Ghana cannot exploit mineral wealth alone without foreign investment — Ken Ashigbey

The Chief Executive Officer of the Ghana Chamber of Mines, Ken Ashigbey, has stressed that Ghana cannot rely solely on local capacity to fully exploit its vast mineral resources, insisting that foreign investment remains critical to unlocking the full potential of the country’s extractive sector.

According to Mr Ashigbey, the scale of Ghana’s mineral wealth is far beyond what domestic investors and institutions alone can effectively develop, making international partnerships and external capital indispensable.

Speaking during a high-level policy dialogue in Accra on Tuesday, May 26, Mr Ashigbey said Ghana possesses enormous underground mineral reserves, particularly gold deposits spread across six major gold belts.

“The thing we should bear in mind is that, beyond the things we are mining, there are six gold belts, the six trillions of ounces of gold that are sitting there and we as Ghanaians alone will not be able to do it; we still need to be able to attract some investors to come and do it,” he stated.

He argued that Ghana requires a strategic balance between increasing local participation in mining and attracting international financing, expertise, and technology needed to develop the sector sustainably.

Mr Ashigbey made the remarks during a policy forum titled “To Nationalise or Transform? Rethinking Ghana’s Approach to Mining, Oil and Critical Minerals,” organised by JoyNews.

The event brought together policymakers, academics, industry leaders, and governance experts to discuss Ghana’s extractive sector model amid growing debate over resource nationalism and the future management of the country’s natural resources.

Discussions focused on whether Ghana should pursue full nationalisation of its extractive industries or adopt hybrid models that combine state participation, local ownership, and foreign investment.

Ghana has been one of Africa’s leading gold producers for more than a century and also holds substantial deposits of bauxite, manganese, and other minerals.

The country further expanded its extractive economy after commercial crude oil production began at the Jubilee Field in December 2010.

Attention is now increasingly shifting toward lithium and other critical minerals as global demand rises for resources used in electric vehicle batteries, renewable energy technologies, and the broader global energy transition.

Industry analysts say Ghana is positioning itself to benefit from the growing international demand for battery-related minerals and green energy resources.

Mr Ashigbey’s comments reflect the broader policy tension between protecting national resource sovereignty and recognising the practical realities of developing capital-intensive industries.

Mining experts note that large-scale mining projects require significant financial investment, advanced technology, specialised expertise, and long-term infrastructure development, areas where international partnerships often play a major role.

Advocates of increased local participation argue that Ghana must secure greater value retention, employment opportunities, and local ownership within the mining sector.

However, supporters of foreign investment maintain that international mining companies remain essential for scaling production, transferring technology, and financing major extraction projects.

Analysts say Ghana’s long-term success in the mining and critical minerals sector will depend on creating policies that balance investor confidence with stronger local participation and national benefit.

The debate is expected to intensify as Ghana seeks to expand exploration activities and position itself competitively within the evolving global minerals and energy markets.