The Institute of Economic Affairs (IEA) has noted with disappointment the government's lack of commitment to reclaiming ownership of Ghana's natural resources and channelling them towards the sustainable development of the country.

According to the institute, it is appalled by this development, citing the country's inability to realise any meaningful economic transformation from its mineral wealth after engaging foreign entities in commercial mining more than a century ago.

In view of this development, IEA has insisted that government must boldly embark on a complete halt to any further leases to foreign entities and consider the immediate assumption of ownership of our natural resources.

Despite IEA's calls on the government to halt the renewal of mining leases, the mining leases of three companies, namely, Newmont Golden Ridge Ltd, Gateway Exploration Ltd and GBF Associates Ghana Ltd, were recently renewed.

Reacting to this in a statement issued on September 11, 2025, IEA emphasised that the renewal of the three mining leases at "the same time without a plan to transition from foreign to local ownership, represented yet another missed opportunity."


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The IEA cited the underdeveloped state of the country and the relatively low revenue the government derives from the mining sector to support its stance on the need for local ownership of the country's mineral wealth.

It noted, "For instance, while Ghana's total gold exports in 2024 amounted to USD 11.6 billion, estimated government receipts totalled only USD 2.3 billion—less than 20 per cent of the export value.

At the heart of Ghana's economic challenges is the country's inability to raise sufficient domestic revenue to finance development. This has led to an overreliance on domestic and external borrowing, plunging the country into recurring economic crises since independence.

The many policy prescriptions from the International Monetary Fund (IMF) and World Bank have yielded limited results and deepened Ghana's dependence on external assistance.”

Shedding light on the need for the country to leverage its rich mineral wealth, the IEA gave a breakdown of how past engagements with the IMF and other donors have not given the country the needed financial breakthrough.

It stated, "the 2025 Mid-Year Budget Review revealed that total revenue and grants underperformed by 3.2% relative to target. Now is the time to think critically about how to settle these debts in the coming years without compromising the growth and development prospects of the 24-hour economy programme.

For a country endowed with such valuable natural resources, the most effective solution to this looming crisis should be obvious."

The IEA concluded that the fiscal and legal arrangements governing mineral mining and petroleum exploration in Ghana largely account for the meagre share of benefits the country receives from these activities.

It, therefore, called for a comprehensive review of Ghana's Minerals and Mining Act, 2006 (Act 703), and the Petroleum (Exploration and Production) Act, 2016 (Act 919), to ensure full local ownership and the accrual of benefits to the nation.

"The call for Ghana to own its natural resources and use them for the benefit of its citizens is supported by United Nations General Assembly Resolution 1803 (1962), Resolution 3281 (1974), the African Charter on Human and Peoples' Rights and other protocols," the IEA stated.

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