Dr. Emmanuel Steve Asare Manteaw says Ghana needs national mining strategy, not licence transfers

Policy analyst and Co-Chair of the Ghana Extractive Industries Transparency Initiative (GHEITI), Dr. Emmanuel Steve Asare Manteaw, has called for a strategic and long-term approach to increasing Ghanaian participation in the mining sector.

According to him, while calls to expand local ownership of mineral resources are justified, simply refusing to renew the licenses of foreign mining companies and handing them over to Ghanaian operators is not a sustainable solution.

Speaking on the issue, Dr. Manteaw stressed that Ghana needs a comprehensive national strategy to ensure meaningful local participation in the extractive industry.

He noted that one key area requiring reform is Ghana’s 10 percent free carried interest in mining concessions.

According to him, the arrangement is tied to dividend payments, which are often delayed or not declared.

“Companies sometimes operate for 10 years or more without paying dividends to the state. When profits are reinvested through board decisions, Ghana, as the resource owner, receives nothing.”

To address this, he proposed converting the state’s free carried interest into equity participation, similar to the arrangement in Ghana’s petroleum sector.

“An equity participation model would automatically entitle Ghana to a share of production rather than relying solely on dividends.”

Dr. Manteaw also called for all mining companies operating in Ghana to be listed on the Ghana Stock Exchange, arguing that doing so would allow ordinary Ghanaians and institutional investors to own shares in the country’s mineral resources.

Additionally, he advocated for stronger joint ventures between foreign mining firms and Ghanaian companies to build the financial and technical capacity of local operators.

According to him, such partnerships would strengthen the balance sheets of Ghanaian mining firms, enabling them over time to raise investment independently and operate mines on their own.

Dr. Manteaw maintained that a deliberate national strategy, rather than isolated policy actions, is the key to achieving sustainable Ghanaian ownership and participation in the mining industry.