The Institute of Economic Affairs (IEA) has intensified calls for Ghana to prioritise local ownership of its natural resources, opposing the renewal of Gold Fields’ lease for the Tarkwa mines as it approaches expiration in 2027.

Speaking at a press conference in Accra, former Chief Justice and IEA Fellow Sophia Akuffo supported calls for increased Ghanaian participation in the management of the country’s mineral resources, stressing the need for greater national control over strategic assets.

The IEA said the proposed lease renewal or extension would be “deeply inimical” to Ghana’s long-term economic and strategic interests, and urged the government to reject the request while pursuing a framework that ensures meaningful Ghanaian ownership of the Tarkwa mine.

The comments come amid growing debate over the future of the Tarkwa mining lease, currently held by Gold Fields, which contributes significantly to the company’s global gold production.

Gold Fields Chief Executive Officer, Mike Fraser, has previously indicated the company’s commitment to continued investment in the Tarkwa Mine and confirmed that an application has been submitted for a 20-year lease extension.

He noted that Gold Fields’ Ghana operations account for about 25 per cent of the company’s global output, underscoring the mine’s strategic importance.

However, the IEA argues that the impending expiration presents an opportunity for Ghana to reset its approach to natural resource governance and increase local participation in the mining sector.

The institute also cautioned against continued reliance on foreign operators in key sectors, insisting that Ghana’s mineral wealth should play a more central role in driving national development and economic independence.

At the same press conference, IEA Founder and Chairman Charles Mensa criticised Ghana’s repeated reliance on International Monetary Fund (IMF) support, noting that the country has entered IMF programmes about 17 times, which he said reflects structural weaknesses in the economy and poor resource utilisation.

Former Speaker of Parliament Aaron Mike Oquaye also supported the call for non-renewal, arguing that Ghana should not extend leases that do not prioritise national ownership and economic benefit.

He maintained that Ghana is well-positioned to renegotiate such arrangements given the impending expiration of the lease, describing the country’s mineral resources as critical to its economic future.

The IEA maintains that strengthening indigenous participation in strategic sectors will help Ghana retain more value from its natural resources and reduce dependence on external financial support.