Skip to main content

Mining Stakeholders Call for Greater Value Retention to Drive Ghana's Economic Transformation

 Mining, Value Retention

Industry leaders, policymakers and development experts have called for bold policy reforms to ensure Ghana derives greater economic value from its vast mineral resources, stressing that the country's mining sector must move beyond mineral extraction to become a catalyst for industrialisation, job creation and sustainable development.

The call was made at the Ghana Chamber of Mines' Mining Forum, held under the theme "Strategic Mining, Value Retention and Development." The forum brought together senior government officials, mining executives, policy analysts and industry stakeholders to deliberate on strategies for increasing local value addition, strengthening domestic supply chains and ensuring that mining revenues contribute more significantly to Ghana's long-term economic transformation.

Opening the discussion, Chief Executive Officer of the Ghana Chamber of Mines, Ing. Kenneth Ashigbey, underscored the need for a strategic national approach that positions mining as a driver of inclusive economic development rather than merely a source of export earnings.

According to him, while Ghana remains one of Africa's leading gold producers, there is still considerable opportunity to deepen local participation across the mining value chain through stronger policies, investment in local industries and improved collaboration between government and the private sector.

Our focus should not simply be on extracting minerals. We must deliberately create systems that retain more value within Ghana by promoting local procurement, encouraging mineral beneficiation, supporting indigenous businesses and building the technical capacity of our workforce," he said.

Ashigbey noted that increasing value retention would not only improve government revenues but also stimulate industrial growth, create quality employment opportunities and strengthen the resilience of the national economy.

Mining, Value RetentionManaging Director of AngloGold Ashanti Ghana, Samuel Boakye Pobee, said the mining industry continues to play a critical role in Ghana's socio-economic development through taxes, royalties, infrastructure investment, employment and community development initiatives.

He explained that sustainable value creation requires long-term partnerships among mining companies, government, host communities and local businesses.

Mining is far more than the extraction of minerals. It is about creating opportunities for local enterprises, investing in people and ensuring that mining leaves a lasting legacy for communities long after operations have ended," Pobee said.

He added that responsible mining practices, innovation and local content development remain central to AngloGold Ashanti's operations and are essential for enhancing the sector's contribution to national development.

Policy Lead for Mining and Minerals at the Africa Centre for Energy Policy (ACEP), Mabel Acquaye, urged government to pursue policy reforms that promote transparency, accountability and greater domestic participation in the mining industry.

She observed that although Ghana has benefited significantly from mineral exports over the years, greater emphasis should now be placed on value addition, downstream processing and stronger linkages with manufacturing and other productive sectors of the economy.

Value retention should become a deliberate national policy objective. This requires investment in mineral processing, stronger support for local businesses, transparent governance and policies that maximise the developmental benefits of our natural resources," she said.

Acquaye further stressed the importance of balancing investor confidence with national interests, arguing that effective regulation can simultaneously encourage investment while safeguarding Ghana's long-term development objectives.

Deputy Chief Executive Officer of GoldBod, Richard Nunekpeku, highlighted the importance of institutional collaboration in achieving meaningful value retention across the mining industry.

He said stronger coordination between regulators, mining companies, financial institutions and local enterprises would create an enabling environment for sustainable investment and innovation.

No single institution can achieve this objective alone. Strategic collaboration among all stakeholders is necessary to unlock greater value from our mineral resources and ensure that mining contributes meaningfully to economic transformation," he noted.

Advisor at the Ministry of Finance, Theo Acheampong, emphasised the critical role of sound fiscal and macroeconomic policies in supporting a competitive and sustainable mining industry.

He explained that creating the right policy environment would encourage responsible investment while ensuring that the country receives optimal returns from its natural resources.

Fiscal stability, policy certainty and effective governance are fundamental to attracting long-term investment while ensuring that the benefits of mining are shared broadly across the Ghanaian economy," he said.

Throughout the forum, participants agreed that Ghana's mining industry must increasingly focus on local content development, technological innovation, environmental sustainability and human capital development if it is to remain globally competitive.

Stakeholders also emphasised the need for stronger partnerships between government, industry, academia and local communities to build resilient supply chains, develop skilled talent and expand opportunities for Ghanaian businesses to participate more actively in the mining ecosystem.

The discussions come at a time when Ghana is seeking to maximise returns from its natural resources while pursuing broader economic diversification and industrialisation. Industry leaders believe that strategic reforms aimed at increasing local value retention could significantly enhance the mining sector's contribution to employment, revenue generation and sustainable national development.

The Ghana Chamber of Mines said the forum forms part of its broader commitment to fostering constructive dialogue on the future of the mining industry and promoting policies that strengthen the sector's role as a key pillar of Ghana's economic growth.

Comments

Popular posts from this blog

Fitch Solutions retains 2025 growth rate projection at 4.2%

 Fitch Solutions has reaffirmed its projection that Ghana’s economy will expand by 4.2% in 2025. This estimate slightly exceeds the International Monetary Fund’s forecast of 4% and the World Bank’s projection of 3.9%. The UK-based research firm attributes its outlook to historically high gold prices, which are expected to cushion the Ghanaian economy against a global slowdown triggered by rising tariffs. Higher gold prices are anticipated to strengthen government revenue, enhance foreign exchange earnings, and help sustain currency stability. The report also highlights that Ghana is relatively less vulnerable to increasing trade restrictions from the United States, given that its primary exports—gold and crude oil—are not directly affected by the tariffs introduced by President Trump’s administration. Moreover, the US constitutes only about 4% to 5% of Ghana’s total exports. In contrast, Ghana’s trade relations are more heavily oriented toward China and European countries, particul...

BoG injects $20m into FX market to support 11 BDCs

  The Bank of Ghana (BoG) has injected $20 million into the foreign exchange market in the latest round of its forward FX auction targeted at Bulk Oil Distribution Companies (BDCs). The intervention, which benefited eleven BDCs, is part of the central bank’s broader strategy to stabilise the cedi and ensure price stability in the petroleum downstream sector. Held on Tuesday, April 29, the auction was priced at a locked exchange rate of GHS 14.28 to the US dollar, with bid offers ranging from GHS 13.85 to GHS 15.55. This move reflects the BoG’s continued effort to deepen forex liquidity and safeguard the domestic fuel supply chain against volatility in global energy markets. By directly supplying FX to BDCs, the central bank seeks to ease pressure on the interbank market, guarantee the uninterrupted flow of petroleum products, and mitigate the pass-through effects of exchange rate fluctuations on fuel prices. The $20 million disbursement forms part of a $120 million programme for th...

Kenpong Travel & Tours Champions Breast Cancer Awareness During Customer Week

  As part of activities to mark Customer Week, Kenpong Travel & Tours, a leading travel agency in Ghana, is joining the global fight against breast cancer. October is Breast Cancer Awareness Month, and the company is passionate about spreading hope and support to those affected. At Kenpong Travel & Tours, we believe that travel and exploration can be therapeutic and empowering. That's why we're committed to supporting our customers and the broader community in the fight against breast cancer. We're proud to stand in solidarity with breast cancer warriors and survivors. At Kenpong Travel & Tours, we believe that everyone deserves a chance to explore the world and create unforgettable memories. Let's prioritize health, support one another, and fight against breast cancer," said Kennedy Agyapong, CEO of Kenpong Travel & Tours. Our efforts are focused on raising awareness, promoting early detection, and supporting those affected by breast cancer. We urg...