Ghana’s mining sector stands at a critical juncture where policy certainty, investor confidence, and strategic state participation will determine its future competitiveness, according to Mining Consultant and Senior Fellow at Africa Policy Lens Wisdom Edem Gomashie.

Speaking at the 2026 West Africa Mining & Power Conference (WAMPEX) in Accra, Gomashie cautioned that recent fiscal and regulatory developments could significantly impact the country’s attractiveness to mining investors if not carefully managed.

The conference, organized by the Ghana Chamber of Mines, brought together more than 6,000 stakeholders from across West Africa to discuss the future of mining, power, and resource governance.

Wisdom Gomashie was a panelist in the opening discussion themed “Fiscal Regimes in West Africa – State Ownership and Private Investment: Are They Mutually Exclusive?” which was moderated by former Gold Fields Executive Vice President, Joshua Mortoti, and featured representatives from government, industry, finance, and regional mining institutions.

Addressing Ghana’s recently approved increase in mineral royalties to a sliding scale of up to 12 percent, Wisdom Gomashie acknowledged the government’s desire to maximize national benefits from the sector but warned against measures that could undermine investor confidence.

“While government is justified in seeking to maximize national benefits and enhance revenue generation from the sector, a balanced and measured approach remains essential,” he said.

According to him, “a significant and abrupt increase in fiscal obligations, particularly when coupled with concerns over tenure security and uncertainty surrounding fiscal stabilization arrangements, risks weakening investor confidence, delaying investment decisions, and redirecting capital to competing mining jurisdictions.”

The mining consultant further revealed that Ghana has been steadily losing its competitive edge in attracting exploration investments.

“I indicated that Ghana has already been losing ground to Côte d’Ivoire in attracting exploration foreign direct investment over the past five years,” he noted.

Wisdom Gomashie warned that if policy measures introduced in 2025 remain unchanged, the country could experience a substantial decline in exploration investment.

“If the current policy trajectory remains unchanged, Ghana could lose up to 50 percent of its exploration FDI inflows over the next five to ten years,” he said.

He explained that such a decline would threaten future mineral discoveries, reduce the pipeline of mining projects, and ultimately affect long-term production levels and government revenues.

At the same time, he praised the government’s decision to remove Value Added Tax (VAT) on mineral exploration activities in the 2026 Budget.

“Government’s removal of VAT on exploration in the 2026 budget is highly commendable and must be managed well to attract more exploration gains,” he stated.

State Ownership and Private Investment Can Coexist

On the debate surrounding increased state participation in mining operations, Ing Wisdom Gomashie rejected suggestions that greater government involvement must come at the expense of private investment.

“State ownership and private investment are not mutually exclusive.

“The two can coexist successfully when supported by policy clarity, regulatory certainty, transparency, and investor confidence,” he stressed.

However, he argued that Ghana currently lacks a comprehensive policy framework detailing how government and citizens intend to increase their direct participation in mine ownership and operations.

“Establishing such policy certainty is imperative,” he said, adding that the country must first address issues relating to capital mobilization, technical expertise, operational capacity, and institutional readiness before expanding its ownership footprint in the sector.

Gomashie proposed a long-term strategy centred on structured partnerships between Ghanaian interests and multinational mining companies.

He suggested that opportunities for increased indigenous and state participation should be pursued through lease renewals, lease expiries, and approvals of new mining leases over the next decade.

“Such an approach would provide a practical pathway to building local ownership, technical capacity, and financial participation, rather than pursuing reactive approaches that are not anchored in a coherent policy framework and implementation strategy,” he explained.

The mining consultant also called for a more strategic role for the Minerals Income Investment Fund> (MIIF) in advancing Ghana’s mining participation agenda.

He pointed to successful international models such as Debswana in Botswana and Codelco in Chile as examples of how well-structured partnerships between governments and private investors can create sustainable value while maintaining an attractive investment climate.

The panel generally agreed that Ghana’s ability to remain competitive in the global mining industry will depend on striking the right balance between maximizing national benefits and maintaining a predictable, stable, and investor-friendly environment.

For the mining consultant, the message was clear: “Policy certainty is imperative” if Ghana is to safeguard future investment, expand local participation, and secure the long-term sustainability of one of its most important economic sectors.