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GHANA plans to give the state greater control over mining companies, including the right to demand a free special share carrying veto powers over some major transactions, Reuters reported, citing a draft mining bill it reviewed.
The Minerals and Mining Bill, 2026 would also cut mining lease terms to 15 years, or the projected life of a mine if shorter, from up to 30 years under current law.
The proposed law would retain the state’s existing 10% free-carried interest in mining projects. It would also allow the mines minister to require companies to issue the government a special share giving it consent rights over transactions including mining lease transfers, voluntary liquidations and disposals of significant overseas assets linked to Ghanaian operations.
Companies failing to issue the share within two months could face fines equivalent to as much as $150,000.
The bill would further allow the government to require local mineral processing and impose future restrictions on exports of unprocessed mineral concentrates.
One mining executive told Reuters some measures, including the shorter lease terms and special state share, had not formed part of earlier industry consultations. Mining companies planned to submit proposals during the legislative process.
The bill could be considered when parliament resumes in October.
Ghana, Africa’s largest gold producer, is seeking to raise mining revenue and increase local benefits from the sector. Major operators include Newmont, Gold Fields, Zijin Mining and Perseus Mining.