President John Dramani Mahama has outlined plans to increase Ghanaian participation in the nation’s natural resource sector, starting with the mining industry.
The announcement follows recent negotiations with Gold Fields regarding the Damang mine, where the government initially declined to renew the company’s 30-year lease before reaching a compromise.
Under the new agreement, Gold Fields will operate the mine for an additional 12 months before transitioning to Ghanaian ownership. Mahama described the move as part of a broader strategy to ensure greater local benefits from the country’s mineral wealth. “We must take control of our natural resources to ensure Ghanaians reap the rewards,” he said. The president emphasized the need to address persistent poverty in mining communities, where infrastructure and social services often lag despite years of extraction.
The administration is drafting a formal policy to promote indigenous participation across the natural resources sector. The framework, expected in the coming months, aims to prioritize Ghanaian businesses and professionals in mining and related industries. While the shift could lead to greater revenue retention and skills development, past attempts at resource nationalism in other African countries have encountered challenges, including investment disputes and operational disruptions.
The Gold Fields compromise suggests a gradual approach to increasing local control, balancing economic sovereignty with the need to maintain investor confidence. Mining contributes significantly to Ghana’s economy, and any major policy changes will likely face scrutiny from both domestic and international stakeholders. The success of the initiative may hinge on how effectively the government can build local capacity while preserving the sector’s stability.
