Gold Fields has disclosed that it has invested approximately US$5 billion in Ghana over the past 30 years, insisting that more than 70 per cent of revenue generated from its operations remains within the country.The mining giant made the case amid growing debate over mining lease renewals, local value retention and increasing calls for greater national control of Ghana’s mineral resources.Gold Fields, whose Tarkwa Mine has featured prominently in discussions on foreign participation, resource nationalism and local ownership, says its contribution to Ghana extends beyond gold production to include taxes, procurement, employment and community development.The company also announced plans to invest more than US$1 billion in fresh capital over the next three to four years, signalling continued confidence in Ghana’s mining sector despite heightened scrutiny of the industry’s future direction.The figures were presented by Executive Vice President for External Affairs and Investor Relations, Jongisa Magagula, during the 2026 Ishmael Yamson & Associates Business Roundtable in Accra.“In summary, Gold Fields is proud that more than 70% of all revenues earned by Gold Fields in Ghana remain in Ghana,” Magagula told participants.His remarks come at a time when public debate continues over mining leases, ownership structures and how much value Ghana should retain from its natural resources.Although Gold Fields did not directly address ongoing discussions surrounding its own lease arrangements, the company used the platform to defend the role of long-term foreign investment in Ghana’s mining industry.From 12,000 ounces to 500,000 ouncesGold Fields entered Ghana in the early 1990s after the government invited international mining firms to assess the then state-owned Tarkwa underground mine, which was producing only about 12,000 ounces of gold annually.Rather than continue underground operations, the company embarked on an extensive exploration programme to evaluate the viability of a large-scale open-pit operation.Over four years, Gold Fields deployed up to 15 drilling rigs and completed more than two million metres of exploration work.The exploration programme eventually transformed Tarkwa into one of Ghana’s largest gold mines.Today, the operation produces approximately 500,000 ounces of gold annually — more than 40 times its output when the company first arrived.The mine’s current estimated life span stands at 21 years.Gold Fields says the transformation demonstrates the importance of long-term investment and a stable operating environment.“The rejuvenation of Tarkwa since 1993 was possible because the Government of Ghana created the environment necessary to attract billions of dollars of investment,” Magagula said.The basis of the 70% retention claimAccording to Gold Fields, its Ghanaian operations paid approximately GH¢5.8 billion to the government in 2025 through taxes, royalties and dividends, up from GH¢4.4 billion in 2024.The company also spent GH¢6.5 billion on procurement within host communities and a further GH¢8.8 billion on local suppliers.Based on these expenditures, Gold Fields maintains that more than 70 per cent of revenues generated by its Ghanaian operations remain within the local economy.Responding to calls for greater local benefitMagagula acknowledged growing expectations that Ghana’s mining sector should deliver greater benefits to citizens.“There continues to be a legitimate expectation on the part of Ghanaians that the mining industry should generate greater benefits for Ghanaians,” he said. “We fully appreciate this imperative.”However, he argued that Ghana can pursue greater national benefit while continuing to attract international capital and technology.“Ghana is well placed to continue taking advantage of global capital and technological advances in mining,” he said, “whilst negotiating equitable terms that deliver meaningful national benefits as well as fair returns.”The comments come amid renewed calls for stronger local ownership, increased value addition and greater national control over strategic mineral assets.Community investments exceed US$110 million.Beyond taxes and royalties, Gold Fields operates a community development model through the Gold Fields Ghana Foundation, which receives funding from a contribution of US$1 per ounce of gold sold and 1.5 per cent of the company’s pre-tax profit.Through the Foundation, Gold Fields says it has invested more than US$110 million in projects covering education, agriculture, healthcare, infrastructure, water and sanitation.Among the projects completed are 52 schools, 116 boreholes, a 33-kilometre paved road linking Tarkwa and Damang, and several bridges.The company also highlighted the Tarkwa Abosso Stadium, which Magagula said “has been commended by the President of Ghana, John Mahama, as a value for money project and which he says would be replicated in some parts of the country”.Gold Fields also supports scholarship schemes and graduate development programmes, with more than 100 students trained for the world of work, including mining engineers currently employed on projects across the globe.“Our community projects are decided on, developed and delivered at the instance of the communities,” Magagula said. “The value of these investments is not measured only in financial terms.”Continued support for Ghanaian sportsThe company also highlighted its long-standing support for sports development in Ghana.Gold Fields has supported the Black Stars, Black Queens and the Black Challenge amputee football team for more than two decades and has recently expanded its support to the Ghana Women’s Premier League.The company is currently an official partner of the Ghana Football Association.According to Magagula, Gold Fields’ latest US$5 million investment in Ghanaian sports is expected to have a significant impact on youth development and national pride.Debate over mining policy continues.Despite the company’s presentation, the wider debate over ownership, value retention and control of Ghana’s mineral resources remains unresolved.Calls for greater Ghanaian participation in the mining sector continue to intensify, particularly regarding gold, bauxite and manganese resources.Gold Fields says it intends to deepen its contribution through employment creation, supplier development, technology transfer and environmental stewardship.“At Gold Fields, our purpose is to create enduring value beyond mining,” Magagula said.As discussions surrounding mining lease renewals and resource ownership continue, the broader question of how Ghana balances investor confidence with increased national benefit is likely to remain at the centre of policy debate.