Banking consultant Dr. Richmond Atuahene is calling on the government to urgently renegotiate Ghana’s mining contracts, arguing that the current agreements overwhelmingly benefit foreign entities at the expense of the nation’s development.
Speaking at a public forum, Dr. Atuahene revealed that “Between 2014 to 2023, we extracted $50.2 billion worth of gold. It will shock you to hear that it was only $6.7 billion that entered into the Bank of Ghana’s account. In which country can this thing happen?”
He lamented on the imbalance in the country’s mining revenue arrangements and urged policymakers to adopt a more assertive approach, similar to what has been implemented in Botswana.
“Botswana used to have the same mining problems. In 2020, they told Anglo-American DBS, ‘you add up your game to 40% or pack and leave.’ Today, they are doing 40-60, and by 2030, it will be 50-50,” he stated.
Dr. Atuahene also questioned Ghana’s continued dependence on foreign investors while neglecting the local private sector.
“We pamper the foreign investors who repatriate all profits, instead of supporting the private sector that will grow our economy,” he said.
He warned that unless corruption, inflation, and currency instability are addressed, the business environment will continue to deteriorate.
“You create a business environment lower inflation, stable currency, cut the red tape, and reduce corruption to the barest minimum,” he emphasized.
Condemning what he described as entrenched corruption, he highlighted that “It is only in this country that corruption has become a big-time business… everybody is corrupt, and nobody is controlling anybody.”
Dr. Atuahene concluded that tackling these issues and rethinking mining agreements are essential if Ghana is to realize a truly inclusive and sustainable economic transformation.
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Source: Comfort Sweety Hayford/ATLFMNEWS
