Policy analyst and extractive governance expert Dr Steve Manteaw says the fierce public interest surrounding the renewal of Gold Fields’ Tarkwa mining lease reflects a growing belief among many Ghanaians that the country is not receiving enough value from its natural resources.
Speaking on Joy News’ PM Express on Wednesday, Dr Manteaw said the controversy is unlike previous lease renewals because it has become intertwined with a broader national conversation about ownership, value retention and Ghana’s role in the exploitation of its mineral wealth.
Asked why the Gold Fields lease renewal has generated unusual public attention, he pointed to what he described as a longstanding perception that Ghanaians are being shortchanged despite the country’s abundant mineral resources.
“Well, I think what is unique is the fact that there’s been, for some time now, a general feeling that Ghana is not getting enough from its natural resources,” he said.
According to him, public frustration has been reinforced by repeated claims that Ghana retains only a small fraction of the value generated from its mineral resources.
“I’ve heard even ministers talk about Ghana retaining just about 5% of the value of the mineral sector, which actually is not accurate, but it’s fed into people’s minds, and people feel that as resource owners, we are being shortchanged,” he stated.
Dr Manteaw said many citizens now want to see a greater share of the benefits from mining retained within the country.
The policy analyst linked the current debate to the government’s broader push to increase Ghanaian participation in the mining industry.
“Government wants to indigenise our industry and, like Acheampong will put it, put Ghanaians in the commanding heights of the economy, and so that is the agenda of the current government,” he said.
He noted that government officials have consistently spoken about placing Ghanaians at the centre of the mining sector and increasing local ownership.
While expressing support for greater Ghanaian participation, Dr. Manteaw cautioned against making decisions based purely on public sentiment.
He argued that countries that have maximised the benefits of their natural resources have done so through active participation in extraction, either directly through state ownership or indirectly through strong national companies.
Drawing examples from around the world, he cited Britain’s BP, America’s ExxonMobil, Malaysia’s Petronas and Saudi Arabia’s Aramco as companies that have helped their countries retain significant value from natural resource exploitation.
He also pointed to Botswana’s partnership model in the diamond industry, where the government maintains a significant stake through a joint-venture structure.
“Either you participate directly or indirectly, and that has been the route to optimising value in the industry globally,” he said.
Dr Manteaw said he welcomed calls for Ghana to acquire a larger stake in its mineral sector but stressed that success would depend on careful planning and a sustainable strategy.
“For me, I welcome the call for Ghana to acquire more stake in our mineral sector, but I think we need to talk about strategy and not base our calls on sentiments,” he said.
He warned that simply transferring mining assets into Ghanaian hands without adequate investment capacity could ultimately undermine production and leave the country worse off.
“There is a way in which the industry works that if you don’t get it right, you put the mine in Ghanaian hands, and you actually lose out, because they may not be able to make the kind of investments that you need to make to keep production at a certain level,” he cautioned.
Myjoyonline
