Accra: The Institute of Economic Affairs (IEA) has opposed the renewal of Gold Fields' Tarkwa mining lease, urging the government to prioritize national ownership and control of natural resources for better economic outcomes. Gold Fields is seeking a 20-year extension of its Tarkwa mines lease, which expires in April 2027. The IEA said Ghana should own and control the mines while allowing foreign participation through service contracts.
According to Ghana News Agency, the IEA considers the requested lease renewal deeply inimical to Ghana's long-term economic and strategic interests and therefore calls on the government to soundly reject this approach. Justice Sophia Akuffo, former Chief Justice and Distinguished Fellow of the IEA, emphasized during a press briefing in Accra that the government should prioritize frameworks that secure meaningful Ghanaian ownership and control of the mines.
Justice Akuffo highlighted the ongoing socio-economic challenges faced by communities in the Tarkwa region despite over three decades of mining activity. She noted deteriorated roads, inadequate healthcare infrastructure, limited educational facilities, and widespread unemployment as pressing issues. Akuffo cited Pan-African ideals and global laws advocating for national ownership of natural resources, urging the government to adopt a model focused on responsible extraction, local value addition, and export of finished or semi-finished products.
The IEA calls upon government entities, traditional authorities, civil society organizations, labor groups, and all patriotic Ghanaians to resist any attempt to approve Gold Fields' proposed extension for the Tarkwa Mine. Professor Aaron Mike Ocquaye, former Speaker of Parliament and Distinguished Fellow of the IEA, pointed out that countries worldwide are renegotiating contracts to maximize benefits from their natural resources, suggesting that such benefits could support crucial initiatives like free secondary education and primary healthcare.
Dr. Charles Mensa, Board Chairman of the IEA, addressed the financial implications of foreign control over natural resources, noting that Ghana has sought assistance from the International Monetary Fund (IMF) 17 times due to deficits and debt obligations. He suggested that private sector partnerships could help harness opportunities in resource extraction and reduce reliance on external bailouts.