The Institute of Economic Affairs (IEA) has firmly opposed the renewal of Gold Fields’ mining lease for the Tarkwa mine, arguing that Ghana must take full ownership and control of its natural resources for long-term economic gains.
Gold Fields is pushing for a 20-year extension of its lease, set to expire in April 2027. But the IEA says the government should reject the request outright.
Speaking at a press briefing in Accra on Wednesday, former Chief Justice and IEA Distinguished Fellow, Justice Sophia Akuffo, described the proposed renewal as deeply inimical to Ghana’s long-term economic and strategic interests.
Also read: NHIA suspends 3 pharmacies over suspected fraudulent NHIS claims
According to Justice Akuffo, after over three decades of mining in Tarkwa, host communities still suffer from bad roads, poor healthcare, limited schools, and high unemployment.
She called for a model based on national ownership, local value addition, and export of finished products rather than raw resources.
Former Speaker of Parliament Prof. Aaron Mike Ocquaye noted that countries worldwide are renegotiating resource contracts to maximise benefits.
“We need free SHS, free primary healthcare—maximising natural resource benefits will help fund them,” he said.
IEA Board Chairman Dr. Charles Mensa pointed out that Ghana has gone to the IMF 17 times, mainly due to deficits. He argued that proper ownership and control of resources could reduce that dependency.
The IEA is calling on government, Parliament, traditional leaders, civil society, and all Ghanaians to resist the lease extension.
“They can be contracted to assist, but Ghana must own and control,” the IEA stressed.