President Mahama unveils plan for local control of natural resources

President John Dramani Mahama has announced that the government will, in the coming months, develop a comprehensive indigenous framework for managing Ghana’s natural resources.

This major policy shift follows a recent standoff involving Goldfields Ghana Limited, which had operated the Damang mine for nearly three decades.

The dispute stemmed from the mining company’s failure to meet key obligations under its lease agreement a development that triggered government intervention.

Speaking at the opening of Executive Leadership Retreat on Thursday, President Mahama stated that Ghana has both the expertise and capacity to take charge of its own resources and must move away from excessive reliance on foreign entities.

“In the next few months, we will develop a policy on indigenous participation in our natural resources exploitation.

We are not going to expropriate anybody’s lease or something, but if any renewal comes to us, we would want to negotiate and ensure that there is more Ghanaian participation so that we can also raise the resources to bring prosperity to our people,” he said.

The move comes after the Minerals Commission confirmed that Goldfields had not fulfilled critical aspects of its lease obligations at the Damang mine.

Although tensions initially rose, a temporary compromise was reached between the government and the company.

Under the new arrangement, the Damang mine will be co-managed for one year, pending ratification by Parliament.

He underscored his administration’s renewed commitment to boosting local content and empowering Ghanaian stakeholders in the natural resources sector.