A mineral economist at the Minerals Commission, Mr. Wisdom Puplampu, is calling for a hybrid financing model for Ghana’s mining industry, arguing that it is the most practical way to strengthen local participation and support indigenous mining companies.

According to him, Ghana’s local content regulations already allow mining firms to raise capital through stock exchange listings. However, he noted that the capital market alone cannot provide the financing required for large-scale mining operations.

“The stock exchange cannot give us the required capital we need to operate. So we need a hybrid approach,” he stated.

Mr. Puplampu made the remarks during a JoyBusiness Roundtable discussion on rethinking Ghana’s approach to gold mining, oil and critical minerals on Tuesday, May 26.

He explained that the proposed model should combine equity financing from the Ghana Stock Exchange with debt financing from banks to create sustainable funding avenues for local mining firms.

“We also need to take steps so that our banks can see opportunities in the industry. The banks are coming in with the debt, while we raise equity from the stock exchange,” he said.

Mr. Puplampu further called on the National Pensions Regulatory Authority to consider relaxing investment rules to allow portions of pension funds to be invested in the equity market.

According to him, pension funds represent “patient capital” that can support long-term investments and help indigenous firms expand operations within the mining sector.

“The National Pensions Regulatory Authority should try to relax the rules so that we can move some part of our pension fund, which is patient capital, and deploy that into the equity market so that they can participate in the operations,” he explained.

He expressed confidence that adopting the hybrid financing structure would significantly improve local participation in the mining industry.

“And if we adopt the hybrid approach, we’ll be able to make some significant impact,” he added.

Beyond financing, Mr. Puvlampu stressed the importance of attracting foreign direct investment into the sector, noting that partnerships between local firms and foreign investors remain essential for sustainable growth.