Ghana is seeking to convert its record gold export earnings into a stronger domestic industrial base, with the government tightening its mining policy framework to expand local business participation, promote mineral processing and retain more economic value from the sector.
Emmanuel Armah-Kofi Buah, Minister of Lands and Natural Resources, said Cabinet had approved a revised Minerals and Mining Policy and endorsed proposed amendments to the Minerals and Mining Act for parliamentary consideration, as the government seeks to build stronger links between mining revenues and domestic production.
Speaking at the 2026 Mining in Motion Conference, he said the central challenge was no longer simply how much gold Ghana could export, but how much of the resulting economic activity could be captured by Ghanaian businesses, engineers, manufacturers and service providers.
The scale of the opportunity is reflected in gold export earnings, which rose from US$10.31 billion in 2024 to US$20.98 billion in 2025, according to figures cited by the Minister.
The increase of more than 100% has strengthened gold’s importance to Ghana’s external sector, but the government wants the expansion to translate into deeper industrial capacity rather than remain concentrated in mineral extraction and exports.
“This is why Ghana is strengthening local content and local procurement,” Mr Buah said, arguing that participation must involve Ghanaian companies with the capacity to supply mining operations, provide technical services and compete for higher-value contracts.
He warned against arrangements in which Ghanaian names were used to disguise foreign control, saying genuine local participation required businesses to possess the authority and technical capability to execute contracts.
Mining Spending And The Local Industry Gap
The government’s reform agenda places local procurement and domestic value addition at the centre of efforts to increase the economic benefits of mining.
Mining generates demand for engineering, machinery, transport, construction, laboratory services, maintenance, technology and specialised professional services. Expanding Ghanaian participation in these areas could allow more mining-related expenditure to circulate within the domestic economy, supporting business growth, employment and skills development.
Mr Buah said the revised policy was intended to improve links between mining and manufacturing, while the proposed legislative changes would address licensing, local participation and community development.
For Ghanaian suppliers, the potential gains extend beyond securing contracts. Building the technical capacity to serve mining companies could enable local businesses to develop expertise, invest in equipment, employ skilled workers and compete for contracts across the region.
However, the Minister stressed that local participation must be substantive, with companies possessing the capability and authority to undertake the work rather than merely providing nominal Ghanaian ownership.
GoldBod And The Push Beyond Raw Exports
The government is also seeking to strengthen its control over the domestic gold value chain.
The Minister said the Ghana Gold Board (GoldBod) had introduced a more organised approach to the purchasing and export of small-scale gold, while efforts to expand refining capacity and improve traceability were intended to strengthen the value chain.
The broader objective is to capture more value domestically through formal trading arrangements, refining and related commercial activities.
He said Ghana was pursuing similar ambitions in aluminium, lithium and other minerals, with the intention of attracting investments that connect extraction to processing and, where commercially viable, manufacturing.
The Minister acknowledged that such ambitions would require reliable electricity, infrastructure, technology, skilled labour, financing and dependable markets.
Without these supporting conditions, domestic processing ambitions could struggle to become commercially sustainable, even as global demand for minerals used in energy systems, electronics and modern manufacturing creates new investment opportunities.
Mining Law Reforms And Investor Confidence
Mr Buah said the revised Minerals and Mining Policy and proposed amendments to the mining law were intended to provide a stronger foundation for long-term investment while improving the benefits delivered to the country.
He said Ghana wanted to offer investors clearer rules, fair administration, open dialogue and respect for lawful agreements.
The Minister emphasised that mining projects must remain commercially viable and capable of generating reasonable returns, while also creating jobs, developing skills and providing opportunities for domestic enterprises.
The policy challenge is to reconcile these investment requirements with Ghana’s objective of retaining a greater share of the value generated from its natural resources.
For investors, regulatory clarity and predictable administration are important to project financing and long-term planning. For the government, the reforms are intended to ensure that investment contributes more directly to domestic productive capacity.
Communities And Environmental Costs
The Minister also linked the economic sustainability of mining to the conditions experienced by communities hosting mining operations.
He said Ghana had revoked the instrument permitting mining in forest reserves and was strengthening action against illegal mining and environmental destruction, while pursuing land reclamation and supporting lawful small-scale miners to adopt safer practices.
He said community development agreements, transparent oversight and credible environmental obligations were essential to ensuring that host communities benefited from mineral extraction.
The proposed mining legislation, he added, would require community development agreements as part of the arrangements governing mining operations.
Emmanuel Armah Buah argued that mining performance should not be assessed solely through export earnings and investment figures, but also through the quality of jobs created, the opportunities available to local businesses and the protection of water bodies and land.
Regional Markets As The Next Growth Opportunity
The Minister called for African countries to coordinate their mineral policies and develop regional value chains that would allow resources extracted in one country to be processed, manufactured and traded across the continent.
He said the African Continental Free Trade Area (AfCFTA), the African Mining Vision and the African Minerals Development Centre offered platforms for strengthening cooperation on infrastructure, standards, financing and technical skills.
Such cooperation, he said, could help African countries develop complementary industrial capabilities instead of competing primarily to export unprocessed resources.
The minister urged governments to identify priority mineral value chains, assess the infrastructure and financing required, and involve private-sector companies early enough to test the commercial viability of proposed projects.
He said the ultimate objective was to ensure that global demand for African minerals supported the growth of African industries and enterprises.
Citing President John Dramani Mahama’s address at the 81st United Nations General Assembly, the Minister reiterated Ghana’s position that Africa should not remain a passive supplier of critical minerals to industries developed elsewhere.
“We will process our minerals at home,” he said, echoing the President’s commitment.
Emmanuel Armah Kofi Buah said Ghana welcomed international capital, technology and access to global markets, but expected partnerships to support domestic industrial development and stronger local institutions.
“The world needs Africa’s minerals. Africa welcomes the world’s partnership,” he said, calling for arrangements that allow investors to succeed while African enterprises expand and communities receive a fairer share of the wealth generated from their resources.
