The Asantehene, Otumfuo Osei Tutu II, has called on the government to give Ghanaian-owned companies first preference in the allocation of mining concessions, before inviting foreign partnerships.
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Speaking during a meeting with the Ministry of Lands and Natural Resources and the Minerals Commission in Kumasi, Otumfuo stressed that empowering local investors in the mining sector would help retain wealth within the country and support the cedi.
“Prioritise Ghanaians first. If they later choose to partner with foreigners, that’s their decision. This approach strengthens the local economy,” the Asantehene stated.
Strengthening the Local Economy
Otumfuo advocated for a system that allows Ghanaian concessionaires to list on the stock exchange to raise capital and invest in mining operations locally.
He noted that such a move would not only boost local investment but also provide young Ghanaians the opportunity to benefit from equity markets.
Clarifies Legal Framework
He clarified that while chiefs are custodians of land, minerals remain vested in the state, as per the Minerals and Mining Act, 2006 (Act 703). Any changes to this arrangement, he said, must go through constitutional review processes.
“The Minerals Commission is simply acting within the law. To make any changes, we must engage the Constitutional Review Committee,” Otumfuo emphasized.
The Asantehene’s remarks came as part of discussions around proposed amendments to Ghana’s mining legislation, with the aim of enhancing governance and giving traditional authorities a stronger role in mining decisions.
