Dr. Kwasi Ampofo, Head of Mining and Metals at Bloomberg NEF in London, has called for a comprehensive overhaul of the nation’s mining policies to balance the interests of businesses, the government, local communities and the environment.
Speaking at the 12th ‘ALUMaT Lecture’ to mark 20 years of the University of Mines and Technology (UMaT), Dr. Ampofo presented a 10-point plan for responsible mining during his lecture on ‘Unlocking Ghana’s Full Mineral Potential’.
Dr. Ampofo, an alumnus of UMaT, outlined the evolution of Ghana’s mining framework since independence in 1957.
He said key legislation, including the Minerals Act of 1962, the Mining Operations Decree of 1972, the Minerals and Mining Law of 1986 and the Minerals and Mining Act of 2006, shaped the sector but failed to adequately balance economic growth with environmental and social responsibility.
“The 1962 Act placed mineral ownership in the hands of the state, but the excessive government control displaced private investors and led to job losses, with little attention to environmental and social impacts,” he explained.
The 1972 Decree increased state ownership of foreign mining companies to raise revenue but, according to Dr. Ampofo, stifled business growth and failed to ensure sufficient benefits for the public. He noted that environmental considerations were still absent.
By the 1980s, the 1986 law encouraged foreign investment and established the Environmental Protection Agency (EPA), marking the first steps toward environmental oversight. The 2006 Act later introduced transparency initiatives and local content requirements, but left gaps in community welfare and environmental protection.
Dr. Ampofo emphasised the need for policies that treat all key stakeholders—business, government, people and the environment—equitably. “Good public policy must allow businesses to thrive while ensuring communities and governments benefit,” he said, urging a shift from the historical focus on state control and corporate interests.
On financing, he advocated for venture capital and alternative funding models to support young entrepreneurs in the sector. Drawing inspiration from Australia, he suggested preparing small-scale miners for stock market participation through improved regulatory frameworks and risk management practices.
Dr. Ampofo also stressed the importance of building critical infrastructure—such as roads, railways, power and ports—to reduce operational costs and increase efficiency.
“A comprehensive infrastructure plan will not only support mining operations, but also accelerate Ghana’s industrialisation efforts,” he said.
To develop the next generation of mining professionals, Dr. Ampofo called for structured training programmes that bridge the gap between education and industry.
He also proposed exploration incentives, including tax rebates and government-backed grants for companies investing in strategic minerals.
“Sharing exploration risks with the private sector will attract new investments and help Ghana discover and develop mineral deposits,” he explained.
Dr. Ampofo encouraged the government to promote local manufacturing and processing industries that can add value to raw minerals. “By promoting downstream industries, Ghana can create jobs, strengthen its global value chain position and diversify its economy,” he noted.
He also urged more investment in research and development, recommending the creation of Research and Development (R&D) hubs that link universities with industry to drive innovation.
Environmental protection is a critical element of Dr. Ampofo’s plan. He called for stricter environmental standards, the adoption of modern technologies and stronger land reclamation policies.
He stressed that sustainable mining is essential to preserve natural resources for future generations, suggesting Ghana emulate the Kimberley Process to limit environmental harm and promote alternative livelihoods.
Ensuring that mining revenues benefit local communities was another priority. Dr. Ampofo proposed allocating portions of mining profits to healthcare, education and infrastructure development. “Mining companies must regularly engage with communities to build trust and ensure that locals actively participate in the sector’s benefits,” he added.
Dr. Ampofo’s 10-point plan outlines a path toward a more inclusive and sustainable mining sector in Ghana. His recommendations—ranging from financing reforms to environmental safeguards—aim to align the interests of businesses, governments and local communities, ensuring long-term growth without compromising social and environmental integrity.
“With the right policies in place, Ghana can unlock its full mineral potential and create a thriving, sustainable industry,” he added.
