The Institute of Economic Affairs (IEA) has called for an immediate halt to mining activities in Ghana until the country attains the necessary resources and expertise to manage its natural wealth effectively.

Speaking at an IEA press briefing on maximising the benefits of Ghana’s natural resources, Distinguished Fellow and former Chief Justice, Justice Sophia Akuffo, expressed concern over the nation’s failure to secure a substantial share of its mineral wealth. She argued that foreign companies continue to benefit disproportionately, leaving Ghana with minimal returns.

“Ghana has generated less revenue than is needed for its development, despite our multiple and high taxes. The shortfall in revenue has forced the country into incessant borrowing, leading to a perennial debt crisis and multiple visits to the IMF for financial bailouts,” Justice Akuffo stated.

She called for a thorough review of the country’s extractive industry agreements, stressing that current contracts favour foreign firms at the expense of national interests.

“Our natural resources have been exploited under concession-type leases that grant exclusive rights to foreign companies. These companies keep a disproportionately high share of the extracted resources while paying Ghana a meagre amount in royalties and taxes. Over the years, we seem to have been grateful to settle for such pittance simply because we do not value what we have,” she said.

Justice Akuffo criticised the long-standing justification that Ghana lacks the capital and expertise to develop its own resources, dismissing it as an excuse that undermines the country’s potential.

“I cringe every time I hear that excuse because it is not backed by any amount of truth. We should stop belittling ourselves and recognise the true value of what we have under our land,” she said.

She further suggested that mining operations should be suspended until Ghana is ready to manage its resources properly for the benefit of its people.

“Until we are ready to see the true value of our resources, perhaps we should even stop mining altogether. We should stop extracting the wealth that God has generously placed on and under our land until we can use it properly for ourselves,” she said.