The recent remarks by former Speaker of Parliament, Professor Aaron Mike Oquaye, underscore a critical juncture for Ghana’s economic future, demanding a fundamental shift in the nation’s approach to its mineral resources. Professor Oquaye has passionately advocated for a dramatic deepening of expertise within the country’s technical sector, specifically emphasizing the imperative for Ghana to move beyond a reliance on foreign royalties and actively cultivate the capacity to own and add substantial value to its mineral wealth. His concerns are rooted in a recognition that Ghana’s current model of relying heavily on royalties represents a significant impediment to achieving true economic transformation and creating sustainable opportunities for its citizens.
Professor Oquaye’s critique extends beyond simply acknowledging the economic benefits of mineral extraction. He contends that Ghana’s natural resources – particularly gold, bauxite, and manganese – represent a national asset deserving of greater stewardship and control. He explicitly calls for the establishment of a framework where Ghanaian professionals are not merely observers but active participants in the entire value chain, from exploration and extraction to processing, refining, and ultimately, manufacturing. He stated, ‘If we own the product, then of course we can apply the by-products,’ a sentiment reflecting a desire to harness the potential of Ghana’s resources for broader economic benefit.
The crux of his argument lies in a critical examination of Ghana’s current governance and resource management. He highlights the historical context of successive managers’ prioritization of extracting resources for the benefit of external entities, rather than investing in the development of local expertise and industries. He underscored a fundamental shift in perspective – a recognition that Ghana’s natural wealth is not solely a commodity to be exploited, but a fundamental resource belonging to the people and entrusted to caretakers.
The Institute of Economic Affairs (IEA), under Professor Oquaye’s leadership, has consistently contributed to discussions on mineral resource management, notably extending beyond the confines of partisan politics. He emphasized the importance of a national asset ownership model, asserting that the land is not inherently theirs to exploit but rather a temporary holding – a period of stewardship for the benefit of the nation.
His critique is inextricably linked to the broader context of Ghana’s industrial revolution and its potential to leverage its resources for technological advancement. Professor Oquaye acknowledges the country’s relative lagging position compared to other nations that have successfully harnessed the benefits of technological innovation. He contends that Ghana’s current strategy of prioritizing royalty payments has not adequately fueled this progress, creating a persistent challenge to national economic development.
Specifically, he calls for a significant investment in human capital and technical expertise – a crucial element he believes is vital to enabling local professionals to actively participate in the mining industry. He stressed the necessity for Ghana to prioritize training, education, and skill development, particularly within the technical sector, to create a robust and competitive industry. He further highlighted the need to move beyond simply extracting resources and towards a broader framework that encourages industrial development and the creation of jobs within Ghana’s mineral sector. He estimated that Ghana’s youth unemployment rate at 22%, demanding a strategic shift in investment priorities. Professor Oquaye is advocating for a fundamental restructuring of Ghana’s approach to its mineral resources, urging policymakers to focus on ownership, local value addition, and strategic investment in industries that will drive sustainable economic growth. The government has recently announced a suspension of DVLA delinquency fees and action against police extortion, signaling a commitment to addressing systemic issues within the sector that hinder economic progress.
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“This is a vital moment for Ghana,” says Dr. Samuel Adeh, a political analyst at the Center for African Studies. “Professor Oquaye’s call for a fundamental re-evaluation of Ghana’s mineral resource management is not merely a statement of concern; it’s a plea for a strategic realignment that will unlock the full potential of the nation’s natural assets and ensure a brighter future for all Ghanaians.” The National Mining Dialogue 2026 is underway in Accra, with livestreaming available at [https://www.twitch.tv/adomonline](https://www.twitch.tv/adomonline).
“We need a plan that empowers local talent, fosters innovation, and ensures that the benefits of Ghana’s resources are distributed equitably across the nation,” concludes Professor Adeh.
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Source: Adom Online
