Asantehene Otumfuo Osei Tutu II has called for the creation of major African-owned mining companies to ensure the continent retains more wealth from its mineral resources.
Delivering an address on his behalf at the Mining in Motion Conference, Essumejahene Nana Okyere Kusi Ntrama said Africa must develop indigenous mining companies capable of competing with established global players rather than allowing much of the value from its natural resources to be generated outside the continent.
He said the continent needed a new industry consensus to address past shortcomings and ensure that mining wealth translated into greater benefits for resource-producing countries.
Drawing comparisons with wealthy business figures and major mining interests, the Asantehene called for more African entrepreneurs to build companies capable of retaining mineral wealth on the continent.
“Just as in the Emirates, in the Middle East, right ahead in oil billionaires of the world, so some of the sons of Africa will also be created. The Oppenheimers, the De Beers, the Patrice Motsepes, the Ibrahim Mahamas, should be created in Africa. So we keep the value here in Africa,” he said.
He also called for national consensus on Ghana’s mineral policy, urging stakeholders to keep it above partisan politics and ensure successive governments sustain efforts to expand local value addition.
He warned that the reforms could face resistance from interests that have benefited from the existing system, as well as international players seeking Africa’s critical minerals for emerging industries.
He stressed that efforts to retain more mineral wealth locally must deliver tangible benefits to Ghanaians and other African communities without undermining efficiency, production, effective management and safety in the mining industry.
