The Institute of Economic Affairs (IEA) has urged the government to refrain from renewing the mining licences of multinational companies whose leases have expired, describing the move as a decisive step toward full state ownership of Ghana’s mineral resources.
A distinguished IEA fellow and former Chief Justice, Sophia Akuffo, said allowing expired leases to lapse would strengthen state control over the mining sector and unlock significant long-term economic and strategic benefits. Speaking at a press briefing in Accra, she stressed the need to abolish the current sliding-scale royalty system and replace it with a mining framework centred on state ownership and service contracts.
Justice Akuffo noted that the upcoming expiration of several mining leases presents Ghana with a rare opportunity to restructure ownership in the sector without breaching existing agreements.
“In the coming years, the expiry of multiple mining leases offers Ghana a strategic chance to break away from the status quo and adopt a new ownership model without violating current contracts,” she stated.
“We therefore call on the government not to renew or extend these leases, but to chart a new course based on state ownership and service agreements.”
She dismissed arguments often used to justify the foreign-dominated mining model, including claims that Ghana lacks the technical expertise, capital, or capacity to effectively manage its mineral resources.
According to Justice Akuffo, national ownership combined with efficient management would deliver financial, economic, and national security benefits far greater than the royalties generated under the existing system.
“Ownership creates opportunities for value addition, higher revenues, and stronger foreign exchange inflows,” she said, adding that it also produces wider gains such as employment creation, technology transfer, community development, and long-term structural transformation of the economy.
