By Benjamin Nii Nai Anyetei
The Institute of Economic Affairs (IEA) has called on the government to halt the renewal of mining leases held by multinational companies whose agreements have expired, arguing that the move could pave the way for greater state ownership of Ghana’s mineral resources.
The former Chief Justice, Sophia Akuffo, said allowing expired leases to lapse would give the state increased control over the mining sector and unlock long-term economic, strategic and national security benefits.
Speaking at a press briefing in Accra, Justice Akuffo stressed the need for a fundamental shift in Ghana’s mining policy, including the abolition of the current sliding-scale royalty regime. She proposed a new framework anchored in state ownership and service contracts, which she said would better serve the country’s development goals.
According to her, the impending expiration of several mining leases presents Ghana with a rare opportunity to reform its mining ownership structure without breaching existing contractual obligations.
“In the years ahead, the expiration of multiple mining leases presents Ghana with a strategic opportunity to break the mould and adopt a new ownership model without breaching existing contracts,” she said.
“We therefore urge the government not to renew or extend any expiring leases, but instead pursue a new trajectory based on state ownership and service contracts.”
Justice Akuffo dismissed claims often used to defend the current foreign-dominated model, including arguments that Ghana lacks the technical capacity, capital or expertise to effectively manage its mineral resources.
She maintained that national ownership, combined with efficient management, would deliver financial and economic returns far greater than what Ghana currently earns through royalty payments.
“Ownership creates opportunities for value addition, increased revenues and stronger foreign exchange inflows,” she said.
“It also delivers secondary benefits such as job creation, technology transfer, community development and long-term structural transformation of the country.”
The IEA’s call adds to the ongoing national debate on the future of Ghana’s mining sector, particularly as the government explores options for greater value retention and control over the country’s natural resources.
