Amid the heated public discussions over perceived natural resource nationalism of the current government, Mining Engineer and Consultant, Ing. Wisdom Gomashie, has cautioned against calls for the outright nationalisation of the country’s mining industry.
Ing Gomashie argues that Ghana currently lacks the financial strength, institutional culture, and operational capacity required to successfully manage large-scale mines.
This comes after the Minister for Lands and Natural Resources, Emmanuel Armah Kofi Buah, disclosed at the same event that resource nationalisation is not the agenda of the government.
Many prominent Ghanaians and institutions have recently made calls for the country to take full control and ownership of its natural resource wealth. They bemoan the “over-concentration” of foreign companies in the mining industry. For instance, former Chief Justice, Sophia Akuffo describes the country’s contracts with these foreign companies as a Guggisberg or colonial contract, where the country benefits less as the foreign companies take the lion’s share of all benefits.
However, speaking in an exclusive interview with The High Street Journal on the sidelines of WAMPEX 2026, Ing. Gomashie stated that while Ghana deserves a greater share of benefits from its mineral wealth, any attempt to fully nationalise the sector under current conditions could prove disastrous.
“Where we sit now in Ghana, personally I do not think Ghana has a capacity to even attempt anything to nationalise any mines in this country,” he noted
The Question of Sufficient Capital Mobilization
According to him, discussions about state ownership of mines must begin with one fundamental question: where will the money come from? He explains that the mining companies operating in Ghana did not arrive empty-handed. They came with capital, technology, and investment.
Before we even begin talking about nationalisation, the state must demonstrate that it has the financial capacity to acquire and operate these assets. Unfortunately, he noted that Ghana is yet to show any serious commitment towards mobilising the enormous capital required to take over and sustain large-scale mining operations.
For Gomashie, resource nationalism without capital backing is merely political rhetoric.
“We are talking about capital. The mining companies we see in this country did not come on their own. We attracted them to come, and they went in to bring in their capital. So capital will be before any nationalisation discussion will be made. The state should be talking about capital. As to whether we can gather or not. As it stands now, the state has not shown any commitment to that effect,” he remarked.
Ghana’s History of State Control Offers a Cautionary Tale
The mining consultant further pointed to Ghana’s own history as evidence that ownership alone does not guarantee success. He recounted that in the 1970s and early 1980s, the state acquired majority and, in some cases, full ownership of several mining companies.
However, many of those operations eventually collapsed due to inefficiencies and operational challenges. For him, this is a signal that state control and management of its resources has not been very appealing and beneficial.
The lesson, he said, is that nationalisation without the right management culture and business discipline can destroy value rather than create it.
“There is a history behind all these things. In the 1970s, the state took over so many mining companies in the country. They took 55 percent shares in some, 100 percent in the end, towards the 1980s. They all collapsed. That led to the coming back of Gold Fields in the 1993s to revive all those mining companies that the government took over,” he explained.
The Subject of “Mining DNA”
Ing. Gomashie admits that while Ghana has produced generations of highly skilled mining engineers, geologists, and technical professionals, he believes that successful state participation requires much more than technical competence.
He argued that countries often cited as successful examples of resource nationalism, such as Botswana and Chile, developed strong institutional cultures and governance systems over decades. Without such foundations and frameworks, he warned, state-owned mining ventures could become financially and operationally unsustainable.
“The state must show a DNA. It is not a technical expertise DNA. It is not just saying, oh, we have the expertise. No, we need that kind of mental DNA to run these mines the way Botswana, Chile, and co have run their mines,” he insisted.
The Call for Increase in State of Participation
Rather than pursuing full-scale nationalisation, Gomashie advocates a more pragmatic approach that gradually increases Ghanaian participation in the sector. He noted that government currently holds roughly 10 percent carried interest in most mining operations and suggested that the country could target significantly higher ownership levels over time.
He is of the view that Ghana should seek to increase its stake to around 30 percent. He was also quick to add that the increased stake must be backed by capital contributions.
“It is not going to be free,” he emphasized.
A key part of his proposal is creating opportunities for private Ghanaian investors to acquire meaningful stakes in mining projects. For him, if the state lacks the financial resources to increase its participation, he argued, government should create an enabling environment for capable Ghanaian businesses and individuals to invest alongside foreign mining firms.
Is Ghana Really a Mature Mining Nation?
Responding to claims that Ghana has matured as a mining jurisdiction and can therefore fully manage its mineral resources, Gomashie challenged local stakeholders to put that maturity to the test.
He emphasized that the same institutions responsible for granting mining licences to multinational corporations are equally accessible to Ghanaian investors.
“What is stopping Ghanaians to go to minerals commission to also take concessions and manage,” he queried.
The answer, he suggested, lies not in the availability of mineral resources but in the ability to mobilise the capital and operational expertise needed to develop them.
The Bottomline
As discussions intensify over how Ghana can derive greater value from its natural resources, Gomashie believes the conversation must be grounded in economic realities rather than emotion.
His position is not a rejection of greater Ghanaian ownership, but a warning against pursuing resource nationalism without the financial muscle and institutional capacity required to sustain it.
