DAKAR – Ghana's draft mining Bill would allow the mines minister to require mining companies to issue the state a free special share with veto rights over key transactions, according to a copy reviewed by Reuters.

The bill would also cut mining lease terms to 15 years or the projected life of the mine, whichever is shorter, from up to 30 years under current law. It would also allow the government to mandate local mineral processing and impose future restrictions on exports of unprocessed mineral concentrates.

Africa's top gold producer has been pursuing reforms aimed at increasing mining revenues and boosting local benefits from the sector. Major operators include Newmont, Gold Fields, Zijin Mining and Perseus Mining.

The proposed legislation would replace the Minerals and Mining Act, 2006.

FREE SPECIAL SHARE
The new Minerals and Mining Bill, 2026 would preserve the state's existing 10% free-carried interest in mining projects while giving the mines minister discretion to require a special state share with consent rights over key transactions.

Those transactions would include transfers of mining leases, voluntary liquidations and the disposal of significant overseas assets linked to Ghanaian operations.

Companies that fail to issue the share within two months could face fines of up to the cedi equivalent of $150 000, the draft showed. 

The mines ministry, the Minerals Commission and the Ghana Chamber of Mines did not immediately respond to requests for comment.

One mining executive said measures including shorter lease terms and the proposed special state share had not featured in earlier industry consultations.

Mining companies hope the government will engage further on the bill's more contentious provisions before lawmakers debate it and plan to submit their own proposals during the legislative process, the mining executive said, speaking on condition of anonymity because he was not authorised to comment publicly.

The bill could be taken up when parliament resumes in October, he said.

Mining accounts for about 14% of Ghana's gross domestic product and more than half of export earnings, making the sector a cornerstone of the economy.

The bill would allow the government to require local processing and ban exports of unprocessed mineral concentrates through future regulations, the draft showed. 

A transitional provision would require holders of mineral rights issued before the law takes effect to apply under the new framework when seeking renewals, while receiving priority consideration for equivalent licences, it added.