The Institute of Economic Affairs (IEA) has escalated its call for the Ghanaian government to prioritise local ownership of natural resources by opposing the renewal of Gold Fields’ lease for the Tarkwa mines, which expires in 2027.

During a press conference in Accra, former Chief Justice and IEA Fellow Sophia Akuffo advocated for increased national control over strategic assets and greater Ghanaian participation in mineral resource management.

The IEA described the proposed 20-year extension as deeply inimical to the country's long-term economic interests and urged the government to reject the application in favor of a framework that ensures meaningful indigenous ownership.

This opposition follows statements from Gold Fields CEO Mike Fraser, who confirmed the company’s commitment to further investment and noted that its Ghana operations represent approximately 25 percent of its global production.

The IEA contends that the upcoming lease expiration provides a critical opportunity to reform natural resource governance and reduce the nation’s reliance on foreign operators.

IEA Founder Charles Mensa highlighted that Ghana's frequent recourse to International Monetary Fund support — totaling 17 programmes — points to structural economic weaknesses and the ineffective utilization of national resources.

Former Speaker of Parliament Aaron Mike Oquaye joined the call for non-renewal, asserting that Ghana is strategically positioned to renegotiate terms that prioritize national economic benefits.

The IEA maintains that enhancing indigenous participation in key sectors is essential for retaining more value from mineral wealth and achieving greater economic independence.