Resource and Industry Expert at Deloitte Africa, Gideon Ayi Owoo, has signalled to the government the potential to advance the country’s industrialisation agenda by tapping into investments in the mining sector.

He called on the government to introduce clear and transparent guidelines for the renewal of mining leases to attract more investments.

Speaking on the JoyBusiness Roundtable, Gideon Ayi Owoo argued that Ghana's quest for industrialisation cannot be achieved unless value addition and industrial development are deliberately built into mining agreements from the outset.

“If Ghana wants industrialisation, there must be a precondition in mining contracts,” he stated.

According to Owoo, one of the major challenges facing the mining sector is the lack of clearly defined conditions for lease renewals.

He said the government must spell out the requirements companies are expected to meet before their leases can be extended.

“Government should come up with very clear guidelines and policies that say these are the conditions under which I’m going to renew,” he said.

He explained that mining firms should know well ahead of time what is expected of them, particularly when it comes to industrialisation targets and efforts to add value to Ghana's mineral resources locally.

“If you want industrialisation, make it a precondition. Put it on paper. Mining companies should know the requirements well in advance,” he noted.

Owoo maintained that once expectations are clearly documented, disputes over lease renewals can be avoided because all parties would understand the consequences of failing to meet agreed obligations.

“If they are unable to meet the conditions at the end of the 30 years, nobody is going to argue. Everybody will be clear,” he added.

He also highlighted another challenge in the mining sector, noting that companies taking over existing concessions often inherit mines that are no longer in their most productive phase.

“The difficult and low-margin parts are often what are left behind for the next operator to handle, and that creates challenges,” he explained.

Beyond the debate over ownership of mining assets, Owoo said the focus should be on creating policies that deliver the greatest benefits to Ghana, regardless of whether a mine is owned by local or foreign investors.

“I’m nationality agnostic. I’m not here for any foreign owner. We just need good policies in place so that whatever decision we take benefits both the old owner and the new owner,” he stressed.

The expert further called for greater participation by Ghanaians in the mining industry through the capital market and domestic investment vehicles.

He pointed out that pension funds and other institutional investors now control significant financial resources that could be channelled into strategic investments in the mining sector.

“There are a lot of domestic institutional investors. Pension schemes have a lot of money now. Can they be included?” he questioned.

NA/VPO