Frequent fiscal policy changes pose cost challenges for mining projects - Ken Ashigbey

Chief Executive Officer of the Ghana Chamber of Mines, Kenneth Ashigbey, has warned that frequent changes in Ghana’s fiscal policies could make it more expensive for mining companies to raise money for projects.

He said uncertainty over taxes and other fiscal measures makes it difficult for investors to predict the cost of their projects and the returns they are likely to make.

According to Ashigbey, mining companies spend huge amounts of money before they begin earning from their operations.

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He cited a Newmont project which required more than US$1 billion before producing its first ounce of gold.

However, speaking on Channel One TV on Monday, August 17, 2026, he said investors can work with existing tax rates, but they struggle when those policies are changed without enough certainty.

“The thing that unpredictability does is that it makes raising funds for projects in Ghana very expensive. It’s the reason why you need a stability agreement,” he said.

He said investors need to know the numbers they will use when securing funds for such projects because the money comes from people and institutions expecting returns.

“What they cannot handle is their unpredictability because they don’t know what numbers to use at a particular point,” he said.

“You’re going to take this money, people’s money. So, you need to be able to guarantee them a return for investment,” he added.

However, he urged that government also has a responsibility to protect the country’s fiscal interests, especially when gold and other mineral prices increase sharply.

He, therefore, called for clear rules on stability agreements, saying government could require companies to meet specific investment targets before receiving fiscal assurances.

He said such an approach would give investors confidence while allowing the state to protect its revenue when market conditions change.

ANAS/VPO

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