Kudjoe Fianoo has received the backing of the board to manage Ashantigold for the next one-year.
Fianoo, who has come under mounting pressure to quit the club, has given a further year to handle the affairs of the club.
The board reached the decision after last Friday's meeting.
The GHALCA chairman is reported to have masterminded the club's latest sponsorship deal with betting company Betway Ghana.
The miners failed to defend their Premier League title after finishing 10th last term.