Ghana must reclaim Tarkwa Mine as Gold Fields' lease expires in 2027 - IEA

Institute of Economic Affairs has urged President John Dramani Mahama and the government to reject Gold Fields’ proposed 20-year extension of its mining lease for the Tarkwa Mine, describing the move as contrary to Ghana’s long-term economic interests.

In a statement issued on Tuesday, May 13, 2026, the policy think tank said, “Do not extend Gold Fields’ Tarkwa mining lease — it is contrary to Ghana’s national interest, Mr President.”

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.

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“The IEA considers the requested lease renewal deeply inimical to Ghana’s long-term economic and strategic interests and therefore calls on Government to reject it decisively,” the statement said.

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.

“While 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,” the statement noted.

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.

The think tank said the lease expiry presents Ghana with “a rare and historic opportunity to reclaim ownership and strategic control of the Tarkwa Mine at a time when global gold prices remain exceptionally high.”

It also dismissed suggestions that Ghana lacks the technical capacity to manage the mine.

“Indeed, major operational activities at Gold Fields’ Tarkwa Mine itself are presently executed by Ghanaian mining service providers,” the statement said.

The IEA argued that Ghana’s continued reliance on foreign-controlled extractive arrangements has contributed to recurring economic challenges.

“At the core of Ghana’s recurring economic difficulties lies the country’s chronic inability to mobilise sufficient domestic revenue to finance national development,” it stated.

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.

The IEA urged the government, Parliament, traditional leaders, labour unions, and civil society groups to oppose the lease renewal.

“Ghana 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,” the statement concluded.

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’ lease for the Tarkwa mines, which expires in 2027.

Former Chief Justice and IEA fellow, Sophia Akuffo, says Ghana must… pic.twitter.com/reYDb6yYiE

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