Ghana is rapidly cementing its position as the leading mining hub in West Africa, a fact clearly demonstrated by the resounding success of the West Africa Mining and Power Exhibition (WAMPEX) 2025.
Drawing over 240 exhibitors from 27 countries, the event has become the foremost platform for mining and power sector collaboration in the region.
Speaking with The High Street Journal, Michael Akafia, President of the Ghana Chamber of Mines and Vice President for External Affairs Gold Fields West Africa, emphasized the significant growth of WAMPEX.
“WAMPEX 2025 has really grown from a conference to a full exhibition and that transition shows how mature the mining and power sectors are in Ghana and West Africa generally,” Akafia said.
The event showcased strong momentum in the sector, with discussions highlighting promising policy directions and technological innovations driving the industry forward. Participants praised Ghana’s commitment to creating an enabling environment for investment, underscoring improvements in regulatory frameworks and enhanced efforts in local content development. There was a collective focus on sustainability, worker safety, and inclusive growth, with initiatives aimed at increasing gender diversity and community benefits.
One of the key challenges highlighted at WAMPEX 2025 was the issue of capital formation within Ghana’s mining sector. While the country excels in local participation and technical expertise, access to adequate investment capital remains a significant obstacle.
According to Akafia, this stems largely from Ghana’s relatively low disposable income and savings rates compared to other countries in the region, which in turn limits the pool of available capital for large-scale, capital-intensive mining projects.
“Capital formation is relatively low in our jurisdiction because already you have relatively lower disposable income, and therefore relatively lower savings rates compared to even peers in the sub-region,” Akafia explained. “So, what that means is that it translates into lower capital formation for big ticketing. And then for mining, as you know, it is capital-intensive, long-term in nature, and high-risk, so relatively high-risk.”
The sector is exploring solutions to this funding gap, including the potential creation of specialized financial institutions tailored to the mining industry’s unique needs. Akafia noted that other sectors, such as energy and petroleum, already benefit from dedicated banks to mobilize investment.
“One of the propositions was to see if that could not be repurposed as an extractive industry bank, which would then focus on raising capital to address the particular needs of the industry,” he said.
Fiscal policy also emerged as a critical concern. Akafia pointed to research comparing mining jurisdictions, noting that Ghana’s mining sector bears a significant fiscal burden, with effective tax rates between 45 and 55 percent. He cautioned that exceeding the upper threshold could deter vital investment.
“Contrary to some of the perceptions out there, the mining industry is contributing more than its fair share to the fiscal burden of our country,” Akafia said. “If you go beyond that 55 percent threshold, it then becomes a big barrier to investments in your industry.”
He emphasized that this fiscal strain has already resulted in lost investments, particularly in exploration activities that are essential for sustaining future mining operations.
“Exploration represents a pipeline of projects for future mining activities. If you lose out, that means you cannot have a sustainable mining industry like we’re designed to have,” Akafia explained.
Sustainability was a major focus throughout the exhibition, with Akafia highlighting the sector’s growing commitment to environmental stewardship and social responsibility. He emphasized that mining companies are increasingly adopting practices that minimize environmental impact, improve community livelihoods, and foster inclusive growth.
“The future of mining in Ghana depends on how well we balance economic growth with environmental and social considerations,” Akafia said. “Companies are implementing programs aimed at reducing pollution, rehabilitating mining sites, and ensuring that communities benefit directly from mining activities.”
He also stressed the importance of promoting gender diversity and local content development as part of sustainable mining.
“We are pushing for more inclusive policies that encourage the participation of women and local businesses in the mining value chain,” Akafia added. “This is not only good for communities but essential for the long-term viability of the industry.”
