The Member of Parliament for Akwatia Constituency, Hon Henry Yiadom Boakye has expressed disappointment as the 2022 Budget failed to provide measures to revamp the Great Consolidated Diamond Company Limited (GCDCL) at Akwatia.

According to him, the budget was silent on the project, despite assurance from the Acting Director-General of State Interest and Governance Authority, Stephen Asamoah Boateng that the government would work toward the revamping of the company, but nothing of that sort was made mentioned in the 2022 budget statement.

This, Mr Boakye, said he felt disappointed in the government as the revamping of the GCDCL has the potential of reducing youth unemployment should it be strategically managed.

The government took over the company which was known as Great Consolidated Diamond Limited at Denkyembour District for breaching the concession agreement with the state.


The company was then renamed Ghana Consolidated Diamond Limited (GCDL).

However, reacting to the 2002 Budget Statement, Hon Henry Boakye told EXPRESSNEWSGHANA in parliament, GCDCL is Ghana’s only commercial diamond company and the government could have budgeted for it to be revamped for more jobs.

He said the company owns the Akwatia Diamond mine, which has produced more than 100-million carats of diamonds since its inception of commercial operations in 1924, stressing that the company has the capacity to mitigate the illegal mining known as galamsey in that part of the country.

The MP sound passionate about the project, therefore, urged the government to as a matter of necessity revamp the company or allow a strategic investor to manage the company for the betterment of the people of Akwatia and the country as a whole.

He said the company has the potential of generating more revenue in the mining sector to shore up the country GDP if properly managed.

The mine was closed almost a decade ago when Sapper and Associates, who had won the rights to the mine, failed to inject the necessary funds.


This saw the government, which came into power in 2009, opening bids for the operations of Ghana Consolidated Diamonds. A Ghanaian owned company, Jospong Groups, won the bid in 2011 ahead of international firms that had shown interest in the mine.

However, the Company after winning the bid failed to fulfil the contract obligations.

This prompted the current government to use the Mining Law Clause (13) which stipulated that when such a thing occurred, the government should take back the company and manage it.

The Minister for Finance, Ken Ofori Atta presented the 2022 Budget Statement and Economic Policy to parliament, urging the MPs to approve the budget for the economic growth of the country.


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