Ghana historically has reaped limited long-term value of its gold wealth despite its considerable contributions to the global gold market.
In the wake of a recently resolved lease dispute with Gold Fields Ghana, many experts believe the government must seize the moment to implement sweeping reforms that will lay the foundation for long-term national control of the country’s vast mineral wealth.
At the center of this policy window is the 12-month extension of the Damang Mine lease, secured after intense negotiations with Gold Fields. While the lease extension allows continued operations in the short term, experts and industry players see it as a pivotal opportunity to reshape Ghana’s mining landscape for decades to come.
Mining consultant Ing. Wisdom Edem Gomashie believes this temporary reprieve is more than a lifeline for the Damang Mine—it’s a strategic chance for Ghana to reassert control over its extractive industry through a national framework.
“We must not waste this window. In the next 12 months, government must send a strong signal by drafting and passing the necessary laws through Parliament to institutionalize our nationalization agenda.”
Mining consultant Ing. Wisdom Edem Gomashie
His call to action reflects a broader consensus among experts and stakeholders that Ghana’s historical approach to managing its mineral resources must evolve.
Ing. Gomashie warned that without robust legal backing, clearly defined funding plans, and a unified national vision, efforts at nationalization could easily be dismissed as mere state capture—a scenario where vested interests unduly influence policy outcomes at the expense of broader public benefit.
Currently, much of Ghana’s resource policy is shaped by ad hoc decisions and ministerial directives. Ing, Gomashie warned this approach is unsustainable and lacks credibility.
“It must not be a policy on a ministry letterhead or a private proposal—it should be a national document that reflects consensus and vision.
“Without legal backing, funding plans, and a defined national vision, any attempt at nationalization risks being perceived as state capture.”
Mining consultant Ing. Wisdom Edem Gomashie
He called for a clear, transparent process to be launched—one that includes Parliamentary debate, multi-stakeholder engagement, and rigorous legal drafting to ensure that future transitions in ownership and control are governed by law, not sentiment.
Ghana’s Local Capacity to Lead
The evolution in Ghana’s resource governance comes at a time when the global mining landscape is witnessing rapid technological advancements and heightened competition.
Locally owned companies have already demonstrated that they are not only capable of managing complex mining operations but are also ready to scale up to the challenge of large-scale ventures.
Ghana boasts a cadre of indigenous firms, such as Rabotech, which is currently managing iron ore extraction in Guinea; Engineers & Planners (E&P); and Rocksure International.
These success stories serve as living proof that Ghanaian expertise and technical know-how abound, debunking longstanding doubts about the local sector’s capacity to handle expanded mining responsibilities.
Supporting this optimistic narrative is the perspective of Isaac Andrews Tandoh, the Deputy CEO of the Minerals Commission.
Mr. Tandoh asserted that Ghanaian-owned entities now possess the financial resilience and advanced technical expertise required to operate significant mining ventures domestically.
“Our companies have raised substantial capital and have invested in state-of-the-art mining equipment, demonstrating that Ghana is well-prepared to elevate its role in the mining value chain.”
Isaac Andrews Tandoh, the Deputy CEO of the Minerals Commission
Mr. Tandoh added that nationalization does not imply a wholesale state takeover, but rather a structured transition that prioritizes Ghanaian ownership and value retention, supported by strong institutions and competitive standards.
This moment comes as Ghana’s broader development agenda increasingly emphasizes local content, resource nationalism, and economic self-reliance.
Calls for the government to rethink its resource governance are not new, but the current alignment of political will, public sentiment, and a strategic opening makes the Damang lease extension particularly significant.
At stake is not just the future of a single mine, but the long-term development of Ghana’s extractive sector—one that can deliver sustainable jobs, domestic revenue, and national pride.
Whether this extension leads to a legislative breakthrough or fades into another missed chance will depend on how boldly and transparently the government moves in the months ahead.
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