The government is considering the option of transferring the control of Gold Fields Tarkwa Mine to local firms when the current lease expires in April 2027.

This was revealed by Bloomberg, which it cited some persons familiar with the matter, but have asked not to be identified for now, as discussions are at a preliminary stage.

According to Bloomberg, the potential move comes as the government seeks greater ownership of the gold industry, with gold prices continuing to rise on the international market.

Under the proposed plan, the local miners will need to submit bids for government evaluation if the plan proceeds.

According to the government sources, any transfer will also be evaluated against commitment to environmental rehabilitation, local employment  and infrastructure development in the surrounding communities.

They also believe that this possible transfer of ownership (Tarkwa Mine )will help create more job opportunities for Ghanaian engineers, suppliers, and entrepreneurs.

Bloomberg in the story also quoted sources who argue that they have not ruled out a lease extension for Gold Fields.

Tarkwa accounted for a fifth of Gold Fields’ total output last year, making it the South African miner’s most significant asset.

Gold Fields said it had submitted an early application for lease renewal and that constructive engagements with the government were continuing.

The Government of Ghana recently moved to increase its share of mining revenue, by raising royalties on bullion to as much as 12% from 5%.