Asantehene Otumfuo Osei Tutu II has called for the establishment of large African-owned mining companies to ensure the continent retains a greater share of the wealth generated from its mineral resources. Delivering a speech on his behalf at the Mining in Motion Conference, Essumejahene Nana Okyere Kusi Ntrama said Africa must build indigenous mining firms capable of competing with established international players instead of allowing much of the value derived from its natural resources to be created outside the continent.
He stressed the need for a new industry-wide consensus to address longstanding challenges and ensure that mineral wealth delivers greater economic benefits to resource-producing countries. Drawing parallels with prominent business figures and major mining interests, the Asantehene urged African entrepreneurs to establish successful companies that would keep more of the continent’s mineral wealth within its borders.
“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 further called for a national consensus on Ghana’s mineral policy, urging stakeholders to insulate it from partisan politics and ensure that successive governments remain committed to expanding local value addition. The Asantehene cautioned that efforts to reform the sector could encounter opposition from beneficiaries of the existing system, as well as international players seeking access to Africa’s critical minerals for emerging industries.
He emphasised, however, that initiatives aimed at retaining more mineral wealth locally must produce tangible benefits for Ghanaians and other African communities while preserving efficiency, production standards, effective management and safety across the mining industry.
