The Institute of Economic Affairs, IEA, is calling on Ghanaians to reject any attempt by government to extend Goldfields Company’s lease contract for Tarkwa Mines. According to the IEA, renegotiation for an extended lease of 20 years will not inure to the benefit of Ghana’s economy in any way. This follows Goldfield’s bid for a 20-year extension of its operations at the Tarkwa Mines which expires in 2027.
The Institute of Economic Affairs, IEA, argued that for the past 17 years, Ghana has been seeking financial support from the IMF and yet has no progressive results to show for it. It further stated that the situation is being worsened by the way the country keeps selling its natural resources and assets to foreign investors who give little returns to the country. Speaking at the news conference, the Former Chief Justice, Sophia Akuffo said government and all Ghanaians must reject the bid by Goldfields Mines Company Limited for another 20 years extension of their operations at the Tarkwa Mines. She said the country must position itself to rather dictate terms to foreign investors.
“The IEA considers the requested lease renewal or extension, as they choose to call it, to be deeply inimical to Ghana’s long term economic and strategic interest and therefore calls on the government to soundly reject this approach. Government must rather prioritize a framework that secures meaningful Ghanaian ownership and control of the mines at Tarkwa.”
Justice Sophia Akuffo also tressed on the need for Ghana to take control of its assets and manage them effectively. She said it is about time Ghana owned and managed its own resources without foreign influence. Ghana, she noted, must pursue a model based on national ownership of its resources though responsible production, local value addition and the export of well finished products capable of generating higher revenue and foreign exchange for the country.
Adding his voice to the protest, Former Speaker of Parliament, Prof. Mike Ocquaye said the call on Ghanaians to reject Goldfields’ should be devoid of any political insinuations since it is to the detriment of all. He said Ghana will be the biggest loser if we do not rise up to the global challenge.
” Ghana has gone to the IMF 17 times since the 1960s. So when we are advocating for a paradigm change, it is not about the military, NPP or NDC. Everybody is affected. So we need to ask questions about how we manage our local resources and where we fit in the global economy” Prof. Ocquaye said.
The IEA believes that Goldfields operations of the Tarkwa Mines since 1993 has neither improved the living conditions of surrounding communities nor added any value to Ghana’s economy. They therefore do not deserve to be given an extension.
Author: Jonathan Thompson.