The Institute of Economic Affairs has called on the Government of Ghana not to renew the mining lease of Gold Fields Ghana for the Tarkwa Mine, urging the state to pursue full Ghanaian ownership and strategic control of the country’s mineral resources.

At a press conference jointly addressed by former Chief Justice Sophia Akuffo, former Speaker of Parliament, Professor Mike Oquaye, and Charles Mensah, the institute argued that Ghana should take advantage of the expiration of the current lease in April 2027 to secure greater national benefit from one of the country’s most valuable mining assets.

“The IEA considers the requested lease renewal deeply inimical to Ghana's long-term economic and strategic interests and therefore calls on government to reject it decisively, while prioritising a framework that secures meaningful Ghanaian ownership and control of the Tarkwa Mine,” the statement said.

Gold Fields Limited is seeking the renewal of five key mining leases covering the Tarkwa Mine and has reportedly requested a 20-year extension.

According to the IEA, the Tarkwa Mine, acquired by Gold Fields in 1993, is the largest open-pit gold mine in Africa and the company’s flagship operation in Ghana. The institute said the mine produces approximately 500,000 ounces of gold annually, with an estimated market value of more than US$2.3 billion at current prices.

Reject renewal of Gold Fields' Tarkwa Mine lease - IEA tells government

“By the company's own admission, Ghanaian operations account for nearly 25 per cent of Gold Fields' global production portfolio, underscoring the immense strategic importance of the Tarkwa Mine to the corporation. It is therefore unsurprising that the company would deploy every available avenue, including high-level lobbying, to preserve its hold over the concession,” the institute stated.

The IEA argued that decades of foreign control over Ghana’s mineral resources have yielded limited developmental benefits for mining communities, many of which continue to face poor roads, inadequate healthcare, weak educational infrastructure, and widespread poverty.

“The operations of Gold Fields in Tarkwa exemplify the enduring consequences of extractive concession arrangements that overwhelmingly favour foreign corporations at the expense of host communities and the national economy,” the statement said.

“While local residents bear the severe environmental and social costs associated with large-scale mining, the overwhelming economic benefits are exported abroad, enriching foreign economies while leaving host communities marginalised and environmentally burdened.”

The institute maintained that Ghana now has the technical expertise and operational capacity to manage the Tarkwa Mine independently. It cited the role of University of Mines and Technology in producing highly skilled mining professionals.

“Ghana today possesses a highly experienced pool of mining professionals with the technical expertise and operational competence required to manage the Tarkwa Mine successfully should government decline Gold Fields' proposed lease extension,” the statement noted.

The IEA added that indigenous firms such as Engineers & Planners and Rocksure International are already undertaking major mining activities in the country.

“Indeed, major operational activities at Gold Fields' Tarkwa Mine itself are presently executed by Ghanaian mining service providers,” it added.

The institute also cited international legal instruments, including United Nations General Assembly Resolutions 1803 and 3281, as well as the African Commission on Human and Peoples' Rights framework under the African Charter on Human and Peoples’ Rights.

“Article 21(1) of the African Charter expressly provides that under no circumstances shall a people be deprived of the right to freely dispose of their wealth and natural resources in their exclusive interest,” the statement said.

The IEA linked Ghana’s recurring economic challenges to inadequate domestic revenue mobilisation and overreliance on borrowing.

“To unlock the full developmental potential of these resources, Ghana must pursue a model based on national ownership, responsible extraction, local value addition, and the export of finished or semi-finished products capable of generating significantly higher revenues and foreign exchange earnings,” the statement said.

The institute therefore called on government, Parliament, traditional authorities, labour unions, civil society organisations, and all Ghanaians to oppose any attempt to renew Gold Fields’ lease.