The Institute of Economic Affairs (IEA) has urged the government to refrain from renewing the mining licenses of multinational companies whose leases have expired, arguing that such a decision would pave the way for greater state control over Ghana’s mineral resources.
A Distinguished Fellow of the IEA and former Chief Justice, Justice Sophia Akuffo, said allowing expired leases to lapse would mark a decisive shift toward full national ownership of the mining sector, with far-reaching economic and strategic benefits for the country.
Speaking at a press briefing in Accra, Justice Akuffo maintained that Ghana’s current mining framework, characterised by foreign ownership and a sliding-scale royalty regime limits the country’s ability to maximise value from its mineral wealth.
She called for the abolition of the royalty-based system and its replacement with a mining policy anchored in state ownership supported by service contracts.
According to her, the scheduled expiration of several mining leases presents Ghana with a rare and timely 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 violating existing agreements,” Justice Akuffo said.
She stressed that the government should resist pressures to extend or renew expiring leases and instead chart a new course that places ownership and control of mineral resources firmly in the hands of the state.
“We therefore urge the government not to renew or extend any expiring leases, but to pursue a new trajectory based on state ownership and service contracts,” she added.
Justice Akuffo also rejected long-standing arguments often used to justify the continued dominance of foreign mining firms, particularly claims that Ghana lacks the technical expertise, capital, or managerial capacity to operate large-scale mining ventures.
She argued that with the right governance structures, professional management, and strategic partnerships, Ghana is capable of efficiently managing its mineral resources for national benefit.
According to the IEA, national ownership would generate significantly higher financial returns than the current royalty-based model, while also delivering broader economic and national security gains.
“Ownership creates opportunities for value addition, increased revenues, and stronger foreign exchange inflows,” Justice Akuffo said.
She noted that beyond direct fiscal benefits, state ownership of mining assets would stimulate job creation, encourage technology transfer, support community development, and drive long-term structural transformation of the Ghanaian economy.
The IEA believes that reforming the mining ownership model is essential to ensuring that Ghana’s mineral wealth contributes meaningfully to sustainable development rather than remaining a source of limited fiscal returns.
