Starting a mining business in Ghana | Mining Mindset

Anya:
Do you know who Magette Wade is? She’s a well-known entrepreneur from Senegal advocating for free-market reforms in Africa. She argues that overregulation—not colonialism—is a significant reason many African countries remain poor. She faced major delays, spending two years just to set up a company in Senegal. What do you think about this, and how easy is it to start a mining business in Ghana?

Dr Bright Afum:
I agree with Magette Wade’s perspective. Having experienced Ghana’s business climate through different political eras, including Jerry John Rawlings’ administration, I can confirm that starting and maintaining a business here is challenging. It requires more than just adhering to formal regulations; networking, strategic alliances, and even informal ‘tricks’ are essential.

Unlike Canada, where the market is structured but somewhat closed, Ghana’s market is relatively open. While registering a company in Ghana is straightforward, the real challenges arise when actually running and sustaining your business. Success here hinges significantly on your innovative capabilities and local networks. Competency alone doesn’t always guarantee success; sometimes connections and local acceptance matter more.

In Ghana, local content is emphasized, encouraging businesses to involve indigenous partners. Communities have a significant say in operations, often necessitating collaboration with local residents. Unlike Canada’s structured partnerships, Ghana relies heavily on informal relationships and localized networks. Investors unfamiliar with this approach often face friction and instability.

Ultimately, success in Ghana’s mining industry demands understanding local customs, flexibility, innovation in your business approach, and building robust community ties.