Ghana’s path to dominating West Africa’s mining support services hinges on implementing a clear-cut industrial policy, says Dr. Charles Ofori, Policy Lead for Climate Change and Energy Transition at the Africa Centre for Energy Policy (ACEP).
Speaking during a validation workshop organized by the Ghana Chamber of Mines in Accra, Dr. Ofori stressed that a cohesive national strategy is critical to unlocking the sector’s potential and countering rising regional competition.
“An industrial policy isn’t just paperwork—it’s a roadmap for stakeholders to align their efforts,” he explained. The call follows a recent ACEP study commissioned by the Chamber, which highlights Ghana’s untapped capacity to become a regional hub for specialized mining services. With the sector contributing 16.6% of total tax revenue in 2022—about GH¢6.4 billion—and gold exports generating $6.6 billion the same year, the stakes for maximizing local value are high.
The numbers underscore the urgency. Mining firms spend between $995 million and $3.2 billion annually on procurement, with 87% of these expenses flowing to local suppliers. Yet Dr. Ofori warns that neighboring countries are gaining ground by offering targeted incentives and infrastructure. “We can’t rely on past success. Without a coordinated plan, we risk losing our edge,” he said, pointing to the need for cross-ministerial collaboration. The Trade Ministry, he argued, must spearhead policy while the Energy Ministry ensures competitive power tariffs—a key concern for manufacturers aiming to supply mining operations.
New projects add momentum. Upcoming ventures like Newmont’s Ahafo North and Atlantic Lithium’s Ewoyaa project are projected to yield 875,000 ounces of gold and 365 tonnes of lithium annually, bolstering foreign exchange reserves. But Dr. Sulemanu Koney, CEO of the Ghana Chamber of Mines, emphasized that growth must extend beyond extraction. “Gold won’t last forever. We need to build industries around mining now,” he said, citing Dubai’s transformation from oil-dependent to diversified economy as a model.
The Chamber’s study reveals a $2 billion annual market for local mining support services—a figure that could expand with strategic reforms. However, gaps persist. While local suppliers dominate spending, imports and energy costs still drain nearly $1 billion yearly. Experts argue that addressing these leaks requires not just policy, but innovation. For instance, incentivizing tech-driven solutions for equipment maintenance or waste management could reduce reliance on foreign expertise.
Public-private dialogue will be pivotal. “This isn’t about finger-pointing,” Dr. Koney noted. “It’s about aligning everyone—government, miners, manufacturers—toward a common vision.” With global demand for minerals surging, Ghana’s window to act is narrowing. As Dr. Ofori put it: “The blueprint exists. What we need now is the will to execute.”
The clock is ticking. As West African nations jostle for mining investments, Ghana’s ability to position itself as a services hub could determine whether it thrives in the region’s next economic chapter—or watches from the sidelines.
