Accra: A natural resources expert has called on Ghanaian businessmen to adopt a more assertive approach in tapping into the country's rich natural resources, warning that foreign entities are capitalizing on opportunities that locals are overlooking.
According to Ghana Web, the expert highlighted the disparity in wealth creation, pointing out that while local businessmen focus on safe investments like stocks and real estate, foreign companies are extracting and refining Ghanaian gold, reaping significant profits. The expert emphasized the need for Ghanaians to take control of their resources to ensure the wealth generated stays within the country.
Businessman Ibrahim Mahama exemplifies a proactive approach, having acquired the Damang gold mine and invested in Black Volta. By capturing the full value chain, Mahama has ensured that jobs are created for Ghanaians and profits remain in the country. This strategy, though sometimes criticized for potential conflicts of interest due to Mahama's familial connections to political figures, is being urged upon other local entrepreneurs.
The expert expressed concern over poor mining contracts that have previously been negotiated, advocating for a comprehensive review to prevent the loss of Ghana's natural wealth. The call was also made for Ghanaian businessmen to pool resources, collaborate, and invest in the country's natural resources, reducing reliance on foreign operations.
Furthermore, the government was urged to create a supportive environment through tax incentives, streamlined licensing processes, and infrastructure development to encourage local investment in natural resources. The expert also suggested that Ghana should have substantial ownership in its mines and oil rigs, ensuring that significant portions of profits benefit the government and its people.
Attention was drawn to the processing of raw materials, with a call for a government-owned refinery to keep wealth within the country and create jobs. The expert criticized the current export of unrefined materials and advocated for local processing to enhance economic benefits.
The expert also addressed illegal small-scale mining, known as galamsey, emphasizing the need for strict enforcement of laws to protect the environment and ensure sustainable resource management. Lastly, President Mahama was encouraged to leverage his political support to implement reforms in resource management, ensuring that Ghana becomes the primary beneficiary of its wealth.
The overarching message was clear: it's time for Ghana to take charge of its resources, proving its capability to manage its own affairs and ensuring that future generations inherit a prosperous nation.