Former Speaker of Parliament, Professor Aaron Mike Oquaye, has called for Ghana to assume greater ownership and control of its mineral resources. He argues that the nation must move beyond its traditional reliance on royalties from foreign mining companies.
Prof. Oquaye stated that Ghana's vast resources, including gold, bauxite, diamond, manganese, lithium, and oil, offer a critical opportunity for economic transformation. He emphasised that these resources must be managed to deliver greater value to all Ghanaians. This approach, he believes, will foster industrialisation and create much-needed employment opportunities for the country's youth.
This call comes as Ghana continues to grapple with economic challenges, often seeking financial assistance from the International Monetary Fund (IMF). Prof. Oquaye questioned why Ghana has largely missed out on previous global economic transformations, such as the industrial revolution. He warned that the country risks being left behind again in the current ICT and knowledge-driven economy. Ghana's economic growth has averaged around 4-5% in recent years, but this has not translated into sufficient job creation, particularly for young people.
“Ghana must rethink how it manages its natural resources,” Prof. Oquaye asserted, stressing the importance of meaningful national ownership of extracted minerals. He acknowledged that foreign investors could still provide capital and expertise. However, he maintained that this should not necessitate foreign ownership of Ghana’s mineral assets. He also dismissed arguments about Ghana lacking technical expertise, pointing to experienced Ghanaian companies and the availability of international experts.
The implications of such a shift are profound, potentially reshaping Ghana's mining sector and broader economic landscape. Greater national ownership would enable significant value addition to minerals, such as developing gold manufacturing capacity within Ghana. This could lead to new industries and benefit from by-products, moving beyond simply exporting raw materials. The Institute of Economic Affairs has also advocated for increased Ghanaian control and value retention in the sector, aligning with Prof. Oquaye's vision.
Prof. Oquaye also addressed concerns about the management of state-owned enterprises, particularly the risk of political interference. He argued that professional management, whether local or international, could mitigate these risks. He believes such concerns should not deter Ghana from pursuing national ownership. The ultimate goal, he reiterated, is to ensure mineral resources create jobs, support industrialisation, and improve the welfare of future generations.
This renewed focus on national ownership reflects a broader debate about resource nationalism and equitable benefit sharing in developing economies. Ghana's mining sector contributed approximately 7.6% to its Gross Domestic Product (GDP) in 2023, according to the Ghana Statistical Service. A shift in ownership models could significantly alter this contribution and its distribution. Policymakers and industry stakeholders will closely watch how these proposals are debated and potentially implemented. The National Mining Dialogue 2026, where Prof. Oquaye spoke, serves as a crucial platform for these discussions.