Dr Cadman Atta Mills Raises Questions Over Ibrahim Mahama’s Acquisition of Damang Mine
- Dr Cadman Atta Mills has raised concerns over Engineers and Planners’ (E&P) acquisition of the Damang Mine
- He argued that private companies operate globally and should not be defined by nationality
- The economist cautioned that Ghanaian ownership does not necessarily guarantee greater national benefits
Dr Cadman Atta Mills, brother of the late former President John Evans Atta Mills, has expressed scepticism about the narratives surrounding Engineers and Planners (E&P)’s acquisition of the Damang Mine.
In a post on X, Dr Mills, an economist, dismissed concerns over potential conflicts of interest but warned against interpreting the takeover by E&P, owned by Ibrahim Mahama, as a sign of Ghana asserting its natural resource sovereignty.
Source: UGC
He argued that attributing nationality to private companies is misguided, given their global operations and reliance on external financing.
“In this day and age, to ascribe a ‘nationality’ to any big private company which is not funded exclusively by 100% equity (from own resources) is to live in a cuckoo land,” he stated.
“To survive and prosper, all privately owned companies operate (and must operate) on a global scale in sourcing financing (debt), equipment (which may require ‘suppliers’ credit), and even intermediate inputs and parts that must be sourced abroad,” he wrote.
“It is well known that increasingly large private companies evade ‘national control’ because ‘capitalism (or the reach of capitalism) is global,’” he further stated.
Read Dr Mills' X post below:
'E&P’s Damang takeover not beneficial to Ghana'
Dr Mills also cautioned that E&P’s Ghanaian ownership of the Damang Mine will not automatically guarantee benefits for the country.
The renowned economist, who is also a former World Bank Macroeconomic Sector Manager and Senior Presidential Advisor under President Atta Mills, asserted that true natural resource nationalism requires collective ownership and control.
“Therefore, those who are salivating that E&P’s acquisition of the Damang Mine (even if the operation should prove profitable) will mean that more value will be retained in Ghana because E&P is ‘Ghanaian-owned’ should think again,” he opined.
“And those who think that because E&P is ‘Ghanaian’, it will mean that more Ghanaian companies will benefit from subcontracting should brace themselves for a rude awakening. If E&P’s creditors decide that such practices will compromise E&P’s ability to repay its loans, it ain’t going to happen!” he added.
He said he would prefer state-owned enterprises staffed by Ghanaian experts.
“Real natural resource nationalism starts with COLLECTIVE (not private) ownership and control over natural resources. I would be beaming if E&P were state-owned and staffed with crack Ghanaian mining engineers. CHEERS!” he wrote on X.
Source: Twitter
E&P wins bid to takeover Damang mine
Earlier, YEN.com.gh reported that Engineers and Planners (E&P) Limited had been approved by the government to take over the Damang Gold Mine.
The move followed a competitive tender process under Regulation 258 of the Minerals and Mining (Licensing Regulations), 2012 (LI 2176).
The transition is expected to bring renewed investment and operational oversight to one of Ghana’s key gold-producing assets.
Source: YEN.com.gh
