Ghanaian businessman Mahama secures control of Damang gold mine as South African firm exits

The South African miner had earlier indicated it might divest the asset, pointing to declining reserves and a shorter remaining mine life. Ghana’s resolution to retain the asset marks a break from previous observe, the place renewals for established operators had been typically routine.

After the federal government’s choice course of, Armah-Kofi Buah introduced that the Minerals Commission chosen Engineers & Planners after a aggressive course of that assessed monetary power, technical experience, and native participation.

According to Reutersthe corporate met the federal government’s funding threshold by demonstrating entry to $505 million in financing, exceeding the minimal requirement of $500 million.

It additionally carried out strongly throughout key analysis standards, together with technical experience, tools, security requirements, and native content material, the assertion stated.

While Ghana stays Africa’s high gold producer, a lot of the sector has traditionally been dominated by international companies, limiting the share of worth retained throughout the home economic system.

By prioritising indigenous firms, authorities intention to extend state revenues, construct native technical capability, and scale back long-term dependence on multinational operators.

At the middle of this shift is businessman Ibrahim Mahama, whose firm Engineers & Planners has advanced into a significant mining companies supplier. Its elevation to mine operator indicators rising confidence in native companies to handle large-scale property.

For Ghana, the Damang resolution is greater than a change in possession—it’s a check case for whether or not native gamers can efficiently lead the following part of the nation’s gold trade whereas delivering financial positive factors at residence.