Speaking during a panel discussion on investment opportunities in the small-scale mining sector at the West African Mining and Power Exhibition (WAMPEX) 2026, Mensah highlighted the growing importance of the sector to Ghana’s gold industry while drawing attention to the challenges that continue to limit access to formal financing.

According to him, the small-scale mining industry has become an increasingly important contributor to national gold production, creating jobs, supporting local economies and strengthening foreign exchange earnings. However, despite its growing economic significance, many operators continue to struggle to attract the level of investment needed to expand and modernize their operations.

Mensah explained that the financing gap is often not the result of a lack of interest from financial institutions but rather the absence of structures that provide lenders with sufficient comfort and visibility. “The conversation around financing small-scale mining is sometimes framed as though there is limited appetite from banks and investors. In many cases, that is not the challenge. The real issue is whether the transaction has been structured in a way that allows financiers to properly assess risk and establish confidence in the business,” he said.

He noted that financial institutions require clear evidence of legal compliance, transparent revenue streams and enforceable commercial arrangements before committing capital.

From a banking perspective, he said, the ability to demonstrate legal ownership of mining concessions, maintain reliable production records and provide traceability of revenues can significantly improve a miner’s chances of accessing funding.

Financiers need visibility. They need to understand where revenues are coming from, how production is tracked and whether contractual arrangements can be enforced. These are important considerations when evaluating any investment opportunity within the sector,” he stated.

Mensah further stressed the importance of strong leadership and management structures, explaining that investors often place significant value on the quality and credibility of management teams.

Capital does not only follow assets; it also follows capable leadership. Investors want to see businesses with management teams that can execute plans, manage risks effectively and demonstrate accountability,” he said.

He also underscored the growing role of environmental, social and governance (ESG) standards in financing decisions, noting that responsible mining practices are becoming increasingly important to lenders and investors alike.

According to him, businesses that integrate ESG considerations into their operations are better positioned to attract long-term funding because they demonstrate a commitment to sustainability, regulatory compliance and stakeholder engagement.

The sector presents significant opportunities for investment and growth. What often determines whether funding is secured is the quality of the structure behind the opportunity. Businesses that can demonstrate transparency, good governance and strong operational practices are more likely to attract the capital required to grow,” he remarked.

Mensah encouraged small-scale mining operators to focus on building stronger business foundations and improving operational standards to enhance their investment readiness.

The discussion formed part of broader conversations at WAMPEX 2026 on attracting investment, promoting responsible mining and strengthening the contribution of the extractive sector to economic growth across West Africa.

Industry leaders at the event emphasized the need for collaboration among policymakers, financiers and mining operators to create an enabling environment that supports sustainable investment and responsible resource development.

Benjamin Nana Kwesi Mensah, Associate, Mining & Metals, Corporate and Investment Banking, Stanbic Bank Ghana

Speaking in a joint interview after the opening day of the three-day West African Mining and Power Exhibition (WAMPEX) 2026 in Accra, Chamber President Michael Edem Akafia and Chief Executive Officer Ign. Ken Ashigbey said illegal mining remains a major challenge across the West African sub-region and announced plans to develop a framework that would allow large-scale mining companies and small-scale miners to coexist while helping government formalise the sector.

According to the Chamber, artisanal and small-scale miners accounted for about 52 percent of Ghana’s gold production in 2025, yet contributed only a fraction of the tax revenues generated by the mining industry.

Ashigbey said formalisation would help capture more miners within the tax net and improve returns to the state.

He noted that while small-scale mining now produces a larger share of the country’s gold output than large-scale operators, the sector’s contribution to public revenue remains disproportionately low.

You cannot have a sector contribute 52 per cent of Ghana’s gold output and then contribute taxes of only about GH¢500,000, while the sector producing 48 per cent contributes more than GH¢20 billion. We must formalise artisanal and small-scale mining if we want to maximise the benefits of mining for Ghanaians.” — Ahmed Ashigbey, CEO, Ghana Chamber of Mines.

The Chamber also highlighted the need for stronger mineral traceability systems, citing Chile as a model for combating illegal mining through technology-driven tracking systems.

One of the ways to deal with illegal mining sustainably is through traceability. If illegally mined gold cannot enter the financial system or formal markets, then there will be no incentive to continue those activities.” — Michael Akafia, President, Ghana Chamber of Mines.

President Akafia said introducing traceability mechanisms, including blockchain-enabled systems, could help prevent illegally mined gold from entering formal markets and financial systems.

The Chamber further called for reforms to ensure mining communities receive a greater share of revenues generated from mineral resources.

It proposed that at least 30 percent of mining-related revenues be channelled into strategic investments in host communities, including infrastructure, education, industrialisation and healthcare.

The mining industry body argued that community development should focus on long-term value retention through local procurement, industrial development and job creation rather than short-term spending.

