Policy analyst and Co-Chair of the Ghana Extractive Industries Transparency Initiative (GHEITI), Dr Emmanuel Steve Asare Manteaw, has proposed a shift in Ghana’s approach to increasing local participation in the mining industry, arguing that sustainable reforms, rather than abrupt policy decisions, will deliver lasting benefits.

Speaking on the future of Ghanaian ownership in the mining sector on Friday, August 7, 2026, Dr Manteaw affirmed that calls to expand local participation are legitimate but cautioned against simply taking over foreign-owned mining concessions without a long-term strategy.

“The desire to see more Ghanaians own and operate mines is understandable. However, refusing to renew the licences of foreign mining companies and handing them over to local firms, without a broader national strategy, will not achieve the desired results,” he said.

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He identified Ghana’s current 10% free-carried interest in mining concessions as one of the areas requiring urgent review, explaining that the existing arrangement often leaves the country without returns for several years.

“Our free-carried interest is linked to dividend payments, but companies can operate for a decade or more without declaring dividends. Where profits are continually reinvested, Ghana, despite owning the resource, receives no direct benefit,” he explained.

According to Dr Manteaw, replacing the current arrangement with an equity participation model similar to what exists in Ghana’s petroleum industry could provide the country with more direct benefits from its mineral resources.

“If the state’s interest is converted into equity participation, Ghana will earn a share of production as a resource owner instead of depending solely on dividends that may never be declared,” he stated.

The GHEITI Co-Chair also called for legislation requiring all mining companies operating in the country to list on the Ghana Stock Exchange, saying such a move would broaden local ownership of mineral resources.

“Listing mining companies on the Ghana Stock Exchange will create opportunities for ordinary Ghanaians, pension funds and other institutional investors to own shares in the country’s mineral wealth,” he noted.

He further urged stronger partnerships between international mining firms and indigenous companies, stressing that joint ventures would help build the technical expertise and financial strength of local operators.

“Strategic joint ventures will strengthen the balance sheets of Ghanaian mining companies, improve their technical capacity and position them to independently finance and operate mines in the future,” he added.

Dr Manteaw maintained that Ghana’s long-term objective should be to develop a deliberate national framework that gradually empowers local companies to play leading roles in the mining industry, rather than relying on isolated policy interventions.

ANAS/MA

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