A Public Financial Management expert, Derrick Opare Asamoah, has petitioned the Council of State to intervene in the proposed non-renewal of Gold Fields Ghana Limited’s mining lease for its Tarkwa mine.
In the petition dated July 1, 2026, Mr Asamoah urged the Council to advise government against adopting the recommendation by the Institute of Economic Affairs (IEA) to deny the lease renewal and transfer the concession to a local owner.
The IEA had argued that Ghana was not deriving enough benefits from the Tarkwa mine and that communities hosting mining operations remained underdeveloped despite years of mineral extraction.
This comes on the back of Gold Fields’ request for a 20-year extension of its Tarkwa mining lease, which is currently set to expire in 2027. As of May 2026, negotiations were ongoing between the company and the Government of Ghana on whether to renew the lease or allow the mine’s operations to wind down.
Mr Asamoah acknowledged concerns over the limited benefits accruing to Ghana and mining communities, but argued that outright denial of the lease would not resolve the challenges.
He said the Tarkwa mine had become a major mining asset through significant investment by Gold Fields since it acquired the operation in 1993.
According to him, the mine, which currently produces about 500,000 ounces of gold annually, was transformed from an underground operation producing 24,000 ounces with a limited lifespan into one of Africa’s largest open-pit gold mines after more than $5 billion in investment.
He argued that Ghana currently lacked the financial and technical capacity to take over and operate a mine of such scale.
“Our country has struggled to mobilise even $20 million for small-scale mineral exploration. No Ghanaian entity has ever operated a mine of this scale and technical complexity,” he stated.
Mr Asamoah warned that a takeover achieved through lease denial could discourage international investment and make it difficult for Ghana to secure financing for mining operations.
He further argued that successful mining jurisdictions such as Canada, Australia and South Africa continue to host major global mining companies rather than relying on nationalisation of mining assets.
Instead of rejecting the lease renewal, he called on the Council of State to advise the government to pursue strategic renegotiations with Gold Fields, including increasing state and Ghanaian citizen participation through the Minerals Income Investment Fund.
He cited Botswana’s partnership with Debswana as a model Ghana could consider in increasing local ownership and benefits from its natural resources.
The petition also called for the establishment of a National Resource Participation Strategy with clear targets for Ghanaian equity ownership, local content development, skills transfer and community investment.
Mr Asamoah further urged government to introduce legislation establishing a mandatory Mining Community Development Fund, financed through a percentage of gross mine revenue and government’s mineral income.
He said such a fund would provide mining communities with predictable and enforceable benefits rather than relying on voluntary contributions from mining companies.
“The Council of State exists to provide wise counsel in matters affecting the nation’s long-term interests,” he said, adding that strategic renegotiation, capacity building and predictable resource governance would better serve Ghana’s mining sector.