On the issue of mining lease renewals, the Chamber stressed that security of tenure remains essential for attracting long-term investments.

Akafia, who also serves as a senior executive of Gold Fields Ghana, expressed confidence that the company’s Tarkwa mining lease would be renewed when it expires in 2027, arguing that Ghana’s mining laws are designed to guarantee continuity for companies that comply with the conditions of their leases.

He maintained that predictable mining policies and secure tenure encourage companies to invest in exploration, mine-life extension projects and major infrastructure developments that create jobs and stimulate economic growth.

Security of tenure is absolutely critical. Investors will only commit long-term capital when they are assured that their mineral rights will be protected and renewed in accordance with the law.” — Michael Akafia, President, Ghana Chamber of Mines.

The deal is part of arrangements being made by the government with financial institutions to bolster small-scale mining activities, including community mining.

The Deputy Minister of Lands and Natural Resources responsible for Mines, George Mireku Duker, who disclosed this, explained that the move would help eliminate the practice where some small-scale miners, as a result of financial challenges, sell their concessions to foreigners sometimes for a pittance.

He was speaking at a sensitisation workshop on regularisation of small-scale mining organised by the ministry for media editors in Accra yesterday.

Community schemes

Duker said 16 community mining schemes had been established which were mining on a total land area of 2299.94 acres.

Additionally, he said, 85 district mining committees had been inaugurated in the Western, Western North, Ashanti, Eastern, North East, Upper East, Upper West and Savannah regions.

He said if well structured the scheme would cushion the economy and address unemployment.

Galamsey fight

Duker said the fight against galamsey was a complex one but the government was determined, with the support of the people to bring it under control

He said the people in the galamsey business were nor ordinary people, adding that they were people, some of whom carried sophisticated weapons.

He said the government had procured five speed boats, which had been commissioned and placed under the care of the Ghana Navy.

In addition, the recruitment of river guards was ongoing , with the first 100 already passing out and getting ready for deployment on December 1, this year.

Responding to a question on the confiscated excavators, Duker disclosed that the excavators had been handed over to the Ghana Police Service and that details would be made available to the media .

He welcomed inputs and expert views from the media on how to effectively communicate the strides made by the government in the galamsey war.

No ban on small-scale mining

Duker also opposed calls for a ban on small-scale mining as a way to tackle illegal mining ( galamsey), saying it would do more harm than good to the country.

He explained that for a sector that contributed about 40 per cent of the country’s total gold produce and employed over one million Ghanaians, it had a huge role to play in economic development for which reason it was not prudent to ban it.

Recently there had been calls by a number of identifiable bodies including religious bodies and OccupyGhana for a temporary ban on all forms of small-scale mining.

But the deputy minister stated what was needed was to enforce regulations, which was what the government was doing to sanitise the water bodies and the environment.

He said aside from the numerous benefits of the small-scale mining industry to the country, the sector’s regulatory systems were considered one of the best in Africa, which had led to many countries seeking to learn from Ghana’s experience.

Zambia and Sudan have come to emulate from us and currently, the South African High Commissioner is at the Ministry with the same purpose, to understudy Ghana’s small-scale mining sector,” he added.

I’m not into galamsey

Duker debunked allegations levelled against him as being neck-deep in the galamsey activities.

I have never been a miner and I will never be. I have only studied and have a good knowledge of the subject matter and that should be on record,” he stated.

Traceability project

Furthermore, he said the government through the World Bank and under the Ghana Land Restoration and Small Scale Mining project, had already commenced work on a traceability system.

The objective of the project, he said, was to trace the chain on custody of the precious mineral right from the mine to its final destination.

The traceability project is being carried out by the PMMC and the Minerals Commission.

Later, the Deputy Minister led the editors to the Minerals Commission’s situational room where modern technological gadgets and software for the tracking of all earth-moving equipment and explosive machines will be commissioned next week.

According to GNASSM, such a ban would exacerbate the current economic crisis in the country and worsen the unemployment situation.

Instead, the association is calling on the government to intensify its efforts to stem all forms of illegal mining but not to ban small scale mining.

Addressing a press conference in Kumasi on Wednesday (October 19, 2022), the General Secretary of the association, Godwin Armah, said members have legally acquired their concessions and religiously followed the lay down regulations governing small scale mining.

He said it would be unfortunate to liken their legal business to the activities of illegal miners popularly known as galamsey and asked for a ban on all forms of small scale mining including the legal activities.

Armah said GNASSM members operate with licenses and undertake reclamation processes on the concessions they mine.

If there was any mining activity to suffer a ban from the government it should be those operating illegally and without license because small scale miners have licenses and do not operate in water bodies,” he said.

Giving statistics to buttress GNASSM operations, Armah said small scale mining companies contribute about 40 per cent of all the gold produced in the country.

He said that operations of small-scale miners fetches the country about US$3 million annually, thus contributing greatly to the Gross Domestic Product (GDP)