Former Speaker of Parliament, Aaron Mike Oquaye, has called on Ghana to take full control of its natural resources, insisting that the country should not renew mining leases that fail to prioritise national ownership and economic benefit.
Speaking amid growing debate over the future of the Tarkwa mines lease currently held by Gold Fields at an IEA Press Conference in Accra on Wednesday, May 13, Prof. Oquaye argued that Ghana is in a strong position to reclaim control over key national assets once existing agreements expire.
“In many countries in the world, governments are renegotiating contracts that are still valid. Even there, people succeed in doing so,” he said.
He cited examples from Libya, where authorities renegotiated resource contracts in favour of national interests, adding that Ghana’s situation is even more favourable because the current lease is close to expiration.
“In our case, we are even in a better position. There will be no renegotiation. The lease, the contract, will expire in April of next year, just a few months to go,” he stated.
According to him, Ghana must firmly reject any automatic renewal of such agreements and instead pursue greater local participation in the management of the country’s mineral wealth.
“The question is should we bring them back to operate that which we know is our lifeblood? The answer is no, and it must be clearly no, because now we are in the era of nations owning their property,” he stressed.
Prof. Oquaye linked Ghana’s recurring economic difficulties to what he described as decades of poor management of natural resources.
“We know the state of our economy. Every regime in Ghana since the NLC which took power in 1966 has gone to the IMF,” he said.
He argued that Ghana has failed to maximise the benefits of its gold, bauxite, manganese, diamond, lithium, and oil resources, despite not being central players in major global industrial and technological revolutions.
“What we have is our gold, diamond, bauxite, manganese, lithium and so on and oil. The way we have dealt with these natural resources determined the situation we are in today. Should we continue?” he questioned.
Prof. Oquaye also connected the debate to the treatment of Ghanaians abroad, particularly in South Africa, saying the country must become economically stronger and more self-reliant.
“Today we must all be very sad about how Ghanaians are treated in South Africa,” he added.
His comments come as the Institute of Economic Affairs intensifies calls for greater Ghanaian ownership in the country’s mining sector ahead of the expiration of Gold Fields’ Tarkwa lease in 2027.
The institute has urged government to prioritise local participation and national interest in deciding the future management of the mine, which contributes significantly to Gold Fields’ global production.
