{"id":582515,"date":"2026-05-13T22:42:09","date_gmt":"2026-05-13T22:42:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/582515\/"},"modified":"2026-05-13T22:42:09","modified_gmt":"2026-05-13T22:42:09","slug":"ghana-must-reclaim-tarkwa-mine-as-gold-fields-lease-expires-in-2027","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/582515\/","title":{"rendered":"Ghana must reclaim Tarkwa Mine as Gold Fields’ lease expires in 2027"},"content":{"rendered":"

Institute of Economic Affairs has urged President John Dramani Mahama<\/a> and the government to reject Gold Fields\u2019 proposed 20-year extension of its mining lease for the Tarkwa Mine, describing the move as contrary to Ghana\u2019s long-term economic interests.<\/p>\n

In a statement issued on Tuesday, May 13, 2026, the policy think tank said, \u201cDo not extend Gold Fields\u2019 Tarkwa mining lease \u2014 it is contrary to Ghana\u2019s national interest, Mr President.\u201d<\/p>\n

The IEA said it was concerned by comments from Gold Fields CEO, Mike Fraser, indicating that the company had formally applied for a new lease ahead of the expiration of its current concession in April 2027.<\/p>\n

Seven CPC staff interdicted over GH\u00a24.37 million audit findings<\/a><\/p>\n

\u201cThe IEA considers the requested lease renewal deeply inimical to Ghana\u2019s long-term economic and strategic interests and therefore calls on Government to reject it decisively,\u201d the statement said.<\/p>\n

According to the IEA, despite decades of gold extraction, many communities in Tarkwa continue to face poor roads, inadequate healthcare, limited educational infrastructure, unemployment, and environmental degradation.<\/p>\n

\u201cWhile local residents bear the severe environmental and social costs associated with large-scale mining, the overwhelming economic benefits are exported abroad, enriching foreign economies while leaving the host communities marginalised and environmentally burdened,\u201d the statement noted.<\/p>\n

Gold Fields acquired the Tarkwa Mine in 1993, and the operation now produces about 500,000 ounces of gold annually, valued at more than US$2.3 billion at current prices.<\/p>\n

The think tank said the lease expiry presents Ghana with \u201ca rare and historic opportunity to reclaim ownership and strategic control of the Tarkwa Mine at a time when global gold prices remain exceptionally high.\u201d<\/p>\n

It also dismissed suggestions that Ghana lacks the technical capacity to manage the mine.<\/p>\n

\u201cIndeed, major operational activities at Gold Fields\u2019 Tarkwa Mine itself are presently executed by Ghanaian mining service providers,\u201d the statement said.<\/p>\n

The IEA argued that Ghana\u2019s continued reliance on foreign-controlled extractive arrangements has contributed to recurring economic challenges.<\/p>\n

\u201cAt the core of Ghana\u2019s recurring economic difficulties lies the country\u2019s chronic inability to mobilise sufficient domestic revenue to finance national development,\u201d it stated.<\/p>\n

The organisation noted that despite nearly 17 International Monetary Fund-supported programmes, Ghana continues to face deep structural economic problems because it has not fully maximised the benefits of its natural resources.<\/p>\n

The IEA urged the government, Parliament<\/a>, traditional leaders, labour unions, and civil society groups to oppose the lease renewal.<\/p>\n

\u201cGhana must seize this historic moment to redefine its relationship with its natural resources in a manner that secures enduring prosperity and economic sovereignty for present and future generations,\u201d the statement concluded.<\/p>\n

The Institute of Economic Affairs (IEA) is calling for Ghana to prioritise local ownership of its natural resources and reject any renewal of Gold Fields\u2019 lease for the Tarkwa mines, which expires in 2027.<\/p>\n

Former Chief Justice and IEA fellow, Sophia Akuffo, says Ghana must\u2026 pic.twitter.com\/reYDb6yYiE<\/a><\/p>\n

\u2014 CITI FM 97.3 (@Citi973) May 13, 2026<\/a> <\/p>\n

NA\/MA<\/p>\n

AROUND TOWN: ‘Our lives are at risk’ – Drivers, commuters decry poor roads<\/p>\n<\/p>\n