“Mines Do Not Build Nations By Accident” – Goldbod CEO Sammy Gyamfi

Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board (GoldBod), has urged African countries to take greater ownership of their mineral resources and invest in local processing to achieve sustainable economic development.

According to a report by TV3 Ghana on October 20, 2026, Gyamfi made the appeal while discussing the importance of natural resources in transforming African economies. He argued that possessing abundant mineral deposits was not enough to guarantee prosperity unless countries developed the capacity to manage and process those resources locally.

“Mines do not build nations by accident,” he said. “If we want a new story for Africa, we must own more, refine more, process more, fabricate more and retain more.”

His remarks highlight concerns about Africa’s continued reliance on exporting raw materials while other countries benefit from refining, manufacturing and selling finished products. Despite the continent’s significant deposits of gold, cobalt, bauxite, manganese, lithium and other valuable minerals, much of the economic value generated from these resources is realised outside Africa.

Gyamfi believes African nations must change this pattern by strengthening their participation across the entire mineral value chain. His proposed approach focuses on five key areas: ownership, refining, processing, fabrication and retention.

Greater ownership would enable African countries to exercise more control over their resources, while investment in refining and processing could reduce dependence on foreign facilities. Fabrication would support the production of finished goods, and retaining more value locally would help ensure that mineral wealth contributes directly to national development.

Experts have argued that such measures could stimulate industrialisation, create skilled jobs, encourage technology transfer and increase export earnings. Developing local industries could also help African economies become less vulnerable to fluctuations in international commodity prices.

The comments come as Ghana pursues reforms in its gold sector to improve transparency and increase the benefits citizens receive from the country’s mineral resources.

Gyamfi’s message reinforces the need for strategic investment, effective policies and stronger local industries to convert Africa’s natural wealth into long-term economic progress.

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