Former Chief Justice of Ghana, Sophia Akuffo, has backed calls for government not to renew the mining lease of Gold Fields at the Tarkwa mine, arguing that Ghana must take full control of its natural resources to secure long term economic benefits.
Speaking at a press conference organised by the Institute of Economic Affairs in Accra, Justice Akuffo said Ghana has gone to the International Monetary Fund multiple times over the years, yet the country’s core economic problems remain unresolved.
According to her, the country’s inability to generate enough domestic revenue to fund development and manage debt sustainably shows that the current economic structure is not working.
She argued that Ghana’s strongest comparative advantage remains its natural resources and called for a new model based on national ownership, responsible extraction, local value addition and the export of finished or semi-finished products.
Justice Akuffo said Ghana must move away from concession and royalty arrangements that largely favour foreign dominated mining systems. She maintained that the country should instead retain ownership of its mineral resources while engaging both local and foreign companies strictly through service agreements that protect Ghana’s interests.
She said stronger national control over mineral resources could create jobs, support industrialisation, increase technology transfer and improve infrastructure development, while helping reduce the growing number of young Ghanaians leaving the country in search of opportunities abroad.
The IEA is proposing that the Tarkwa mine lease should not be renewed for Gold Fields, but rather retained under state ownership and operated through Ghanaian private sector participation.
Also speaking at the press conference, Member of Parliament for Mpraeso, Davis Opoku, supported the proposal, arguing that foreign mining companies continue to make huge profits which are transferred out of the country.
He urged government to hand operations of the mine to Ghanaian entities, insisting that local participation would allow the country to derive greater value from its mineral resources.
