Ghana’s current framework for managing its natural resources may be limiting opportunities for industrial transformation and long-term economic growth, according to recent assessments on the mining sector. The Institute of Economic Affairs (IEA) has urged policymakers to rethink the approach, highlighting the importance of full state ownership of mineral resources and the use of service contracts with private operators to ensure value addition, technology transfer, and local economic development.
The IEA highlighted that governance models that combine state sovereignty with private sector expertise have been successfully implemented in countries such as Venezuela, Chile, and Botswana, allowing governments to capture higher revenues while maintaining investor confidence. The institute stressed that Ghana must adopt a similar approach to ensure mining contributes to industrialisation, job creation, and community development.
The think tank also cautioned that Ghana’s resource wealth has historically been underutilised, pointing to repeated IMF bailouts, large-scale borrowing to fund government operations, and missed opportunities for value addition as evidence of weak resource governance. It argued that urgent reforms are required to avoid “national disaster” and to leverage Ghana’s minerals for sustained economic growth.
While the Minerals and Mining Royalty Regulations, 2025, the reduction of the Growth and Sustainability Levy (GSL), and the Ewoyaa lithium lease have already drawn attention, the IEA stressed that these developments underscore the broader need for coherent, predictable, and long-term fiscal policies that prioritise national benefit over reactive concessions to investors.
The institute reiterated that Ghana should focus on strengthening state participation in resource management and capturing a fair share of windfall profits to ensure mineral resources drive economic transformation.
The IEA stressed that Ghana must take immediate and strategic steps to strengthen state participation in resource management, align fiscal and industrial policies, and ensure that mineral wealth translates into sustained economic and social development. It warned that failing to act decisively could perpetuate inefficiencies in the sector, leaving the country vulnerable to missed opportunities and continued reliance on external financial support.
