Ghana Must Break Free From The Dangerous Mindset That Natural Resources Are The Foundation For Wealth

The writer argues that natural resources should not be seen as the foundation for Ghana's wealth. Economist Erich W. Zimmermann famously stated that "Resources are not; they become," highlighting the importance of human capabilities in creating wealth. Ghana has become so focused on its natural resources that it risks overlooking the potential of its people.

Countries like Singapore, Japan, South Korea, Switzerland, Denmark, the Netherlands and Luxembourg have shown that abundant natural resource wealth is not a prerequisite for prosperity. These nations have achieved success through education, skills, innovation, technology and industrial development. Ghana must prioritize Science, Technology, Engineering and Mathematics (STEM) education to equip its youth with the skills needed to create industries and products.

Mineral deposits can be depleted or lose value, but human ingenuity can continually generate new industries and wealth. History shows that natural resources can lose their commercial value, as seen with aluminium, ultramarine, natural alum, flint, asbestos, saltpetre and guano. Therefore, Ghana should not build its economy solely around its minerals.

The government should invest in education, skills, research, technology, manufacturing and enterprise. Ghana must focus on developing its human resources, as they are more adaptable and can continue to generate value, while natural resources are finite. Ghana should not teach its youth that natural resources are the key to economic success.

Instead, it should prepare its people to create wealth through innovation, employment creation and industrial capability. The future prosperity of Ghana should not depend on the richness of its mineral deposits, but on the capability of its people to innovate and create. The Akufo-Addo and Bawumia administration has demonstrated this understanding through its education policies.

However, the Mahama administration should also invest more in STEM education to ensure that Ghana's youth have the knowledge, skills and technological capabilities necessary to create wealth beyond its natural resources.