Ghana Lacks Capacity to Nationalise Mines – Ing. Gomashie

Mining Engineer and Consultant, Ing. Wisdom Gomashie, has cautioned against calls for the outright nationalisation of Ghana’s mining sector, arguing that the country currently lacks the financial strength, institutional capacity, and operational culture required to successfully manage large-scale mining operations.

Speaking on the sidelines of WAMPEX 2026, Ing. Gomashie said while Ghana deserves greater benefits from its mineral wealth, full state control of mines under current conditions could create significant economic and operational challenges.

His comments come amid growing public debate over resource nationalism and demands for increased Ghanaian ownership of the country’s natural resources. The discussion has intensified following concerns that foreign mining companies retain a disproportionate share of the benefits from Ghana’s mineral resources.

“Where we sit now in Ghana, personally I do not think Ghana has the capacity to even attempt anything to nationalise any mines in this country,” he stated.

According to him, any conversation about nationalisation must begin with the issue of capital. He noted that multinational mining companies entered Ghana with substantial investments, technology, and expertise, and questioned whether the state has the financial resources needed to acquire and operate such assets.

“We are talking about capital. The mining companies we see in this country did not come on their own. We attracted them and they brought in their capital. The state has not shown any commitment towards mobilising the capital required for such an undertaking,” he said.

Ing. Gomashie also pointed to Ghana’s past experience with state ownership of mines during the 1970s and 1980s. He noted that several mining operations that came under state control eventually collapsed due to inefficiencies and management challenges.

“There is a history behind all these things. The state took over several mining companies and many of them collapsed, leading to the return of foreign investors to revive the sector,” he explained.

While acknowledging that Ghana has produced highly skilled mining professionals, he argued that successful state participation requires more than technical expertise. According to him, countries such as Botswana and Chile have succeeded because they developed strong institutions and governance systems over decades.

Rather than full nationalisation, Ing. Gomashie advocated a gradual increase in Ghanaian participation in the mining sector. He suggested that government could work towards increasing its stake in mining operations from the current average of about 10 percent to around 30 percent, provided such investments are backed by capital contributions.

He also called for greater involvement of Ghanaian private investors in the sector, arguing that local businesses should be encouraged to acquire stakes in mining projects alongside foreign partners.

“As discussions on resource ownership continue, the focus should be on building capital, strengthening institutions, and expanding meaningful Ghanaian participation rather than pursuing nationalisation without the necessary capacity,” he concluded.