Gov't opts for resource sovereignty following Damang mine transition- Mahama

The government is set to introduce a new framework for managing Ghana's natural resources. This move aims for greater national control and accountability.

The announcement follows the end of the Damang gold mine lease. Gold Fields operated this mine under a 30-year lease, which has now expired. The government decided not to renew the lease despite requests.

To ensure a smooth transition, a one-year co-management agreement has been established. This agreement involves both Gold Fields and the government operating the mine together. It awaits parliamentary approval and will prepare for a complete government takeover.

During a ministerial retreat in Ada, President John Dramani Mahama emphasized resource sovereignty. He stated that Ghana is ready to take full control of its natural wealth. "This marks a new era in how we manage our resources," he said.

President Mahama added that it is time for Ghanaians to lead their resource sectors' development. The upcoming framework aims to improve governance in Ghana's extractive industry. It will prioritize national interests, enhance transparency, and ensure fair sharing of wealth among citizens.

The transition at the Damang mine is seen as a key test of this new policy direction. Stakeholders are closely monitoring how Ghana reclaims control over this important mining asset.