Vice President of IMANI Centre for Policy and Education, Selorm Branttie has raised concerns over the imminent sale of a Ghanaian gold mine, the Newmont Akyem Mine to a Chinese entity, emphasizing the significant implications for the country’s economy and future.
In a detailed and critical statement, Selorm Branttie outlined how the potential transfer of ownership could lead to the loss of key opportunities for local economic growth, job creation, and sustainable mining practices, urging Ghanaians and the government to halt the sale and secure national ownership of the mine.
He argued that the consequences of selling the mine would extend far beyond the immediate transaction, citing five key areas that would be negatively impacted, including the loss of jobs and lack of technology transfer.
The seasoned Policy Analyst noted that the sale of the mine would result in lost opportunities for job creation and skills development for Ghanaians.
“Lost jobs, because there will be very little tech transfer and recruitment and training of Ghanaians, which would have been very valuable in our quest for good sustainable mining practice since we inevitably have to address RESPONSIBLE small scale mining”.
Selorm Branttie, Vice President of IMANI Centre for Policy and Education
Repatriation of Revenue and Impact on the Cedi
The IMANI Vice President also stressed the severe economic impact of allowing foreign ownership, particularly in terms of lost revenue.
Using the Akyem mine as a reference, Selorm Branttie pointed out that it produced approximately 420,000 ounces of gold in recent years, and much of this wealth was repatriated abroad, leaving little benefit for the local economy.
“You all know what it means for the dollar and the cedi,” he said, referring to the ongoing challenges Ghana faces in stabilizing its currency. He highlighted how gold revenue that could have stayed within the country will now flow out, further weakening the cedi in favour of foreign currencies.
Missed Opportunity for Local Business Ownership
Moreover, Selorm Branttie pointed out that across the globe, countries are pushing for local businesses to take ownership of natural resources, ensuring that profits, technologies, and economies of scale remain within national borders.
According to Selorm Branttie, Ghana should be no different, and the sale of the mine represents a missed opportunity to follow this global trend.
“We are selling it to foreigners and gaining nothing,” he argued, calling attention to how this decision contradicts efforts to build a sustainable and self-reliant mining sector.
SSNIT and National Entities Would Benefit from Ownership
The Vice President of IMANI Centre for Policy and Education also underscored the benefits national entities such as the Social Security and National Insurance Trust (SSNIT) would gain from owning such a resource.
He disclosed that in 2022 alone, the mine in question paid out GH¢186 million in dividends, a figure that could have bolstered national programs and infrastructure., questioning “Why will we let this golden opportunity slip from our hands when we have what it takes to take it?”.
Selorm Branttie challenged the rationale behind the sale and questioned why the government is not prioritizing local ownership over foreign investments.
Gold-Backed Programs for Building Ghana’s Reserves
Finally, Selorm Branttie highlighted the potential advantages that Ghanaian ownership of its gold mines could bring to national initiatives aimed at strengthening the country’s reserves.
He noted that with greater control over its natural resources, Ghana could significantly improve its position in global markets and better support the many gold-backed programs the government intends to implement.
In his closing remarks, Selorm Branttie reminded the public of President Nana Akufo-Addo’s commitment to keeping Ghanaian resources in local hands, as outlined in the 2024 State of the Nation Address.
He called on the government and citizens alike to hold the President accountable for this promise, urging them to take collective action to prevent the sale of the mine. “Let’s hold the President to his word, and let him go by his word for once,” he stated emphatically.
“We can do this,” he concluded, urging both the government and the public to come together to stop the sale and ensure that Ghana’s wealth stays within the hands of Ghanaians.
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