African resources are waiting for African ownership, not discovery – GoldBod CEO

The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has called for a fundamental shift in Africa’s approach to managing its natural resources, urging governments and stakeholders to prioritise African ownership, value addition and long-term economic transformation.

Speaking at the Africa Rising Symposium organised by EMY Africa in London, Mr. Gyamfi said Africa must move beyond simply extracting and exporting raw materials and instead focus on ensuring that the continent derives maximum value from its abundant natural resources.

Addressing participants on the theme, “The Growing Relationship Between Africa and Its Global Diaspora and Why This Movement Matters,” the GoldBod CEO stressed that Africa’s future prosperity depends on retaining greater control over its strategic resources while creating opportunities for industrialisation and sustainable development.

Mr. Gyamfi argued that the conversation surrounding Africa’s development should no longer centre on discovering the continent’s wealth but on ensuring Africans become the principal beneficiaries of that wealth.

According to him, natural resources should serve as a catalyst for economic transformation by supporting local industries, creating jobs and expanding value-added production rather than remaining largely dependent on raw exports.

He said stronger African ownership of strategic sectors would position the continent to build resilient economies capable of generating sustainable growth for future generations.

A major focus of Mr. Gyamfi’s address was the important role of Africans living abroad in driving the continent’s development.

While acknowledging the enormous contribution of remittances to households across Africa, he encouraged members of the diaspora to shift towards long-term investments capable of transforming national economies.

He described the African diaspora as one of the continent’s greatest assets, possessing not only financial resources but also valuable expertise, technology, innovation and international networks that can accelerate economic growth.

“Remittances are lifelines, but investments build self-sustaining engines. Remittances help households survive, but investments help economies transform,” Mr. Gyamfi said.

He urged diaspora investors to channel capital into productive sectors such as:

• Manufacturing
• Agribusiness
• Technology
• Healthcare
• Infrastructure
• Green energy
• Value-added industries

According to him, increased investment in these sectors would generate employment opportunities, stimulate industrial growth and strengthen Africa’s competitiveness in the global economy.

Mr. Gyamfi also challenged African governments to implement policies that encourage both local and foreign investment.

He said investors require stable and predictable policy environments backed by transparent institutions, effective legal systems and strong protection of contractual agreements.

Creating such an environment, he noted, would help unlock greater private sector participation while strengthening confidence among investors from the African diaspora and beyond.

He further emphasised that partnerships with international investors should be mutually beneficial and structured to ensure Africa derives lasting economic value from its resources.

Mr. Gyamfi commended President John Dramani Mahama for implementing policies aimed at increasing Ghanaian participation in strategic sectors of the economy and advancing the government's broader economic reset agenda.

He highlighted several initiatives being pursued under his leadership at GoldBod to strengthen Ghana’s gold industry, including:

• Formalising the gold trading sector.
• Improving traceability across the gold supply chain.
• Combating illegal gold smuggling.
• Increasing foreign exchange mobilisation.
• Supporting the accumulation of gold reserves by the Bank of Ghana.

According to him, these reforms are intended to maximise the economic benefits Ghana derives from its mineral wealth while promoting transparency and strengthening macroeconomic stability.

Concluding his address, Mr. Gyamfi encouraged Africans on the continent and across the diaspora to work together to build stronger economies anchored on innovation, investment and responsible resource management.

He maintained that Africa possesses all the ingredients required for sustained development and called for a united effort to ensure the continent's natural wealth benefits its own people.

“Fellow Africans, Africa is rising. Let Africans rise with her.”