Mining Act Review: Fight For 50% Stake In Mines Rather Than Royalties- Otumfuo to Nananom
The King of the Asante Kingdom, Otumfuo Osei Tutu II, believes there is a bigger cause for traditional leaders to set eyes on rather than settling for the pittance from royalties.
To the Monarch, fighting for a stake in mines leased out is the bigger fish worth all efforts.
“Why can’t you be a 50% shareholder in mines leased to foreign investors rather than fighting for royalties…This will guarantee a brighter future for the next generation.”
Otumfuo believes it’s high time Ghana took interest in leasing mines to citizens and have foreigners as partners so that the proceeds are retained in the country.
“When the foreigners come in for the mine, they enlist it on the stock exchange, that is, they float some shares to get money to purchase machinery. 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 of 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 it 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, when some traditional leaders demanded the implementation of royalties payment by small-scale miners during the Ashanti Regional House of Chiefs’ meeting with the Ministry of Lands and Natural Resources during 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/
