IEA Chairman calls for mining leases to prioritise local companies
Speaking at a media engagement in Accra, Dr. Mensa argued that decades of foreign dominance in the mining sector have left Ghana with little to show for its vast mineral wealth.
Chairman of the Institute of Economic Affairs (IEA), Dr. Charles Mensa, is urging the government to shift Ghana’s mining policy in favor of indigenous firms rather than foreign multinationals.
Speaking at a media engagement in Accra, Dr. Mensa argued that decades of foreign dominance in the mining sector have left Ghana with little to show for its vast mineral wealth. According to him, multinational companies typically export raw minerals, repatriate their profits, and leave behind only modest payments in taxes and royalties.
Dr. Mensa believes that with the right financial backing, technology, and policy environment, local firms can establish processing plants for gold, bauxite, manganese, and lithium. Refining these resources in-country, he explained, would generate higher revenues for the state and stimulate industrial growth.
He criticized existing concession agreements that hand over exclusive rights to foreign firms while leaving Ghana dependent and undercompensated.
Dr. Mensa praised the government’s recent decision to grant mining leases to E&P, describing it as evidence that Ghanaian companies are capable of managing large-scale operations responsibly. “What local firms need are opportunities, fair terms, and supportive policies,” he said.
He added that expanding such leases to more indigenous investors would deliver far greater benefits to the economy than continuing with the current foreign-dominated model.
To achieve this shift, Dr. Mensa called for a review of Ghana’s mining laws, renegotiation of unfavorable contracts, and incentive schemes to help local companies scale up.
Ghana, Africa’s leading gold producer, also holds significant deposits of bauxite, manganese, and newly discovered lithium. Yet, analysts argue the country still relies too heavily on exporting raw minerals, missing the chance to drive industrialization through beneficiation.
