The Managing Director of AngloGold Ashanti Obuasi Mine, Samuel Boakye Pobee, has made a compelling call for the strategic investment of Ghana’s pension funds into the nation’s mining and manufacturing sectors.
He asserts that such investments are crucial for driving industrialisation, creating jobs, and securing long-term national wealth.
Speaking at the 13th Annual ALUMat, Lectures, themed “Mining with a Mission, Leadership, Legacy and the Future of the Ghanaian Resource Economy,” Mr. Pobee stressed the importance of recognising the mining industry as a strategic national asset.
He highlighted the current allocation of pension funds, which is disproportionately skewed towards real estate (37.5%), energy (16.2%), services (15.7%), and financial services (15.2%). In stark contrast, manufacturing, which encompasses mining, receives a mere 3.5%.
“This shows we are not deliberate,” Mr. Pobee remarked. “We rather complain that foreigners are taking our gold away, yet our pension funds are not investing strategically in the industry. Our skin is not in the game,” he stated emphatically.
Mr. Pobee argued that investing in industrialisation and manufacturing would create more job opportunities, enabling workers to afford real estate in the long term.
He posited that such investments would ensure that every Ghanaian worker, through tier one, tier two, and tier three pension contributions, becomes a direct stakeholder in the mining industry.
“The dividends and gains will remain in Ghana, boosting retirement and securing our economic future,” he emphasised.
Additionally, Mr. Pobee touched on the government’s Gold Bond initiative, describing it as a bold step towards curbing gold smuggling and mitigating the influence of foreigners in small-scale mining.
However, he cautioned that without robust environmental safeguards, Ghana could face setbacks similar to those experienced with the cocoa bond.
He argued that the initiative should not merely be appraised by the revenues it generates, but rather by its impact on environmental protection.
Mr. Pobee’s insights illuminate the pressing need for Ghana to adopt a more strategic approach to its mining sector, ensuring that the benefits of its rich resources are harnessed for the betterment of all Ghanaians.
