ACCRA, Oct 1 – Ghana’s proposed Minerals and Mining Bill, 2026 would give the government greater control over mining companies, including the ability to require a free special state share carrying veto rights over certain major transactions.
According to a Reuters report, the draft legislation would allow the mines minister to require mining companies to issue the government with a special share granting consent rights over transactions including transfers of mining leases, voluntary liquidations and the disposal of significant overseas assets linked to Ghanaian operations.
The proposed law would also reduce the maximum term of mining leases from up to 30 years to 15 years, or the projected life of the mine if shorter.
Companies required to issue the special share would have two months to comply. Failure to do so could result in fines of up to the cedi equivalent of $150,000, according to the draft.
The legislation would replace Ghana’s Minerals and Mining Act, 2006, while retaining the state’s existing 10% free-carried interest in mining projects.
Push for Greater Local Value
The proposed reforms form part of Ghana’s broader effort to increase government revenues and retain more economic value from its mining sector. Ghana is Africa’s largest gold producer, with major operators including Newmont, Gold Fields, Zijin Mining and Perseus Mining.
The bill would also give the government authority to require local processing of minerals and introduce future restrictions on the export of unprocessed mineral concentrates.
A transitional provision would require holders of mineral rights issued before the new law takes effect to apply under the revised framework when seeking renewals, although existing holders would receive priority consideration for equivalent licences.
The proposed changes would deepen the government’s ability to influence how minerals extracted in Ghana are processed and exported, potentially increasing the emphasis on domestic value addition.
Mining Industry Seeks Further Consultation
Some of the proposed measures have raised concerns within Ghana’s mining industry. One mining executive told Reuters that the shorter lease terms and special state share had not been included in earlier industry consultations.
Mining companies are expected to submit their own proposals during the legislative process and are seeking further engagement with the government on provisions they consider contentious. The executive said Parliament could take up the bill when it resumes in October.
The Mines Ministry, Minerals Commission and Ghana Chamber of Mines had not immediately responded to Reuters’ requests for comment when the report was published.
The proposed legislation comes amid a wider restructuring of Ghana’s mining regime. Earlier this year, the government approved amendments to the mining law aimed at strengthening oversight of the sector and addressing illegal mining.
Mining remains a major pillar of Ghana’s economy, accounting for about 14% of GDP and more than half of export earnings, making changes to the fiscal, ownership and regulatory framework significant for both the government and international mining investors.
