Nigeria, July 14 -- For decades, the bargain between states and mining companies was relatively predictable. Governments provided regulatory certainty, companies invested capital and extracted minerals, and the state captured value primarily through taxes, royalties and employment.

Today, that bargain is being renegotiated. As geopolitical fragmentation reshapes global supply chains and critical minerals become strategic assets, African governments are instead asking: if the world places greater strategic value on our resources, why should we settle for yesterday's terms?

Ghana is at the centre of that debate. Like many resource-rich economies, it seeks more value from its mineral wealth through stronger local content requirements, grea...