A natural resource governance expert, Dr. Steve Manteaw, is pushing for the restructuring of Ghana’s resource revenue management system, arguing that petroleum and mineral earnings should be consolidated into a single sovereign wealth fund.
The natural resource governance expert believes that such a fund will better support local businesses and industrial development.
He proposes that Ghana’s petroleum funds, currently invested largely in low-yielding foreign instruments, be “brought home” and strategically deployed to finance domestic enterprise growth, particularly within the extractive sector and related infrastructure.
Dr. Manteaw believes that the time has come to revisit earlier proposals to merge petroleum and mineral revenues into a unified sovereign wealth fund governed by a proposed National Extractive Revenues Management Act.
The aim, he argues, is not consumption or politically driven spending, but structured commercial lending to Ghanaian firms operating in mining and allied industries.
“We must address the challenge of raising more domestic financial resources to support the mining industry. Our petroleum funds continue to be invested in low-yielding instruments outside the country. Ato Forson wants to bring them home for on-lending to Ghanaian businesses and to support infrastructure development,” he remarked.
He continued that, “It makes sense at this point to revisit earlier plans to combine petroleum and mineral revenues into a unitary sovereign wealth fund, governed by a National Extractive Revenues Management Act, and part of the resources used to support Ghanaian businesses that operate in the extractive sector, not as a gift, but as commercial loans to fund their operations.”
Dr. Manteaw is of the view that under such a framework, mining companies such as Gold Fields Ghana, Adamus Resources, Damang Mine, and Asante Gold Corporation would be able to access domestic financing on commercial terms to support operations and expansion.
He argues that such a model could reduce dependence on external financing while strengthening local participation in Ghana’s extractive economy. However, he is clear that domestic resources alone would not be sufficient, and external capital would still remain essential.
To address political interference risks, Dr. Manteaw proposes that the lending and loan management functions of the fund be handed over to an independent, reputable private financial institution through an open and competitive process.
This, he says, would help insulate the system from changes in government and reduce politicisation of resource allocation.
He also advocates for the formation of a consortium of Ghanaian mining firms drawn across political divides to bid for mineral concessions collectively, a move he believes could protect projects from political targeting and ensure continuity in the sector.
While strongly backing increased local participation, he cautions against sentiment-driven policy. “It must be strategic, not emotional,” he argues, urging policymakers to balance domestic resource mobilisation with continued foreign direct investment.
In effect, Dr. Manteaw’s proposal seeks to reposition Ghana’s resource wealth from passive accumulation to active economic transformation, linking petroleum and mineral revenues directly to productive enterprise growth, job creation, and long-term industrial sustainability.
