Mahama pushes for more Ghanaian ownership in mining

President John Dramani Mahama has renewed his call for greater Ghanaian involvement in the mining sector, laying out a comprehensive vision to integrate the extractive industry into the country’s broader economic development agenda.

Speaking at the Global Mining Summit held in Accra on Monday, the President said it was time for Ghanaians to take center stage in the ownership, management, and development of the country’s vast mineral wealth. According to him, Ghana now has the capacity to raise capital, access modern technology, and mobilize skilled human resources to fully exploit its mineral resources.

“In the past, huge concessions were carved out for foreign mining interests. State mining assets were sold to foreign companies because we lacked the capital, the technology, and the human resources to fully exploit the natural resources that nature so bountifully blessed us with,” President Mahama said.

“But that situation has changed now. It is possible to raise capital, technology is available, and Ghana has a huge human resource base with expertise in every aspect of the extractive industry,” he noted.

The President outlined a new direction that seeks to embed mining firmly within Ghana’s wider economic framework. He stressed that mining should no longer be viewed in isolation but connected to manufacturing, energy, logistics, and research and development.

“We must integrate mining into the broader economic framework, linking it to our manufacturing, energy, logistics, and research. That is how we build resilient and diversified economies,” the President emphasised.

As part of the effort to deepen local participation, President Mahama announced plans to codify new policies that would promote Ghanaian ownership and control within the sector. These measures, he noted, would include the use of the Ghana Stock Exchange and other financial instruments to enable Ghanaian companies and individuals to acquire stakes in mining operations.

“The government will soon codify our thoughts concerning increased Ghanaian participation using vehicles like our stock exchange and other instruments to increase the participation of the Ghanaian private sector in our natural resource exploitation,” he stated.

While advocating for greater local involvement, President Mahama also reaffirmed Ghana’s openness to strategic foreign partnerships. He commended the contributions of multinational mining companies operating in the country, including Gold Fields, AngloGold Ashanti, and Newmont, among others.

“We welcome foreign investors to partner with us in our extractive industry. We want a partnership of mutual benefit, and we commend the relationship we currently enjoy with our partners,” President Mahama added.