Executive Director of ACEP, Mr. Ben Boakye has urged government to rescind it’s decision not to renew the Damang Mining lease of Abosso Goldfields Limited.
According to him government’s decision appears arbitrary and may not be in the best interest of Ghanaians.
Executive Director of ACEP, Mr. Ben Boakye addressing the media
Mr. Boakye made the statement at a news conference held by ACEP in Accra on Thursday.
“ACEP has seen similar cases where public officials have believed that their decisions were in the interest of the state but tend to be the opposite”, the Executive Director explained.
He cited the Ameri deal, Agyapa, GNPC’s acquisition of Aker Energy among othere as instances.
The Executive Director further explained that government may have a point by stating that it wants the gold reserves to benefit directly the citizenry but was quick to state that such actions endanger investor confidence.
It would be recalled that Government of Ghana, through the Ministry of Lands and Natural Resources and the Minerals Commission, issued a statement announcing a take over of operational control of the Damang Mine of Abosso Gold Fields Limited (AGL) pursuant to Section 23 of the Minerals and Mining Act, 2006 (Act 703),upon the expiration of the thirty-year lease due on 18 April 2025.
This according to government follows the unsuccessful renewal application by AGL, a subsidiary of Gold Fields Limited, which had halted active mining in 2023 and shifted to stockpile processing in 2024, indicating plans to continue this into 2025, with the remaining Life of Mine estimated by AGL at one year.
But the Executive Director insists the decision smacks of bad faith, calling on government to go back to the negotiation table to avoid any judgement debt.
“Our caution to government is that they should go back to negotiation table and put the national interest above any other interest”, he emphasized
“…And we need government to act now and act responsibly so we don’t endanger investor confidence”, he added.
Source:www.senaradioonline.com
