Mining consultant and policy analyst, Ing Wisdom Edem Gomashie
A mining consultant and policy analyst, Ing Wisdom Edem Gomashie, has raised concerns over Ghana’s low returns from the export of its mineral resources, despite decades of large-scale mining activities across the country.
Speaking at a roundtable discussion organised by the Institute of Economic Affairs (IEA) on “The Ideal Mining and Mineral Rights for Effective Natural Resources Management in Ghana,” on Tuesday, October 7, 2025, Ing Gomashie stated that between 1990 and 2019, Ghana exported minerals worth about US$65.6 billion, but earned only about 10%, equivalent to US$6.5 billion from royalties, corporate taxes, PAYE, and dividends.
He warned that at the current rate of production and gold prices, multinational mining firms operating in Ghana could walk away with over US$5 billion in after-tax profits in 2025 alone.
“This year, for all things being equal, if the year comes to an end with the current gold price… more national mining companies in this country are going to walk away with over $5 billion after tax. They deserve it; it isn’t their fault. It’s our laws and systems,” he stated.
Wisdom Gomashie argued further that Ghana cannot expect to benefit more from its mineral wealth without making significant investments in exploration, mining finance, and geological data.
He pointed out that while the country takes pride in owning its minerals, the ability to extract them is dependent on heavy upfront capital and risk-taking, areas dominated by foreign multinationals.
“There is a difference between the mineral being in the ground… and how the mineral leaves the ground. It’s all about cost. That is one. Are we ready as a country?
“We often admire Chile and Botswana, but are we ready as a country to commit the funds required to actively participate in mining?” he asked.
Calls for Policy and Legal Reforms
Ing Wisdom Gomashie also made several key recommendations to ensure fairer value retention and stronger local participation in Ghana’s mining sector.
They include:
1. Establish a National Exploration and Bankable Data Fund under the Ghana Geological Survey Authority (GGSA) to generate detailed geological data that meets international standards such as JORC, NI 43-101, or SAMREC.
2. Adopt a Bankable-Auction Model for transparent and competitive mineral rights allocation, in line with Regulation 258 of the Minerals & Mining (Licensing) Regulations 2012 (L.I. 2176).
3. Develop Strong Industrial Linkages between the mining sector, trade policy, and manufacturing to ensure genuine local content and procurement.
4. Ensure Direct State and Indigenous Participation through equity investments, partnerships, and joint ventures, backed by real financial commitment from the government.
5. Introduce Stabilization Clauses that protect indigenous mining ventures from political interference and concession revocations during government transitions.
Include stability clauses to shield indigenous miners – Gomashie
“Local Procurement Figures Don’t Reflect Reality”
Citing Ghana Chamber of Mines data, Gomashie noted that reported local procurement increased from US$2.5 billion in 2023 to US$2.9 billion in 2024, yet the country’s economic conditions and manufacturing base do not reflect such inflows.
“Ghana doesn’t look like a country where that money was actually spent here. If it were, we wouldn’t have gone to the IMF,” he remarked, suggesting that much of what is termed ‘local procurement’ still involves imports.
He concluded by warning that unless Ghana addresses these structural weaknesses, from exploration financing to industrial linkages, policy reviews alone will not yield the desired transformation.
“We can review laws and policies repeatedly, but if these fundamentals remain unattended to, we’ll keep returning to ground zero,” he cautioned.
The event, chaired by Justice Sophia Akuffo, former Chief Justice of Ghana, and featuring Prof Kofi Abotsi as guest speaker, also had in attendance Prof Mike Oquaye, Alexander Kwamena Afenyo-Markin, and representatives from key regulatory bodies and the Ghana Chamber of Mines.
ID/AE
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