By Daniel Adu Darko
Accra, Sept. 11, GNA – Dr. Toni Aubynn, Acting Chief Executive Officer of the Petroleum Hub Development Corporation (PHDC), has cautioned against the abolition of the Stability Agreement as a prerequisite for granting licenses to large-scale mining companies in Ghana.
He said abolishing the Agreement, which offers fiscal and regulatory assurances to investors, could undermine investor confidence and weaken Ghana’s competitiveness in the global mining sector.
Dr Aubynn, a former Chief Executive Officer of the Minerals Commission, was speaking during a panel discussion at the opening of the Mining and Minerals Convention 2025, held in Accra on Tuesday.
He explained that the Stability Agreement remained a critical incentive for investors, ensuring predictability in taxes and other fiscal regimes, and its elimination could prove counterproductive.
“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 said.
According to him, such an approach would give confidence to both local and international investors, assuring them that significant capital outlays would be protected by a stable fiscal environment for up to a decade.
Dr Aubynn also endorsed proposals to align the duration of mining leases with the operational lifespan of mines, provided operators were granted the first right of refusal when leases expire.
“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 stated.
The call comes at a time when ongoing deliberations on revising Ghana’s mining policy have placed the Stability Agreement at the centre of debate, with some stakeholders advocating for its removal from the country’s mining framework.
GNA