Professor of Finance and Economics at the University of Ghana, Prof Godfred Alufar Bokpin, has urged policymakers not to dismiss proposals by the Institute of Economic Affairs (IEA) calling for greater state control over mining assets, saying the ideas should instead be critically examined in the national interest.

He argued that Ghana has not fully benefited from its natural resources and must reconsider its fiscal regime and mining agreements to ensure the country secures better value from extraction activities.

Speaking in an interview on JoyNews' Newsfile on Saturday, May 16, he said that although Ghana is richly endowed with minerals, its returns from the sector remain comparatively low relative to other resource-rich countries with stronger fiscal arrangements.

He noted that many of the challenges in the mining sector are linked to long-standing lease agreements and contractual obligations that limit the country’s ability to renegotiate favourable terms.

“If you follow the narrative, we have blamed a lot of these things on the kind of contracts we have signed and lease arrangements, and they are binding. So to that extent, as these leases are nearing expiration, we should not throw away what the IEA is saying,” he said.

Prof Bokpin suggested that Ghana should take advantage of expiring mining leases to reassess terms, renegotiate agreements, or adopt improved fiscal arrangements that maximise national benefit.

He stressed that while the mining sector is capital-intensive and requires foreign investment, "Ghana must ensure it captures a fair share of the value generated from its natural resources."

He also raised concerns about the uneven development in mining communities despite the wealth generated from extraction, questioning whether the country is receiving adequate returns from its mineral endowment.

However, he cautioned that any reforms must balance national interest with investor confidence, legal certainty, and the need to maintain a stable regulatory environment.

His comments come amid ongoing debate over proposals by the Institute of Economic Affairs (IEA) to nationalise mining assets.

The proposal has, however, been strongly opposed by the Ghana Chamber of Mines, which argues that Ghana should instead focus on strengthening regulation, transparency, and investor confidence in the sector.