Mining Act Review: Asantehene’s Foresighted Proposal On How Ghanaians Can Own Mines and Have Foreigners as Partners

The Monarch of the Asante Kingdom, Otumfuo Osei Tutu II, has tailored a proposal to change the narrative of foreign dominance in the country’s mining sector.

Speaking at a meeting of the Ashanti Regional House of Chiefs, the Asantehene put forth an innovative model for Ghanaians to own mines and have foreigners as partners.

Otumfuo believes it’s high time Ghana took interest in leasing mines to citizens and have foreigners as partners so as to retain the proceeds in the country.

This, His Majesty said, could be accomplished through the same formula used by foreign investors: getting a mine and listing it on the stock exchange for partners.

By floating share, Otumfuo noted that the needed revenue could be obtained to commence the extraction.

“When the foreigners come in for the mine, they enlist it on the stock exchange, that is, they float some shares to get money which they use to buy the machinery for the mining.”

“What stops us from doing same here? Can’t our youth form a company, get a mine and enlist to get foreign investors as partners? We have Civil engineers being churned out by our various universities. Can’t their knowledge be leveraged to do this?”

“The Western Region and the Western-North regions all have mines. Can’t they come together, establish a company and get the money through floatation to undertake mining?”

Otumfuo cited Johannesburg, South Africa, as an ideal example of how gold mined by local companies could spur development.

The Asantehene further identified the role of the government could play to facilitate this.

“We need the Ghana Geological Authority to undertake mineral exploration, map out and document same for prospective miners.”

Otumfuo believes these are some of the pertinent issues the proposed amendments to the Minerals and Mining Act, 2006 (Act 703) must raise and feature.

His Majesty said this on July 18, 2025, during the House of Chiefs’ meeting with the Ministry of Lands and Natural Resources as part of consultation over the 2014-Mining Policy and proposed amendments to the Minerals and Mining Act, 2006 (Act 703).

The proposed amendments features categorising mining into medium-scale and large-scale to empower Ghanaians to venture into large-scale mining; Introducing transitional provisions to enable mining companies to transfer their operations to Ghanaians; and Implementing a cooperative mining scheme to empower local communities.

Source: https://opemsuo.com/author/hajara-fuseini/