The government of Ghana is evaluating proposals from local investors to revive the Damang gold mine, a project estimated to require up to $1 billion in fresh investment, as authorities push to increase domestic participation in the country’s mining sector.
The move follows the expiration of the mining lease previously held by Gold Fields, after which the government assumed control of the asset as part of a broader strategy to secure greater national value from natural resources. As reported by Reuters, the mine is currently under a transitional arrangement, with a final handover to Ghanaian ownership expected.
News24 says the planned revival will focus on extending the life of the mature asset through new capital injection, feasibility studies, and operational restructuring. The Damang mine, located in the Western Region, previously contributed about 6 percent of Gold Fields’ total output, highlighting its continued economic potential despite its ageing profile.
The push for local bids aligns with a wider policy shift across Africa’s top gold-producing nations, where governments are seeking to deepen local ownership, boost revenues, and reduce reliance on foreign operators. If successful, the Damang redevelopment could preserve jobs, stimulate regional economic activity, and reinforce Ghana’s position as one of the continent’s leading gold producers.
