By Francis Ntow
Accra, May 14, GNA — The Institute of Economic Affairs (IEA) has opposed the renewal of Gold Fields’ Tarkwa mining lease, urging government to prioritise 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.
“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 and calls on the government to reject it decisively.” Justice Sophia Akuffo, former Chief Justice and Distinguished Fellow of the IEA said at a press briefing in Accra on Wednesday.
She urged the government to prioritise frameworks that secured meaningful Ghanaian ownership and control of the mines.
“After more than three decades of mining activity in Tarkwa, many communities within the enclave continue to grapple with deteriorated roads, inadequate healthcare infrastructure, limited educational facilities and widespread socio-economic deprivation, including rampant unemployment,” she said.
Justice Akuffo explained that ownership of natural resources was grounded in Pan-African ideals espoused by Dr Kwame Nkrumah, Julius Nyerere and Ahmed Sekou Toure, citing global and regional laws supporting such calls.
“Ghana’s most strategic comparative advantage resides in its vast natural resource endowment,” she said, urging government to pursue a model based on national ownership, responsible extraction, local value addition and export of finished or semi-finished products.
“The IEA, therefore, calls upon Government, Parliament, traditional authorities, civil society organisations, labour groups and all patriotic Ghanaians to resist any attempt to approve Gold Fields’ proposed extension for the Tarkwa Mine,” she added
Professor Aaron Mike Ocquaye, former Speaker of Parliament and Distinguished Fellow of the IEA, said countries globally were renegotiating contracts to maximise benefits from natural resources.
“They can be contracted to assist or participate… we need free SHS, free primary health care to go on and maximising the benefits of our natural resources will help implement them,” he said.
Dr Charles Mensa, Board Chairman of the IEA, said ownership and control of natural resources would generate revenue and reduce Ghana’s reliance on International Monetary Fund (IMF) bailouts.
“Ghana has gone to the IMF for 17 times. In all the 17 programmes, the main issue has been the country’s deficit and inability to meet debt obligations,” he said, adding that private sector partnerships could help harness opportunities in resource extraction.
GNA
Edited by Kenneth Sackey
Reporter: Francis Ntow