The Institute of Economic Affairs is intensifying calls for greater Ghanaian ownership of the country’s natural resources, insisting that prioritising local participation in sectors such as mining does not amount to hostility toward foreign nationals.
Speaking at a policy discussion, Board Chairman of the IEA, Charles Mensa, dismissed suggestions that increased state ownership or indigenous control could trigger xenophobic actions against foreign investors.
According to him, Ghana has a long-standing reputation for welcoming foreigners and remains open to international participation in value addition and service delivery.
“Ghanaians love foreigners,” Dr. Mensa said, arguing that the country’s concern should be creating more opportunities for local entrepreneurs to benefit from its natural resources.
He stressed that Ghana must begin prioritising its own business leaders and investors to build strong local industries.
“If we can get a bit of love for ourselves — love for our businesspeople — our future Dangotes, we will do a lot for Ghana,” he stated.
Dr. Mensa said giving Ghanaians greater control over natural resources, particularly in mining, could position the country as a model for economic transformation across Africa.
Former Chief Justice and Distinguished Fellow of the IEA, Sophia Akuffo, also backed calls for stronger indigenous participation in the mining industry.
She said foreign investors should continue to play roles through service contracts, but Ghanaian companies must be prioritised in ownership structures.
“It’s not one against the other, but let’s begin to prioritise local investment,” she said.
Justice Akuffo highlighted the contribution of institutions such as University of Mines and Technology in producing highly skilled Ghanaian mining professionals.
She also pointed to local firms such as Engineers and Planners and Rocksure International Ltd as examples of indigenous companies already making major contributions to the mining sector.
Former Speaker of Parliament and IEA Distinguished Fellow, Aaron Mike Oquaye, said Ghana must take advantage of its constitutional rights over natural resources.
He urged the country to explore local financing options through the Ghana Stock Exchange to enable wealthy Ghanaians and ordinary citizens to invest in the sector.
“We have to hold what we have and explore the various possibilities,” he said.
