Fresh uncertainty is hanging over the future of mining giant Gold Fields Ghana as mounting signals from government and influential policy voices suggest the company may lose control of the strategic Tarkwa Mine when its lease expires in 2027, following its recent setback at Damang.
Highly placed sources within government indicate that the Tarkwa mining lease, currently held by Gold Fields, may not be renewed upon expiration, potentially paving the way for a new era of indigenous control over one of Ghana’s richest gold concessions.
Should government decide against extending the lease, insiders say the mine could be reclaimed by the state and potentially handed to Ghanaian-owned mining powerhouse Engineers & Planners to operate on behalf of the Republic.
If such a move materialises, Engineers & Planners (E&P) would emerge as one of the most powerful indigenous mining companies in Africa, with interests spanning major concessions including Damang, Tarkwa, the Black Volta Gold Project and other strategic mining assets.
The development would mark a major shift in Ghana’s mining sector — one that could redefine ownership, value retention and indigenous participation in natural resource exploitation.
“The Answer Must Be No” – Mike Oquaye
Adding momentum to calls for a local takeover, former Speaker of Parliament, Aaron Mike Oquaye, has strongly opposed any automatic renewal of Gold Fields’ Tarkwa lease.
Speaking at a press conference organised by the Institute of Economic Affairs in Accra on May 13, Prof. Oquaye argued that Ghana has every legal and moral justification to reclaim strategic assets once agreements expire.
“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,” he declared.
According to him, many countries are renegotiating resource contracts to favour national interests, yet Ghana is in a stronger position because the Tarkwa lease is naturally approaching expiration.
“There will be no renegotiation. The lease will expire in April next year, just a few months to go,” he stressed.
Prof. Oquaye linked Ghana’s economic struggles and repeated dependence on the IMF to decades of poor management of the country’s mineral wealth.
“We have gold, bauxite, manganese, diamond, lithium and oil, yet every regime since 1966 has gone to the IMF. Should we continue?” he questioned.
Sophia Akuffo: Ghana Can Run Tarkwa Alone
Former Chief Justice, Sophia Akuffo, also threw her weight behind calls for greater Ghanaian control of the mine, insisting the country possesses the technical expertise to independently operate Tarkwa without foreign operators.
Speaking as a Fellow of the Institute of Economic Affairs, Sophia Akuffo questioned whether host communities have benefited adequately after more than three decades of Gold Fields’ operations.
According to her, Ghanaian mining professionals are already executing much of the technical work in large-scale mining and have the expertise to manage Tarkwa independently.
“Ghana today possesses a highly experienced pool of mining professionals with technical expertise and operational competence to operate the Tarkwa Mine successfully,” she argued.
She pointed to the longstanding contribution of the University of Mines and Technology (UMaT), which has trained internationally recognised mining engineers and professionals over several decades.
Sophia Akuffo further argued that many Ghanaian firms, including Engineers & Planners, are already heavily involved in operational activities for multinational mining firms.
IEA Intensifies Pressure on Government
The Institute of Economic Affairs has intensified calls for government to reject Gold Fields’ request for a 20-year lease extension, arguing that continued foreign dominance in Ghana’s mining sector undermines long-term national economic interests.
“The requested lease renewal or extension will be deeply inimical to Ghana’s long-term economic and strategic interests,” Sophia Akuffo warned.
Founder and Chairman of the IEA, Charles Mensa, also criticised Ghana’s repeated recourse to the IMF, arguing that the country has failed to fully harness its mineral wealth.
“We have low-hanging assets that can help us pay our debts and drive development, but they have been handed over to foreign companies,” he said.
Gold Fields Defends Tarkwa’s Strategic Importance
Meanwhile, Gold Fields Group CEO, Mike Fraser, has maintained that the company remains committed to Ghana and has already applied for a 20-year extension of the Tarkwa mining lease.
According to Fraser, Gold Fields’ Ghana operations contributed 25 percent of the company’s global production output last year, making Tarkwa one of the company’s most strategic mining assets worldwide.
The debate over Tarkwa is rapidly evolving into a broader national conversation about economic sovereignty, local participation and whether Ghana should finally take full control of its mineral wealth.
