Ghanaian participation in extractive sector must increase - Dr Boateng

Dr. Frank Boateng is calling for increased Ghanaian participation in the country's extractive sector, arguing that broader local ownership is critical to ensuring that more citizens and mining communities benefit from Ghana's natural resources. He stated on Tuesday, May 26, "I still stand by my point where I feel that Ghanaian participation needs to increase."

Dr. Boateng explained on JoyNews that increasing local ownership would not only improve national benefits from the extractive sector but also strengthen Ghana's influence in major operational and strategic decisions within mining companies. He suggested the government could explore converting portions of taxes owed by mining firms into equity stakes to increase Ghana's shareholding beyond the constitutionally mandated 10% free carried interest. He questioned, "Can we even defer some of our taxes to increase our equities in some of these mines, so that it pushes our ownership beyond the free carry of 10%?"

Dr. Boateng proposed that mining lease renewal negotiations should be used as opportunities to secure greater Ghanaian participation in mining operations. He cautioned against concentrating ownership solely in the hands of government or political actors. He identified the artisanal and small-scale mining sector as a major opportunity for increasing Ghanaian ownership in the extractive industry and referenced the Minerals Income Investment Fund's Small-Scale Incubation Project.