Sam Jonah credits Acheampong with advancing Ghanaian ownership of mineral wealth

Business leader Sir Sam Jonah praised former Head of State General Ignatius Kutu Acheampong for promoting Ghanaian ownership and involvement in the nation's mining and timber sectors. Speaking at the Second General I.K. Acheampong Memorial Lecture in Accra on November 13, 2026, Mr. Jonah highlighted Acheampong's administration's policies implemented in 1972 that granted state dominance in key entities, including Ashanti Goldfields and the Consolidated African Selection Trust.

These measures aimed to boost Ghanaian control over natural resources while maintaining foreign partnerships and their financial expertise. Mr. Jonah emphasized that for the first time since the Portuguese arrived in Elmina, the majority of wealth beneath Ghanaian soil belonged to Ghanaians. He noted that the government did not employ force to assume control of the mining operations but instead maintained foreign partners through management agreements.

The government required the companies to establish their headquarters in Accra, granting the state a controlling role and mandating Ghanaians to occupy senior management positions. According to Mr. Jonah, Acheampong insisted on three conditions: the head office should be in Accra to ensure decisions were made by those accountable to Ghanaians; the state should hold the controlling stake; and a Ghanaian should be appointed to the deputy managing director's post, with the expectation that the top position would follow.

The former Ashanti Goldfields CEO said the policy created prospects for Ghanaian professionals in the mining industry, with the University of Cape Coast Chancellor himself among those who benefited from the policy. He added that many others, including a generation of Ghanaian engineers, geologists, and accountants, also rose through the doors opened by the decree.