Flagbearer of the New Patriotic Party, Dr Mahamudu Bawumia, has underscored the importance of maximizing the benefits derived from Ghana’s abundant natural resources to foster job creation, enhance livelihoods, and strengthen the domestic economy.
In light of Ghana’s significant gold reserves, Dr. Bawumia has proposed a legislative initiative that would ensure areas with confirmed gold deposits are exclusively owned by Ghanaian entities.
This policy, if enacted under his government’s leadership, aims to empower local ownership and control over valuable natural resources, thereby driving economic prosperity within the nation.
Furthermore, Dr. Bawumia emphasized the potential of this policy to bolster Ghana’s gold reserves substantially. By increasing these reserves, Ghana can achieve a level of financial stability that supports robust and sustainable external payments.
“My government will provide the Geological Survey Department and our universities with resources annually to undertake a mapping of areas where we have gold reserves.
“As a matter of policy, we will legislate that concessions in these areas with proven reserves will be 100% Ghanaian owned since with proven gold reserves, we can easily raise the capital required and hire the expertise,” Dr Bawumia said when he delivered a public lecture on February 7, 2024, at the UPSA.
Additionally, Dr. Bawumia highlighted his government’s intention, if elected, to collaborate with exploration experts from universities and geological institutions.
This partnership aims to harness the expertise of these professionals in exploring seven significant gold belts spanning from Axim and Winneba to Nangodi and Lawra.
“However, even if only 5% of this 5-billion-ounce estimate materializes, it will be a game changer for Ghana,” Dr Bawumia added.
According to data from the Geological Survey Department, Ghana boasts seven gold belts spanning an area of 43,000 square kilometers. Remarkably, approximately 50% of this area, totaling 21,000 square kilometers, remains unexplored.
Conservative estimates suggest that these unexplored belts hold a significant potential quantity of gold, estimated at around 5 billion ounces. This substantial reserve translates to a staggering market value of $10 trillion dollars at current market prices.