President John Dramani Mahama has issued a clarion call for Ghanaians to take full ownership of the country’s rich gold mining industry, emphasising that the time is ripe for Ghana to fully benefit from its abundant natural resources.

He made this remark less than 24 hours after his brother, Ibrahim Mahama, acquired the Black Volta Gold Project, a gold mine, using his Engineers & Planners (E&P) firm.

The ECOWAS Bank for Investment and Development (EBID) provided the $100 million financing needed for the deal, placing Mr Mahama among the few elites to own a gold mine.

READ ALSO: $100m legal war erupts between E&P and Azumah Resources

Speaking at the inauguration of the Gold Board task force entrusted to deal with illegal gold trading, President Mahama acknowledged Ghana’s wealth of natural resources but highlighted the historic challenges that have prevented the nation from harnessing this wealth for the benefit of its people.

President Mahama underscored Ghana’s commitment to making its people the primary beneficiaries of its natural wealth.

“We are discovering new minerals, and Ghanaians must be the first beneficiaries of these blessings,” he declared. “Gold is just one example.”

He made a bold declaration: “The time has come for Ghanaians to own gold mines—to produce gold for export and ensure that the wealth generated benefits the nation directly.”

“For centuries, Ghana has been blessed bountifully with natural resources,” he said, “but we lacked the human capital, the financial resources, and the technology needed to develop them effectively.”

He referred to this historic exploitation as the “Guggisberg system”, explaining that “foreign companies equipped with capital, technology, and expertise controlled mining operations for decades, with very little coming back to the state.”

“If we are to create lasting prosperity for our people, then Ghana must take greater control over its natural resources,” President Mahama stressed. “This is not only Ghana’s journey; many countries are now asserting sovereignty over their resources.”

The President pointed to Botswana as a shining example of effective resource management.

“In Botswana, it is a crime to export a single diamond without state approval.

Together with its foreign partners, Botswana exports diamonds on the international market—and the revenues flow directly back to the country,” he noted.

“This has not been the case with Ghana’s gold or other mineral resources,” he lamented. “But that is about to change.”

To realise this vision, the government will work closely with Ghanaian companies that possess the necessary equipment, technology, and capital to establish world-class gold mining operations.

“We will support and collaborate with Ghanaian firms to develop first-class mines and bring about sustainable economic growth,” President Mahama affirmed.