A Ghanaian private citizen has petitioned the Council of State to intervene in the ongoing debate over the future of Gold Fields Ghana Limited’s Tarkwa mining lease, warning that any move to deny renewal of the lease could damage investor confidence and threaten Ghanaian businesses linked to the mine.

The petition, filed by Public Financial Management Expert Derrick Opare Asamoah and officially received by the Council of State, is seeking the Council’s advisory intervention following calls for government not to renew the company’s lease.

The debate over the future of the Tarkwa mine has intensified after the Institute of Economic Affairs (IEA) urged the government to consider refusing the renewal of the lease and transferring the concession to Ghanaian ownership.

The IEA has argued that Ghana has not received adequate benefits from decades of mineral extraction, despite being one of Africa’s leading gold producers. It has also raised concerns about the level of development in mining communities compared with the value of resources extracted.

But in his petition dated July 1, 2026, Mr Opare Asamoah acknowledged some of the concerns raised about Ghana’s mining sector but insisted that refusing to renew the Gold Fields lease was not the appropriate solution.

“These concerns are not without merit. Ghana has not yet fully translated its mineral wealth into broad-based prosperity. Host communities deserve more than they have received. The desire for greater national benefit from our resources is legitimate and shared by many Ghanaians,” he stated.

“However, the solution proposed- outright lease denial would not address these concerns. It would deepen them,” he added.

The petitioner argued that the Tarkwa mine has evolved into a major mining asset because of decades of investment, adding that any transition without the required capital and technical capacity could negatively affect the mine’s future.

According to him, before Gold Fields acquired the mine in 1993, it was a struggling underground operation producing about 24,000 ounces of gold annually with limited remaining mine life under the State Gold Mining Corporation (SGMC).

He said Gold Fields had since invested more than $5 billion to transform Tarkwa into “one of Africa’s largest open-pit gold operations,” producing approximately 500,000 ounces annually.

“One question this honourable Council must consider is straightforward: does Ghana currently possess the capacity to take over and operate this mine successfully? With respect, the evidence says no,” the petition stated.

Mr Opare Asamoah argued that while increased Ghanaian participation in the mining sector must be encouraged, a forced takeover or non-renewal approach could send negative signals to international investors.

“The international capital markets, which fund such projects, would view a takeover achieved through lease denial as a form of expropriation and would not extend financing. To attempt such a transition without the requisite financial, technical, and institutional capacity is to invite operational collapse,” he warned.

The petition further argued that countries with successful mining industries have largely built domestic capacity through partnerships rather than abrupt nationalisation of assets.

“Mature mining jurisdictions have used partnerships to develop and improve local capacity to the point where the locals have themselves become global players,” Mr Opare Asamoah stated.

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He also raised concerns about the implications of any decision perceived to undermine security of tenure, describing it as a critical factor in attracting long-term mining investments.

According to the petition, Ghana’s Minerals and Mining Act was structured to provide certainty for investors who satisfy their obligations.

“If there was no assurance of renewal, then mining companies will not invest in near-mine exploration to extend the mining life of mining assets and invest in long-term capital projects necessary to mine sustainably,” he said.

Beyond investment concerns, the petitioner said the potential impact on local companies must also be considered.

He cited Ghanaian firms including Engineers and Planners, ZEN Petroleum Holdings, Western Transport Services Ltd, and Genser Energy as examples of businesses that have developed commercial relationships within the Gold Fields supply chain.

“If the lease were denied, this ecosystem would not seamlessly transfer to a new operator. Supply chains would be disrupted. Contracts would be terminated. Jobs would be lost. The very Ghanaian businesses the IEA claims to champion would be the first to suffer,” he argued.

The petition also highlighted Gold Fields’ contributions to local procurement and community development, claiming the company had spent billions of dollars locally and supported major infrastructure projects through the Gold Fields Ghana Foundation.

“Gold Fields continues to invest in local supply chains because the company takes its local content obligations and its value retention commitments seriously,” the petition said.

According to Mr Opare Asamoah, the company has invested in host community projects including the Tarkwa-Damang road, the T&A Stadium and health infrastructure.

The petition comes amid broader national conversations about how Ghana can derive greater value from its natural resources.

Successive governments have faced pressure to increase local ownership, improve community benefits and ensure that mining revenues translate into visible development.

The debate has gained renewed attention in recent years as policymakers, civil society organisations and industry players continue to examine issues around royalties, local content, state participation and the long-term management of mineral resources.

However, the petitioner insists that Ghana’s push for greater control over its resources should be pursued through negotiation and structured reforms.

“We do not oppose greater Ghanaian ownership of our resources. We advocate for it. But the path to ownership lies through negotiation, capacity building, and strategic legislation, not through administrative actions that would collapse the ecosystem we seek to strengthen,” he said.

He is therefore asking the Council of State to advise the President against adopting the IEA proposal and instead pursue renegotiation with Gold Fields.

Among other things, he wants government to consider acquiring additional equity stakes for the state and Ghanaian citizens through the Minerals Income Investment Fund.

He is also proposing a National Resource Participation Strategy with clear targets for Ghanaian ownership, skills transfer and community investment.

Additionally, the petitioner wants the establishment of a mandatory Mining Community Development Fund financed through mining revenue to guarantee direct benefits for mining communities.

“Honourable Members, the Council of State exists to provide wise counsel in matters affecting the nation's long-term interests. We respectfully submit that the non-renewal of the Gold Fields lease, as proposed by the IEA, would undermine those interests profoundly. We pray the Council intervenes to guide the government toward the path of strategic renegotiation, capacity building, and lawful, predictable resource governance," the petition concluded.

Myjoyonline can confirm that the Council of State received the petition and has acknowledged receipt of the same.