Ghanaian policy analyst, Wisdom Gomashie has urged President Mahama to appoint an independent transaction adviser to review the selection of Engineers & Planners (E&P) in the ongoing Damang mine takeover, citing the need for transparency and value for money.
Speaking on The Forum on Asaase Radio on Saturday (11 April), Gomashie said such an adviser should assess the process that led to E&P’s selection and negotiate on behalf of the state, particularly given that the company is linked to businessman Ibrahim Mahama, the president’s brother.
“This is in line with international best practices to ensure Ghana gets a good deal,” he said.
Caution
He also issued a warning to the Minerals Commission, cautioning against actions that could undermine local firms or create perceptions of political patronage.
“When you prepare a tender and not even one forms a consortium with E&P, it is a disgrace — it is state capture,” Gomashie said, urging regulators to protect indigenous companies and maintain a level playing field.
He pointed to examples of Ghanaian firms such as Rabotech and Rocksure International, which have partnered with foreign investors, arguing that local firms should not be sidelined in domestic transactions.
Other recommendations
Gomashie further called on the government to include a community development fund in the Damang deal, similar to the one tied to the Ewoyaa Lithium Project, where a portion of revenues is allocated to local communities.
He also cautioned that increased Ghanaian participation in mining should not deter foreign investors, noting that financing structures for such deals often involve international banks such as Absa Group and Standard Bank.
“That should be replicated so that communities around Damang benefit directly,” he said.
“Government should be careful how it manages this transition so it does not send the wrong signals,” he added.
Gomashie advised financial institutions to conduct thorough due diligence and engage regulators before financing mining transactions, warning that lapses could expose investors to risk.
The recommendations come amid heightened scrutiny of the Damang mine transition, as Ghana seeks to balance local participation, investor confidence and accountability in its mining sector.
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