The Institute of Economic Affairs has intensified calls for Ghana to prioritise local control over its natural resources, urging government to reject any extension of the mining lease held by Gold Fields for the Tarkwa operations as the agreement approaches expiration in 2027.
At a press briefing in Accra, former Chief Justice and fellow of the institute Sophia Akuffo strongly supported growing demands for increased Ghanaian participation in the ownership and management of strategic mineral assets, stressing that national control is essential for long term economic sovereignty.
“The Institute of Economic Affairs considers the requested lease renewal or extension… It will be deeply inimical to Ghana’s long term economic and strategic interests and therefore calls on the government to soundly reject this approach.
Reject it decisively while prioritising a framework that secures meaningful Ghanaian ownership of the mine at Tarkwa,” she stated.
The renewed debate comes as Gold Fields Group Chief Executive Officer Mike Fraser confirmed that the company is seeking a 20 year extension of its lease for the Tarkwa Mine, following a formal application submitted in November 2025.
He noted that the Ghana operations remain a key pillar of the company’s global production portfolio, accounting for about 25 percent of total output, underscoring the strategic importance of the Tarkwa asset to the multinational mining firm.
However, the Institute of Economic Affairs argues that the impending expiration of the lease presents a critical opportunity for Ghana to reset its approach to resource governance, strengthen domestic participation, and ensure that greater value from mineral wealth remains within the country.
The institute further cautioned against continued reliance on foreign operators in key extractive sectors, insisting that Ghana’s mineral resources should be central to financing national development and reducing economic dependency.
At the same press conference, Founder and Chairman of the institute Charles Mensa criticised Ghana’s repeated recourse to the International Monetary Fund, noting that the country has engaged the institution approximately 17 times over successive economic cycles.
He argued that this pattern reflects deep structural weaknesses and an inability to fully harness domestic resources for sustainable development.
“While we are selling our assets, we also have a huge low hanging asset that we can tap into to pay our debts and to pay our way out into development, but those assets have been given away to foreign companies,” he said.
Former Speaker of Parliament Aaron Mike Oquaye also aligned with the campaign, insisting that Ghana should avoid renewing resource agreements that do not adequately prioritise national benefit and ownership.
He argued that many countries have successfully renegotiated mining and natural resource contracts in favour of national interest, adding that Ghana is in a particularly strong position given that the Tarkwa lease is nearing expiration.
“The question is, should we bring them back to operate that which we know is our lifeblood? The answer is no, and it must be clearly no,” he stated.
Aaron Mike Oquaye further linked Ghana’s recurring economic challenges to long standing inefficiencies in natural resource management, calling for a comprehensive reassessment of how the country governs its gold, bauxite, manganese, diamond, lithium, and petroleum assets.
The Institute of Economic Affairs maintains that strengthening indigenous participation in strategic sectors will allow Ghana to retain more value from its natural wealth while reducing dependence on external financial assistance and multilateral lending institutions.
