President John Dramani Mahama has urged Ghanaians to take full ownership of the country’s gold mining sector, emphasizing that the time has come for citizens to benefit directly from the nation’s vast mineral wealth.
His remarks come less than 24 hours after his brother, Ibrahim Mahama, secured the Black Volta Gold Project through his company, Engineers & Planners (E&P), in a deal financed with a $100 million facility from the ECOWAS Bank for Investment and Development (EBID).
Addressing the inauguration of the Gold Board task force—mandated to clamp down on illegal gold trading—President Mahama reiterated the country’s abundant resource potential and called for a shift in how those resources are managed and owned.
“We are discovering new minerals, and Ghanaians must be the first beneficiaries of these blessings,” he stated. “Gold is just one example.”
He made a strong appeal for local participation in large-scale gold production, saying, “The time has come for Ghanaians to own gold mines—to produce gold for export and ensure that the wealth generated benefits the nation directly.”
Reflecting on Ghana’s history, President Mahama noted that for centuries, the country has been endowed with natural resources but lacked the capacity—both human and financial—to harness them for national development.
He referenced what he termed the “Guggisberg system,” under which foreign corporations, backed by capital and technology, dominated resource extraction in Ghana, leaving little benefit for the local population.
“If we are to create lasting prosperity for our people, then Ghana must take greater control over its natural resources,” he emphasized. “This is not only Ghana’s journey; many countries are now asserting sovereignty over their resources.”
President Mahama cited Botswana as a successful model in resource governance, highlighting its approach to diamond exports.
“In Botswana, it is a crime to export a single diamond without state approval. Together with its foreign partners, Botswana exports diamonds on the international market—and the revenues flow directly back to the country,” he said.
He contrasted this with Ghana’s historical experience, stating that Ghana has yet to realize such direct national benefit from its gold and other minerals.
To change that, he announced the government’s intention to collaborate with capable Ghanaian companies that have the equipment, capital, and expertise to run modern, world-class mining operations.
“We will support and collaborate with Ghanaian firms to develop first-class mines and bring about sustainable economic growth,” the President said.
