The Institute of Economic Affairs (IEA) has urged government to decisively reject the proposed 20-year extension of the mining lease for the Tarkwa Mine, which is set to expire in April 2027.
According to the policy think tank, the requested renewal by South African mining giant Gold Fields Limited is “deeply inimical” to Ghana’s long-term economic and strategic interests.
The institute is instead advocating a framework that ensures meaningful Ghanaian ownership and control of the country’s mineral resources, as debate intensifies over the future of the Tarkwa concession.
Speaking at a press conference in Accra, former Chief Justice Sophia Akuffo backed calls for increased Ghanaian participation in the management of strategic natural resources, stressing the need for greater national control over key assets.
The IEA maintained that extending the lease would undermine efforts to maximise national benefit from Ghana’s mineral wealth, arguing that the impending expiration presents an opportunity to reset the country’s mining governance structure.
Gold Fields Chief Executive Officer Mike Fraser has previously indicated the company’s commitment to continued investment in the Tarkwa Mine, confirming that an application for a 20-year extension has been submitted.
He noted that Gold Fields’ Ghana operations account for about 25 percent of the company’s global gold output, underscoring the mine’s strategic importance.
However, the IEA insists that Ghana must use the opportunity to renegotiate terms that prioritise local ownership and long-term national benefit.
At the same press conference, IEA Founder and Chairman Charles Mensa criticised Ghana’s repeated recourse to International Monetary Fund (International Monetary Fund) programmes, noting that the country has entered IMF-supported arrangements about 17 times, which he said reflects structural weaknesses in the economy and inefficient resource utilisation.
Former Speaker of Parliament Aaron Mike Oquaye also supported the call for non-renewal, arguing that Ghana should avoid extending leases that do not prioritise national ownership and economic value.
He added that Ghana is well positioned to renegotiate mining agreements given the imminent expiry of the Tarkwa lease, describing the country’s mineral resources as central to its economic future.
The IEA reiterated that strengthening indigenous participation in strategic sectors would help Ghana retain more value from its natural resources and reduce dependence on external financial support.
