Ghana must take charge of its mineral resources – Prof. Mike Oquaye

Former Speaker of Parliament, Prof. Aaron Mike Oquaye, has urged Ghana to assume greater control and ownership of its mineral resources, suggesting the nation should shift away from relying on royalties from foreign mining companies. Addressing the National Mining Dialogue 2026, Prof. Oquaye emphasized that Ghana's gold, bauxite, diamond, manganese, lithium, and oil resources present a significant chance for economic advancement and should be managed to deliver more benefit to Ghanaians.

He criticized decades of dependence on royalties, stating they have not led to the economic transformation Ghana requires. Prof. Oquaye questioned why Ghana has received limited benefits from past significant global economic shifts, like the industrial revolution, and cautioned that the country risks falling behind in the contemporary ICT and knowledge-driven economy.

He proposed that Ghana reconsider its management of natural resources to ensure meaningful ownership of the minerals extracted from its soil. Foreign investors could contribute capital and expertise without claiming ownership of Ghana’s mineral wealth. He dismissed the claim that Ghana lacks the technical know-how to assume more control over mining activities, pointing out the existence of Ghanaian firms with substantial mining experience, as well as the availability of international experts for specialized tasks.

Prof. Oquaye emphasized the importance of retaining ownership while leveraging local and international expertise to enhance mining operations. He advocated for increased value addition to Ghana’s minerals, suggesting ownership would enable the development of industries around the resources and their by-products. Acknowledging challenges in managing state-owned enterprises, particularly political interference, Prof. Oquaye argued that professional management could still be secured locally or internationally.

He connected the need for greater national ownership to Ghana’s unemployment issue, asserting that mineral resources should create jobs, support industrialization, and enhance the welfare of future generations. Prof. Oquaye urged Ghanaians to seriously consider a new approach to managing the country’s natural resources, asserting that God has given them the means to save themselves by taking charge of their mines and mineral resources.