The Asantehene, Otumfuo Osei Tutu II, has appealed to the government to prioritize local investors in the allocation of mining concessions before considering any partnerships with foreign companies.
His Majesty made this call during a crucial meeting with officials from the Ministry of Lands and Natural Resources and the Minerals Commission at Manhyia Palace.
The meeting focused on a government proposal for a comprehensive review of Ghana’s Minerals and Mining Act, 2006 (Act 703), a legislative overhaul aimed at enhancing sector governance and increasing the role of traditional authorities in mining.
Speaking with conviction, Otumfuo Osei Tutu II emphasized the direct economic benefits of empowering Ghanaian investors in the nation’s lucrative mining sector.
“We need to prioritise Ghanaians in the allocation of mining concessions. If they later choose to partner with foreign investors, that should be their decision,” the Asantehene asserted.
He passionately articulated how this approach could significantly strengthen the local economy.
“This approach will strengthen the local currency. Once they secure the lease, they can list on the stock exchange and raise capital to purchase equipment for mining operations here in Ghana.
Don’t our young people also deserve the opportunity to invest in the stock market and earn returns?”
Ghana is Africa’s largest gold producer and a significant source of other minerals like manganese and bauxite.
The mining sector is a major contributor to Ghana’s economy, often accounting for over a third of total export revenues and attracting a significant portion of Foreign Direct Investment (FDI).
The Asantehene meticulously clarified this legal reality, exonerating the Minerals Commission from blame for the current framework.
