Large-scale mining companies that are members of the Ghana Chamber of Mines (GCM) have spent about $25.2 billion in the country over the past decade, underscoring the continuous relevance of the sector to the economy.
The amount was spent in the country between 2014 and 2024 to support local procurement, operational activities, employment, infrastructure development and the provision of goods and services within the mining value chain.
Also, the sector retained more than 70 per cent of the value generated from mining activities within the Ghanaian economy, with about $5 billion out of the sector’s $7.05 billion revenue in 2024 remaining in the country through royalties, salaries, taxes and foreign exchange repatriation.
The Chief Executive Officer (CEO) of the Ghana Chamber of Mines, Kenneth Ashigbey, in an interview at the Graphic Digital Studio in Accra last Wednesday, said the expenditure demonstrated the mining sector’s potential to drive industrialisation and create sustainable economic opportunities for local businesses and communities.
Context
Mining has long remained one of the key pillars of Ghana’s economy, contributing significantly to export earnings, employment creation, government revenue and infrastructure development.
However, beyond mineral extraction lies a broader national opportunity to leverage the sector as a catalyst for industrialisation, enterprise growth and economic transformation.
As the country seeks to build a more resilient and diversified economy, issues relating to value retention, local content and domestic participation within the mining value chain have become increasingly important.
It was against this backdrop that the CEO of the Ghana Chamber of Mines was hosted at the Graphic Digital Studio to discuss practical ways of using the mining sector to drive inclusive growth and industrial development.
Local production
Mr Ashigbey explained that the chamber was advocating the use of mining as a catalyst for industrialisation by encouraging local production in the supply of goods and services required within the mining value chain.
He cited activated carbon, grinding media and engineering support services as some of the areas where Ghanaian companies could establish industries to deliver supplies to mining firms, while creating jobs and retaining more value within the economy.
The CEO of the Chamber of Mines stated that the mining sector’s demand for inputs and services could help stimulate the growth of local manufacturing and reduce the country’s dependence on imports.
He stressed the need for deliberate policies, standards and capacity-building programmes to enable local companies to compete effectively and meet international mining industry standards.
“We should not only focus on extracting minerals, but also on building industries and creating economic value that will outlive the mining activities themselves,” he said.
Local content
Mr Ashigbey stated that strengthening local content participation within the mining industry was critical to ensuring that more Ghanaian businesses benefited from the sector’s growth.
He explained that the chamber, in collaboration with the Minerals Commission and industry stakeholders, had developed standards for products such as grinding media, a steel ball used in processing gold ore, to help local manufacturers to meet internationally accepted benchmarks.
Mr Ashigbey said some mining companies had already supported the growth of local contractors and service providers by offering training and business opportunities within mining communities.
He stressed that the expansion of local supply chains within the mining sector would not only reduce import costs but also increase employment opportunities and improve the competitiveness of Ghanaian industries.
“If we are deliberate about building local capacity and supporting Ghanaian businesses, mining can become a major catalyst for industrial growth, job creation and long-term economic transformation,” he said.
Industrialisation drive
Mr Ashigbey stated that the chamber was encouraging the establishment of industries capable of supplying mining inputs locally instead of relying heavily on imports.
He explained that products such as activated carbon, widely used in gold processing, presented significant opportunities for local manufacturing and export expansion.
The mining industry alone generated an estimated $40 million demand for activated carbon, a development that could support the growth of coconut and palm plantations which served as the sources of raw material.
Mr Ashigbey stressed that developing industries around mining inputs would create sustainable jobs and economic opportunities that could continue even after mineral resources had been exhausted.
“We must use the demand created by the mining sector to build industries that will retain more value in Ghana and strengthen the country’s industrial base,” he said.
Support for local businesses
The CEO of the Chamber of Mines stated that deliberate efforts were needed to build the capacity of local companies to enable them to compete effectively within the mining value chain.
Mr Ashigbey explained that quality, safety and international standards remained critical requirements for companies seeking to supply goods and services to mining firms.
He said the chamber had continued to work with stakeholders to provide training opportunities and develop standards that would improve the competitiveness of Ghanaian businesses.
Collaboration among local contractors and small businesses would also help them build the capacity and scale needed to meet the demands of the mining industry, Mr Ashigbey added.
“We need to intentionally support Ghanaian businesses so that they can take advantage of the opportunities within the mining sector and contribute meaningfully to national development,” he said.
