As debate intensifies over the future of the Tarkwa Mine lease, there is a growing movement of some Ghanaians calling for the formation of a consortium of Ghanaian millionaires and investors to take over one of the country’s most valuable mining assets.
The lease of the current holder, Gold Fields, expires next year, and an application has been made for its renewal for the next 20 years.
However, nationalistic sentiments among some Ghanaians are pushing for the non-renewal of the lease. Advocates for this call include distinguished personalities such as the former Chief Justice, Sophia Akuffo, and the former Speaker of Parliament, Prof. Mike Ocquaye, among others.
They are pushing for the state to take over the mine since the foreign-dominated mining sector has not really benefited the country as expected.
What has even worsened Gold Fields’ case is the latest xenophobic attacks in South Africa, the home country of the mining giant. Many Ghanaians have come under attack by South Africans, forcing the government to evacuate distressed Ghanaians back home.
As a form of retaliation, some Ghanaians believe that the government must not renew the lease for the South African company. They are therefore proposing an alternative for the government to consider. This alternative, they believe, is in line with the push for greater local participation in Ghana’s natural resource sector.
Supporters of the idea argue that Ghana has produced enough wealthy entrepreneurs, business leaders, and mining professionals capable of owning and managing strategic national assets. For them, the Tarkwa Mine represents an opportunity to retain a larger share of mining profits within the country, deepen local ownership, create wealth for Ghanaian investors, and strengthen economic sovereignty.
For them, a Ghanaian-led mining consortium could reinvest a greater share of earnings locally, support domestic suppliers, create jobs, and build indigenous expertise in large-scale mining operations.
However, this proposal is not without criticism, as ownership alone does not guarantee success. Mining experts emphasize that mining is an extremely capital-intensive business requiring billions of dollars in financing, advanced technology, technical expertise, and access to international markets. Even some of the world’s largest mining companies rely heavily on external financing and global partnerships to sustain operations.
A takeover driven solely by nationalist sentiment rather than commercial viability could expose the mine to financial, operational, and governance risks. They argue that the real question is not whether the owners are Ghanaian or foreign, but whether the operators possess the capital, competence, and long-term strategy needed to keep the mine productive and profitable.
Others fear that excluding foreign investors altogether could send negative signals to international markets at a time when Ghana still depends heavily on foreign direct investment to support economic growth and large-scale industrial projects.
The debate now presents a dilemma of how to increase local ownership and participation in strategic sectors without undermining investment confidence or operational efficiency.
