Accra: The Institute of Economic Affairs (IEA) has stated that calls for state ownership and control of natural resources in Ghana will not lead to xenophobic attacks or the expulsion of foreign nationals. The policy think tank has been advocating for a model of natural resource ownership that incorporates foreign participation through service contracts over the past decade. It emphasized that Ghanaians will continue to welcome foreign nationals who contribute to the value addition chain.
According to Ghana News Agency, Dr. Charles Mensa, Board Chairman of the IEA, addressed concerns about potential xenophobic tendencies associated with nationalization efforts. He noted that Ghanaians have historically shown affection towards foreigners, questioning why a whole gold mine generating significant yields would be entrusted to a foreign national like Mike Fraser of Gold Fields if there were xenophobic sentiments. Dr. Mensa highlighted the need for Ghanaians to support local businesspeople and emphasized the opportunity for indigenous ownership in the mining sector as a signal of awakening across Africa.
Sophia Akuffo, former Chief Justice and Distinguished Fellow of the IEA, shared her views on prioritizing indigenous companies in mining, while allowing foreign participation through service contracts. She questioned the advantages of foreign direct investment over local investment by Ghanaians and urged for a focus on encouraging local investments. Justice Akuffo acknowledged the expertise of professionals trained at institutions like the University of Mines and Technology and noted that many large-scale mining operations in Ghana are managed by indigenous companies, such as Engineers and Planners and Rocksure International Ltd.
Professor Aaron Mike Ocquaye, former Speaker of Parliament and Distinguished Fellow of the IEA, stressed the importance of recognizing Ghana's constitutional rights over its resources. He encouraged exploring various investment possibilities, including utilizing the Ghana Stock Exchange to facilitate investment by wealthy Ghanaians. Professor Ocquaye advocated for the retention and exploration of Ghana's resources through local investment channels.