Leaders of Ghana’s mining industry have renewed calls for stronger governance, policy consistency, and long-term planning to safeguard the sector’s future, warning that uncertainty could undermine investment in one of the country’s most capital-intensive industries.
Speaking at the 11th Ghana Mining Industry Awards in Accra, President of the Ghana Chamber of Mines, Michael Edem Akafia, said the absence of a dedicated Minerals Revenue Management Act remains a critical gap in Ghana’s resource governance framework.
He argued that while mineral revenues play a central role in national development, they are yet to be managed under a clear, structured law comparable to the Petroleum Revenue Management Act. Such legislation, he said, would enhance transparency, boost public confidence, and ensure that mining proceeds are saved and invested in a way that benefits both current and future generations.
“A structured minerals revenue framework is essential for accountability, intergenerational equity, and long-term national resilience,” Mr. Akafia noted.
Beyond revenue management, industry leaders expressed concern about frequent policy shifts, particularly as the Minerals and Mining Act undergoes review. Mr. Akafia cautioned that even well-intended changes could unsettle investor confidence if not carefully calibrated, especially given the long timelines and high capital demands associated with mining projects.
He also urged caution in the proposed sliding-scale royalty regime, stressing the need to strike a balance between maximising state benefits and maintaining Ghana’s competitiveness as a mining destination.
On fiscal policy, Chief Executive Officer of the Chamber, Ing. Dr. Kenneth Ashigbey, welcomed government’s decision to remove VAT on exploration activities in the 2026 Budget, describing it as a timely intervention that could stimulate new discoveries and sustain production levels.
However, both executives identified illegal mining as a growing threat to sector stability. Mr. Akafia condemned recent attacks on regulatory and security institutions involved in anti-galamsey operations, warning that illegal mining now poses not only environmental risks but also serious governance and national security challenges.
The discussions also extended beyond economics, with industry leaders highlighting the social impact of responsible mining. Dr. Ashigbey cited examples of individuals whose lives have been transformed through education and skills development programmes supported by the Chamber, illustrating the broader developmental potential of the sector when revenues are properly managed.
Looking ahead, Mr. Akafia pointed to global shifts—such as automation, digitalisation, decarbonisation, and rising demand for critical minerals—as opportunities for Ghana to reposition itself as a regional leader in sustainable and technology-driven mining.
He called for deeper collaboration between government, industry, labour, communities, and civil society to build a modern, ethical, and inclusive mining sector.
“Ghana’s mineral wealth can be a lasting blessing if we manage it wisely and work together,” he said.
