Mining Industry: Dr Toni Aubynn kicks against scrapping of Stability Agreement

Acting Chief Executive Officer of the Petroleum Hub Development Corporation (PHDC), Dr Toni Aubynn, has cautioned against the abolition of the Stability Agreement as a prerequisite for granting licenses to large-scale mining companies in Ghana.

Recent deliberations on revising Ghana’s mining policy have spotlighted the Stability Agreement, with some advocating for its elimination from the nation’s mining framework.

However, during a panel discussion on the opening day of the Mining & Minerals Convention 2025, held at the Kempinski Gold Coast Hotel in Accra on Tuesday, September 9, 2025, Dr Aubynn, former Chief Executive Officer of the Minerals Commission, offered a contrary perspective, warning that such a decision could prove counterproductive.

He emphasised that the Stability Agreement serves as a critical assurance for prospective investors, and its removal could have an adverse effect on investment in Ghana’s mining industry.

Calls for review of Ghana's mining policy timely and crucial - Dr Aubynn

Dr Aubynn proposed that, rather than abolishing the agreement, the government should increase the investment threshold for large-scale mining operations.

“The Stability Agreement guarantees investors that, upon committing substantial capital to our country, certain taxes and fiscal inputs will remain consistent. Instead of abolishing it, I recommend raising the investment threshold and incorporating additional provisions,” he explained.

“This approach ensures confidence among both local and international investors, assuring them that significant investments will be safeguarded by a stable fiscal environment for up to a decade, thereby incentivising their participation,” he added.

Dr Aubynn also overwhelmingly endorsed proposals to align the duration of mining leases with the operational lifespan of specific mines.

“I support linking mining leases to the life of the mine, provided the framework remains flexible to grant the incumbent operator the first right of refusal,” he affirmed.

SA

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