Stakeholders in Ghana’s mining sector have identified inadequate access to finance as the major constraint preventing indigenous mining companies from competing effectively with foreign firms and securing greater ownership of the country’s mineral resources.
They said although Ghana had made progress in developing local expertise and strengthening local content regulations, the lack of capital continued to limit meaningful Ghanaian participation in large-scale mining.
The stakeholders made the observation during a panel discussion on local content and community participation at the National Mining Dialogue 2026 in Accra.
The dialogue, held on the theme: “Rethinking the Social Licence to Operate,” brought together government officials, regulators, traditional authorities, mining companies, civil society organisations, small-scale miners and development partners to discuss ways to ensure that Ghana’s mineral wealth generated lasting benefits for citizens and host communities.
Mr Bobby Benson, a private legal practitioner, said Ghanaian professionals had acquired the technical expertise required to manage modern mining operations.
He said financial capacity, rather than human resource constraints, remained the key advantage enjoyed by foreign mining companies.
“I think that the only real advantage that foreign companies have, and to some extent still have, is financial capacity,” he said.
Mr Benson noted that Ghanaian professionals occupied leadership positions across various departments of major mining companies, demonstrating that the country had developed the human resource base necessary to operate mining businesses.
“The problem is not human resource. It is capital and capacity,” he stated.
He said modern mining projects required huge investments running into hundreds of millions of dollars, which were beyond the reach of most indigenous companies and local financial institutions.
According to him, mine development and expansion projects required substantial long-term financing, giving multinational companies with access to international capital markets a significant advantage.
“When you go for projects, you may need about 600 million dollars to undertake major developments and extend the life of mines. How many local companies can raise 600 million dollars? How many local banks are capitalised to that level?” he asked.
Mr Benson called for collaboration between the Government and financial institutions to develop mechanisms that would provide credible Ghanaian mining companies with access to long-term financing.
He said stronger indigenous participation would ensure that a larger share of the economic benefits from mineral extraction remained within Ghana.
The rising global price of gold, he added, presented significant opportunities for local investors, provided they could secure the financing needed to enter and expand in the sector.
He, therefore, called for deliberate policies to support Ghanaian entrepreneurs and businesses seeking to participate in the mining industry.
Dr Nana Adarkwa Bediako III, Gyasehene of the Apinto Divisional Council in the Tarkwa-Nsuaem Municipality, said local participation should extend beyond employment and procurement to include greater involvement of host communities in decision-making.
He said traditional authorities and local communities often had limited influence in negotiations preceding the granting of mining leases, despite being directly affected by mining activities.
“We should be on the sitting table. The discussion must be a three-way discussion,” he said, referring to the Government, mining companies and host communities.
Dr Bediako said although Ghana had developed one of Africa’s comprehensive local content frameworks for mining, achieving meaningful local ownership and participation would require addressing the financial constraints confronting indigenous businesses.
He said the current mining model had not generated sufficient long-term economic opportunities for some host communities despite decades of mineral extraction.
The Gyasehene called for stronger collaboration between mining companies and host communities in designing development interventions to ensure that such projects reflected local priorities and addressed the needs of affected communities.
