Beyond the seven percent: Unleashing Ghana’s gold potential for sustainable development

By: Joseph Bagah, Senior Asst. Registrar, S.D. Dombo University of Business and Integrated Dev Studies, Wa.

Ghana’s gold industry has long been a source of wealth and prosperity, but a recent comment by Dormaahene has sparked outrage and raised important questions about the country’s benefit from its natural resources.

He asked, ‘How can you get only 7 percent of gold proceeds in this civilized world?’, slamming politicians, government officials, traditional leaders, and constitution drafters, for failing to ensure that the country benefits fairly from its gold resources.

It is indeed puzzling that a country rich in gold, with an industry worth billions of dollars, can only retain a mere 7 percent of the proceeds. Meanwhile, Western countries are reaping the benefits, crafting golden cars and trains, while Ghana remains stuck in a cycle of poverty and underdevelopment. As the saying goes, ‘A nation that does not control its resources is a nation that does not control its destiny.’

The time has come for Ghana to take a hard look at its gold industry and ensure that the benefits are shared equitably. We must learn from the wisdom of our ancestors, who knew that ‘a river that does not flow is a river that is dead.’ Ghana’s gold industry must flow for the benefit of all Ghanaians, not just a selected few.

We must demand more from our leaders and work towards a future, where our natural resources are used to build a prosperous and sustainable nation for the next generations. The lack of transparency and accountability in the gold industry is staggering.

It is alleged that contracts are signed in secret and the terms are never disclosed to the public. 

The gold industry is said to be a private sector matter and that the government has no control. This is false. The government has the power to regulate the industry and ensure that Ghana benefits fairly and profitably.

 The Nana Akufo-Addo-led government’s ‘One Village, One Dam’ policy is a well-intentioned initiative, but it is a drop in the bucket compared to the billions of dollars flowing out of our gold industry. There is a need for sustainable development, not symbolic gestures, that only serve to line the pockets of some unscrupulous officials.

The gold benefits could have been used for projects and enhance agriculture, providing a lasting impact on the lives of Ghanaians. Instead, the country is left with a dam that is more like a drop in the ocean. Many have asked whether the ‘One Village, One Dam’ projects achieved their intended purposes. Have they brought about the promised economic growth and development to the rural communities they were intended to serve? Or are they just other examples of white elephant projects that benefit only a few?

Let us hope our leaders will eventually realize that our natural resources are a blessing, not a curse, and that they must be used judiciously, to build a prosperous and sustainable nation for generations to come. It is time Ghanaians rise and demand a fair share of their natural resources. Foreign companies must not be allowed to continue plundering our gold, while we remain in abject poverty, in some cases.

We must demand transparency and accountability in the gold industry and must ensure that the benefits are shared equitably.  The government must take responsibility for regulating the gold industry and ensuring that Ghana benefits. We cannot continue to rely on foreign companies to develop our country, while poverty Persists. Can we boldly say Ghana’s Gold industry has rather brought us poverty, corruption, and underdevelopment? 

It can also be a blessing if we demand more from our leaders and work towards a future if we take charge of our natural resources. The choice is ours. One wonders what Ghana’s future is going to be and what it holds. Are we going to continue to let foreign companies suck us dry, going to take control of our natural resources, and build a better future for ourselves? The time has come for us to demand more and it is now. Therefore, our leaders must tell us of the point in having a gold industry, that is not going to benefit all the people, but a few.  

Going forward, things should change for the good of all citizens. Let us make Ghana great again, not just for the wealthy few, but for all Ghanaians. Ghanaians deserve better. This is because the gold industry has the potential to be a game-changer for Ghana, and we need to take control of it and ensure that the benefits are shared equitably. Therefore, Ghana ought to take responsibility for its natural resources.

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