Economist criticises Ghana’s reliance on foreign firms in extractive sector
By Solomon Nartey Tetteh
A Development Economist, Dr Felix Larry Essilfie, has criticised Ghana’s dependence on foreign companies in the extractive sector, arguing that political interference and weak leadership continue to undermine efforts to develop strong indigenous businesses.
Speaking on Business Breakfast on Zed 101.9FM, Dr Essilfie highlighted the absence of a single well-established local mining or oil and gas company capable of competing with multinationals.
“We attach politics to everything, which is why we don’t have one strong local mining or oil and gas company to take charge of our own mineral and oil deposits. Talk of Tullow Oil, Newmont, AngloGold Ashanti, they are all foreign and yet we sit here lamenting,” he said.
Dr Essilfie accused state negotiators of failing to protect Ghana’s interests when engaging multinational companies, citing corruption and personal gain as major obstacles.
“You think these companies are Father Christmas? We have already sold our soul to them. Our negotiators are compromised. When they travel, they are offered women and money for their pockets. Some don’t even read the documents. It becomes about what they can get for themselves, not what the state can get. That is our sickness in this country,” he stated.
Dr Essilfie further challenged the notion of “smartness” in politics, describing it as self-serving and destructive.
“In Ghana, when you want to do the right thing, they call you dumb. But if being ‘smart’ means putting yourself ahead of the interest of the state, then that smartness is foolishness,” he stated.
The development economist stressed the need for visionary leadership, competent representation in negotiations and deliberate investment in local businesses to ensure Ghanaians benefit fully from the country’s natural resources.
Dr Essilfie also questioned the effectiveness of constitutional democracy in Africa, describing it as a system that has largely failed the continent.
He noted that military takeovers across Africa should serve as a wake-up call for political leaders to address governance failures and rising public dissatisfaction.
Dr Essilfie called for forward-looking policies and the appointment of competent individuals to government positions.
He also urged deliberate efforts to empower local entrepreneurs instead of stifling them through political interference.
