The Government of Ghana has restricted the tender for the acquisition of the Damang Mine, operated by Gold Fields, to companies “100% owned by Ghanaian citizens.”

A notice dated March 24, 2026, and signed by Emmanuel Armah-Kofi Buah, sets the bid deadline for Tuesday, March 31, 2026, according to Bloomberg.

The tender requires bidders to demonstrate experience in open-pit gold mining, the capacity to operate the asset for at least a decade, and access to more than $500 million in development funding.

According to multiple reports, Gold Fields has recommended indigenous mining firm Engineers and Planners Company Limited (E&P), owned by Ibrahim Mahama since its founding in 1997, to take over operations at the Damang Mine.

Ibrahim Mahama set to become first African to lead Damang Mine - Adom-Otchere

The Damang Mine, which began production nearly 30 years ago, produced about 88,000 ounces of gold in 2025, roughly a third of its peak output two decades ago. It is one of two Ghanaian mines owned by Gold Fields, alongside the larger Tarkwa operation.

However, the government announced last year that it would not renew Gold Fields’ lease for Damang, although it granted a 12-month extension requiring the company to ensure “the successful transition of the asset to ownership by the people of Ghana.”

Under the agreement, Gold Fields is expected to transfer the mine to the state on April 18, 2026, and has submitted a study outlining options to extend its operational life.

Meanwhile, the restriction to fully Ghanaian-owned firms signals a shift toward domestic investors, aimed at reshaping the country’s mining investment landscape and strengthening local capacity.

MA