President John Dramani Mahama has revealed that it is his vision to increase Ghanaian ownership and control of the country’s natural resources, starting with the mining sector.
The President says he is convinced that indigenization of the country’s natural resources is one of the surest way the people can reap the benefits of the God-given resources.
This revelation from the President comes in the wake of an amicable agreement the government has reached with Gold Fields, a foreign mining company whose 30-year lease for the Damang mine recently expired. The government failed to honour the renewal application of the company, citing regulatory and operational breaches.
Although the company was ordered to exit the mine by April 18 for a government takeover on April 19, a new agreement announced by the Presidency on Wednesday stated that the company has been given a new 12-month lease. After the expiration of the new lease, the mine will be transitioned into Ghanaian ownership.
Speaking on the issue on Thursday, President Mahama disclosed that it was Ghana’s desire to take over the mine and manage it using local expertise, ensuring that the wealth generated stays within the country to benefit its people. “We have resolved it and are working together to transition the mine into Ghanaian ownership,” he stated.
The development, he said, has further strengthened his resolve to introduce a comprehensive policy on indigenous participation in natural resource exploitation. He therefore indicated that his government will, in the coming months, develop a policy on the indigenization of the resources and submit it to the appropriate authorities for consideration.
“We must have an indigenization program for taking control of some of our natural resources. So in the next few months, we will develop a policy on indigenous participation in our natural resource exploitation,” he announced.
President Mahama emphasized that Ghana’s natural resource wealth must be harnessed for the benefit of ordinary citizens, especially those living in the resource-rich regions who continue to wallow in poverty and underdevelopment.
“You go to the mining areas and you look at the communities around, still steep in poverty. The government has to replace schools under trees even at this time, build a CHPS compound, repair the roads, and all that. We can only do that if we can get the resources from the natural resources endowment that God has given us, “ he lamented.
The government’s envisaged indigenization policy is expected to be rolled out in the coming months and aims to empower Ghanaian entrepreneurs, investors, and professionals to take a more active role in the management and ownership of key natural resource ventures.
The policy could mark a significant shift in how Ghana manages its vast natural wealth by prioritizing local capacity, equitable growth, and national prosperity over foreign dominance.
