Speaking at the Global Mining Summit in Accra on Monday [June 2, 2025], the President Mahama argued that Ghana’s current approach to mineral extraction benefits foreign economies far more than it helps its citizens.
He noted that minerals are exported in raw form and later imported as finished goods at a much higher cost. “We must move beyond extraction to transformation,” Mr Mahama said. “Refining our gold, producing jewellery, converting lithium into battery components, and processing bauxite into alumina and aluminium is the path to a resilient and diversified economy.”
Ghana remains Africa’s leading gold producer and holds commercially viable deposits of lithium, iron ore and bauxite. Despite this wealth, Mr Mahama pointed out that these resources have not resulted in broad-based economic improvements for most Ghanaians. He attributed the issue to years of external dominance in the sector and limited local industrial development. He explained that government policy now seeks to link the mining sector more closely with manufacturing, energy and logistics, backed by research institutions and skills training.
