The Institute of Economic Affairs (IEA) has launched a public campaign to block the renewal of Gold Fields’ mining lease for the Tarkwa Mine, arguing that the expiration of the current agreement in April 2027 represents a rare opportunity for Ghana to reclaim strategic control of a resource that has generated significant wealth with limited benefit to local communities.
Speaking at a press conference in Accra on May 13, 2026, former Chief Justice and IEA Fellow Sophia Akuffo led the call, stressing that Ghana must prioritise local ownership and control of strategic national assets as the Tarkwa lease approaches its deadline. “The IEA considers the requested lease renewal deeply inimical to Ghana’s long-term economic and strategic interests and therefore calls on government to decisively reject this approach, while prioritising a framework that secures meaningful Ghanaian ownership of the mine at Tarkwa,” she said.
Akuffo expressed concern over the state of development in Tarkwa’s mining communities, noting that more than three decades of mining activity had left many areas struggling with deteriorated roads, inadequate healthcare infrastructure and widespread unemployment. She described Gold Fields’ application for a 20-year extension as deeply contrary to Ghana’s national interest, particularly at a time when global gold prices remain elevated.
The IEA argued that Ghana possesses sufficient technical expertise and indigenous mining capacity to manage the Tarkwa Mine independently, citing the University of Mines and Technology’s track record of training world-class mining professionals, and pointing to indigenous firms Engineers and Planners and Rocksure International as companies already executing major mining operations on behalf of multinationals.
IEA Board Chairman Dr Charles Mensa tied the campaign to a broader critique of Ghana’s economic model. He noted that Ghana has sought International Monetary Fund (IMF) support approximately 17 times, arguing that repeated bailouts reflect the country’s failure to retain value from its natural resources. “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.
Dr Mensa also sought to calm concerns that the push for indigenous ownership could fuel hostility toward foreign nationals or investors, asserting that Ghana’s culture of openness toward foreigners remains intact. The IEA’s preferred model involves local ownership of mining concessions combined with foreign technical expertise delivered through service contracts, rather than outright foreign control of assets.
Former Speaker of Parliament Aaron Mike Oquaye backed the IEA’s position, arguing that Ghana is well-placed to renegotiate such arrangements given the impending lease expiration, and describing the country’s mineral resources as central to its economic future. He urged policymakers to explore financing options including leveraging the Ghana Stock Exchange to allow Ghanaians to invest directly in national resource assets.
The Ghana Chamber of Mines mounted a strong rebuttal at its own press conference on May 14, with Chief Executive Officer Dr Kenneth Ashigbey challenging the IEA’s assertions and insisting that debates about Ghana’s mineral future must be grounded in facts, science, engineering and economic realities rather than populist rhetoric.
The standoff sets up a significant policy decision for the Mahama administration, with investor confidence, resource sovereignty and community development all hanging in the balance as the Tarkwa lease expiration draws closer.
