President John Dramani Mahama has reiterated the need for a comprehensive review of Ghana’s extractive sector agreements, aligning with recent concerns raised by former Chief Justice and Council of State member, Sophia Akuffo.

Speaking at the National Economic Dialogue in Accra, Mahama emphasized that Ghana’s mineral agreements remain outdated and must be restructured to ensure that the country benefits more from its natural resources.

“Just recently, I think yesterday, the former Chief Justice of this country asked for a review of agreements governing our extractive industry. She described the current agreements as coming from the Guggisberg era, I agree with her,” Mahama stated.

Sophia Akuffo, in an earlier media interview, criticized the existing mineral concession frameworks, arguing that they disproportionately favor foreign investors at Ghana’s expense.

“We are still doing it like we are in the days of Guggisberg,” she remarked, referencing the colonial-era policies that still seem to shape Ghana’s resource management.

Mahama stressed the urgency of increasing local participation in resource exploitation, stating that “Ghana must earn more from its natural resource endowment if we are to create wealth and prosperity for our people.”

Beyond the extractive sector, he highlighted the need to modernize agriculture, advocating for mechanization, improved irrigation, and technology-driven innovations to enhance productivity and food security.

He also underscored the significance of digital transformation, arguing that high-speed internet and robust digital infrastructure were no longer luxuries but essential drivers of economic growth and global competitiveness.

According to Mahama, governance reforms must also take center stage to promote transparency and ensure accountability. He urged a departure from short-term economic policies, advocating instead for strategic, long-term planning to break the cycle of economic instability.

“The policies required to bring the national economy back on track and sustain the gains made will require multi-stakeholder buy-in,” he said, stressing that the National Economic Dialogue was a step toward shaping policies that reflect the collective aspirations of Ghanaians.

The Dialogue, themed "Resetting Ghana: Building the Economy We Want Together," aims to provide a clear picture of Ghana’s economic realities, develop a homegrown fiscal consolidation program, and highlight key structural reforms necessary to reset the economy.

A similar forum was held a decade ago under Mahama’s first administration, and he expressed confidence that this renewed engagement would lead to actionable solutions rather than mere diagnosis of economic challenges.