IEA calls for rejection of Gold Fields lease renewal to boost local ownership
The Institute of Economic Affairs (IEA) has intensified its call for greater local ownership of Ghana’s natural resources by opposing the proposed renewal of Gold Fields’ mining lease for the Tarkwa mines, which is set to expire in 2027.
Speaking at a press conference in Accra, former Chief Justice and IEA Fellow, Sophia Akuffo, advocated stronger national control over strategic assets and increased Ghanaian participation in the management of mineral resources.
According to the IEA, the proposed 20-year lease extension would be detrimental to Ghana’s long-term economic interests. The institute urged government to reject the application and instead adopt a framework that promotes meaningful indigenous ownership in the mining sector.
The position comes after comments by Gold Fields Chief Executive Officer, Mike Fraser, who reaffirmed the company’s commitment to further investment in Ghana, noting that its Ghanaian operations account for about 25 percent of the company’s global production.
The IEA argued that the pending expiration of the Tarkwa lease presents an important opportunity for Ghana to reform its natural resource governance and reduce dependence on foreign mining operators.
Founder of the IEA, Charles Mensa, stated that Ghana’s repeated reliance on support from the International Monetary Fund through multiple programmes reflects structural weaknesses in the economy and the ineffective use of the country’s natural resources.
Former Speaker of Parliament, Aaron Mike Oquaye, also backed calls for the non-renewal of the lease, arguing that Ghana is in a strong position to renegotiate terms that better serve the country’s economic interests.
The IEA maintains that increasing indigenous participation in key sectors of the economy is necessary to retain more value from Ghana’s mineral wealth and promote long-term economic independence.
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