Ghanaian Prince Calls for Local Control of Mining: "Finance Our Projects"

Ghanaian Mining Executive Advocates for Local Ownership, Emphasizing the Need for Internal Financing Kumasi, Ghana – Oheneba Kwaku Duah, Managing Director of the Ashanti Goldfields Initiative (AGI) and Prince of the Ashanti Kingdom, recently highlighted the crucial role of local ownership in African mining. In an interview, Duah stressed that "unless we're financing our projects, we will never be able to maximize local ownership." He believes that Africa's mining sector needs to shift its reliance from foreign investment to internal capital generation. Duah's argument is based on the practical challenges of securing equitable partnerships with foreign entities. He points out the difficulties in negotiating fair terms and achieving a truly balanced distribution of profits. Instead, he champions a strategy focused on robust feasibility studies to attract local investors. "Once you have a strong feasibility study," he explains, "it's very easy to go out to capital markets and raise financing from banks and financial institutions." His vision extends beyond individual projects, emphasizing the importance of supporting local mining through cooperatives and other collective initiatives. This approach, he argues, not only promotes economic empowerment but also strengthens the resilience of the mining sector. Duah's call for local financing and strategic planning offers a promising pathway for African countries to take greater control over their valuable natural resources.