Senior Vice President of IMANI Africa, Kofi Bentil, is urging Ghana to review and renegotiate all its mining contracts. He believes the country is now in a stronger economic position. This improved standing allows Ghana to negotiate better terms than when many current agreements were signed.
Mr. Bentil explained that past mining contracts were signed when Ghana had less bargaining power. Today, the nation does not face the same constraints. He stressed that Ghana needs to seize this advantage. The goal is to reset contract terms to better serve the nation's interests. He made these remarks on JoyNews’ Newsfile on Saturday, May 16.
This call fits into a larger conversation about Ghana's resource management. For decades, Ghana has struggled to build its local gold refining capacity. Many initiatives have failed due to structural issues and a lack of skilled workers. Mr. Bentil highlighted these repeated failures. He stated that Ghana has tried gold refining many times over the last 30 years. He noted that these efforts collapsed. Ghana has gone back and forth on this issue.
Mr. Bentil cautioned against relying on hope for industrial improvements. He emphasized the need for practical collaboration across the entire mining value chain. He stated that wishing and hoping are insufficient. Structured engagement is required to move forward. He called for building strong partnerships. These partnerships should involve capable local players and investors.
He also noted that no single local entity can manage the entire mining value chain alone. He advocated for collaboration among groups, not just individuals. Mr. Bentil acknowledged concerns about "resource nationalism." This refers to a country asserting more control over its natural resources. However, he warned that emotionally driven policies have caused problems before. He recalled past experiences where initial efforts to empower Ghanaians led to assets being sold off. He urged policymakers to adopt a slow, strategic approach. This should focus on renegotiating contracts, adding value to resources, and forming structured partnerships.