President John Dramani Mahama has assured that his administration’s new policy to increase Ghanaian participation in the extraction of the country’s natural resources will not expropriate existing or active leases or concessions.
The President stated that his vision for the indigenization policy will soon be developed into a formal policy document for review and consideration by the appropriate authorities
Speaking during an engagement on Ghana’s natural resource governance, President Mahama reiterated that his government recently reached an amicable resolution with Gold Fields, whose 30-year lease for the Damang mine had expired.
While there was initial interest in transitioning the mine into full Ghanaian control, a collaborative approach was ultimately agreed upon, which will eventually transfer the mine to Ghanaian ownership after 12 months.
“The desire was to take it over and use Ghanaian expertise to exploit that resource and ensure the benefits stay in our country. Happily, we resolved the matter peacefully and agreed on a transition to Ghanaian ownership,” he said.
He added that the broader goal is to develop a formal policy over the next few months that ensures more local participation in resource extraction. The President was quick to allay fears that the new policy direction would affect active or existing leases by expropriating them.
Rather, he forcefully emphasized that the policy will be implemented when expired leases come up for renewal.
“We are not going to expropriate anybody’s concession or lease,” the President clarified. “But we will negotiate for greater indigenous Ghanaian participation when renewals are due, to ensure our people benefit from the wealth beneath our soil.”
This renewed push for indigenization reflects a growing national conversation about economic sovereignty and equitable development, with President Mahama positioning local empowerment at the heart of his administration’s resource strategy.
