Ghana’s growing push for greater indigenous ownership of natural resources is unlikely to spark xenophobic attacks against foreign nationals, the Institute of Economic Affairs (IEA) has said, seeking to calm concerns over the direction of the country’s resource governance debate.
The assurance comes amid renewed discussions around state control and local participation in key sectors such as mining, with some observers warning that such policies could fuel anti-foreigner sentiment.
But the IEA insists Ghana’s long-standing openness to foreign participation will remain intact, even as calls intensify for locals to take a leading role in resource ownership.
Dr Charles Mensa, Board Chairman of the IEA, dismissed suggestions that strengthening indigenous control would lead to hostility toward expatriates.
“Ghanaians love foreigners,” he said, arguing that the country’s track record of allowing foreign firms to operate major mining concessions reflects a deeply rooted culture of inclusion.
He pointed to multinational involvement in Ghana’s gold sector, referencing executives such as Mike Fraser of Gold Fields, as evidence that foreign investors have long been trusted with critical national assets.
However, Dr Mensa stressed that the current policy debate is about rebalancing that relationship to favour greater local participation.
“If we show the same level of confidence in our own entrepreneurs, we can transform the economy,” he said, calling for deliberate efforts to nurture Ghanaian-owned mining companies.
The IEA has for years advocated a model that combines local ownership with foreign technical support through service contracts, rather than outright foreign control.
According to the think tank, such an approach would allow Ghana to retain greater value from its natural resources while still benefiting from international expertise.
Dr Mensa described this shift as a necessary step in Ghana’s economic evolution, adding that it could position the country as a model for resource nationalism across Africa.
Adding to the debate, Sophia Akuffo, a Distinguished Fellow of the IEA, called for stronger prioritisation of local investment over foreign direct investment.
She argued that while foreign capital remains important, empowering Ghanaian investors should take precedence in national development strategies.
“It’s not about choosing one over the other, but ensuring that local investors are given the first opportunity,” she said.
Justice Akuffo also highlighted Ghana’s strong human resource base in the mining sector, noting that institutions like the University of Mines and Technology have trained globally competitive professionals.
She added that many large-scale mining operations are already being executed by indigenous firms such as Engineers and Planners and Rocksure International, demonstrating local capacity to handle complex operations.
Former Speaker of Parliament, Aaron Mike Ocquaye, also weighed in, emphasising that Ghana’s natural resources constitutionally belong to its citizens.
He urged policymakers to explore innovative financing options to expand local ownership, including leveraging the Ghana Stock Exchange to attract investment from wealthy Ghanaians and the wider public.
“We must find ways to ensure that Ghanaians have a stake in what already belongs to them,” he said.
The IEA’s position reflects a broader policy balancing act maintaining Ghana’s attractiveness to foreign investors while ensuring that more value from natural resources stays within the local economy.
Analysts say how this balance is struck will shape the future of Ghana’s mining sector and influence investor confidence.
For now, the think tank is urging calm, insisting that calls for greater local ownership should not be misinterpreted as a rejection of foreign participation, but rather a recalibration of Ghana’s economic priorities.
