Development and Thought Leadership

In May 2025, the Chamber successfully hosted the 18th West African Mining and Power Expo (WAMPEX 2025). This was an important signal of confidence in Ghana’s mining sector. It also reinforced Ghana’s position as a leading mining destination.

The 2025 Mining Industry Marketing Expo (MIME 2025), held at the University of Mines and Technology (UMaT) in Tarkwa, provided an important platform for dialogue on local content, supplier competitiveness, and industrial development.

Health and Safety remained core priorities. Through partnerships with the Minerals Commission and St. John Ambulance Ghana, we strengthened emergency preparedness and safety standards across the industry. The annual National Mine Audit further reinforced compliance across safety, environmental, and operational performance indicators.

Human Capital, Research, and Innovation

The Chamber continued to invest in skills development and research through the Tertiary Education Fund, in partnership with UMaT. Following the successful first phase, an additional US$2 million was committed to the next phase.

Key milestones included the commencement of the AIRMaT Laboratory project. We also offered research grants, student bursaries, and internship placements that are building capacity for the industry’s future.

Security, Human Rights, and Stakeholder Engagement

Security and human rights remained critical priorities. In collaboration with the Ghana Armed Forces and Police Service, we strengthened coordination at mining sites. This included specialised training for approximately 200 officers, with zero reported ethical violations.

Through the Voluntary Principles on Security and Human Rights platform, we continued to promote responsible security practices and constructive stakeholder dialogue.

Shared Value and Community Impact

Responsible mining is fundamentally about shared value. This is one of the clearest measures of our industry’s relevance. Member companies continued to invest in education, healthcare, infrastructure, and enterprise development across host communities.

One example is the Purple Peach Project, implemented with Cardinal Namdini Mine. The initiative, which supports menstrual hygiene and girls’ education, will expand to the Eastern Region in partnership with Zijin Golden Ridge.

Recognition and Outlook

In December 2025, we hosted the 11th Ghana Mining Industry Awards. The event celebrated outstanding achievement in safety, environmental stewardship, innovation, and community investment across the sector.

Looking ahead, we remain cautiously optimistic about the sector’s prospects. Challenges persist, including fiscal pressures, illegal mining, infrastructure constraints, and ongoing regulatory reforms. Even so, Ghana continues to rank among Africa’s most attractive mining destinations.

In 2026, the Chamber will focus on five priorities. We will advocate for stable and competitive policies. We will strengthen collaboration among stakeholders. We will promote responsible and sustainable mining practices. We will enhance public understanding of the sector’s significant contribution to national development. We will embark on digital transformation to enhance our relevance to our members and serve them better, while engaging more effectively with our other stakeholders.

Chamber’s Centenary Celebrations

As the Ghana Chamber of Mines approaches its historic 100th anniversary, preparations are underway not only to celebrate a century of leadership and contribution to Ghana’s economic development, but also pivot into the next century where mining contributes more to the development of Ghanaian at both the macro and micro levels. This is more than a milestone. It is an opportunity to reflect on the Chamber’s legacy, honour industry pioneers, and showcase the impact of mining on national development. Planned activities include stakeholder engagements, policy dialogues, commemorative events, community outreach programmes, and industry exhibitions. Looking ahead, these efforts will help position the sector for a future driven by sustainability, innovation, and inclusive growth.

Appreciation

Let me close by expressing sincere appreciation to the Government, Parliament, regulatory agencies, security services, traditional authorities, development partners, civil society, the media, and our member companies for their continued support.

I congratulate our new President, Ing. Fred Attakumah, and thank our immediate past President, Mr. Michael Edem Akafia, for his service. I also commend the Chamber’s Council, Committees, and Secretariat staff for their dedication and hard work.

Finally, I thank all member companies for their resilience and continued commitment to responsible mining.

Together, we can continue to position Ghana’s mining industry as a driver of sustainable economic transformation, industrial growth, and shared prosperity. That is the responsibility before us, and it is the opportunity we must seize.

Thank you.

Ing. Dr. Kenneth Ashigbey

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