Ghana currently lacks the capacity to effectively manage and benefit from wholesale mineral nationalisation, according to Professor Godfred Alufar Bokpin, an economist. He stated this amid renewed calls for Ghana to assert stronger ownership over its mineral wealth.
Professor Bokpin emphasised Ghana's inability to handle the entire value chain, from extraction to refining, at the necessary scale. He highlighted limitations in technology, financing, and skilled human resources as significant barriers. A rushed attempt to nationalise the sector could expose deep structural inefficiencies.
This assessment challenges a growing narrative that Ghana is ready to take full control of its mining resources. The debate links to Ghana's long-standing efforts to better monetise its substantial gold and other mineral reserves. Data shows that while gold has contributed over 20 percent to Ghana's Gross Domestic Product (GDP) growth in the past two decades, job creation and broader economic transformation have lagged. This trend underscores the challenge of converting natural resource wealth into widespread economic prosperity for Ghana's 33 million citizens.
“We currently lack the full capacity to handle the entire value chain, from extraction to refining, at the scale required,” Professor Bokpin stated on a current affairs program. He also noted that past experiences in the extractive sector demonstrate that ambition alone cannot replace expertise and systems. He cautioned against allowing emotional appeals to overshadow practical realities. The Institute of Economic Affairs (IEA) has recently called for Ghana to limit the role of multinational mining companies.
The implications of this debate are significant for Ghana's mining policy and future economic direction. If Ghana were to proceed with nationalisation without adequate preparation, it could lead to reduced mineral output and substantial revenue losses. The country relies heavily on mineral exports for foreign exchange earnings and government revenue. Decision-makers and investors will closely watch how the government addresses these concerns. They will also observe any policy shifts regarding foreign participation in the vital mining sector.
Ghana's repeated failures in establishing sustainable gold refining operations illustrate the country's capability gap. “Despite multiple attempts over the past three decades, efforts to establish sustainable refining operations have repeatedly collapsed,” Professor Bokpin explained. This history suggests the problem is deeper than mere ownership; it is about core capability. For instance, the recent surge in global gold prices in 2025 did not translate into proportional increases in government revenue. This disconnect highlights that owning the resource does not automatically guarantee benefits.
Professor Bokpin advises that Ghana should maintain foreign participation in the mining sector for now. He advocates for aggressively renegotiating existing contracts to reflect present realities. He noted that many earlier agreements were signed from a position of weakness. Additionally, he called for greater trust and support for Ghanaian industrialists capable of operating large-scale mining ventures. Their participation is crucial for building local capacity incrementally. However, he warned, political environments sometimes create barriers for these local entrepreneurs.