The Institute of Economic Affairs (IEA) is calling for a halt to the renewal of mining leases for foreign companies, insisting that Ghana must reclaim ownership of its natural resources.
The policy think tank expressed disappointment that three foreign-owned firms recently had their leases extended without a clear roadmap for transitioning operations to local hands.
While acknowledging government’s decision to reduce the duration of mining leases from 30 years to 15 years, the IEA criticized the renewal of contracts for Newmont Golden Limited, Gateway Exploration Limited, and GBS Exploration Limited.
Senior Fellow of the IEA, Eric Oduro Osae, described the development as a missed opportunity, expressing that “This is a disappointing move as it represents yet another missed opportunity to reclaim ownership of our natural resources.”
The IEA further noted that three other mining companies had their leases extended under similar arrangements, raising concerns about government’s long-term strategy for local participation.
Board Chair of the IEA, Dr. Charles Mensah, urged Ghanaians to resist pressure from multinational mining firms, warning against the scare tactics of foreign companies.
“These companies have more money than us, and what are they trying to do? Extract more. They take your gold, they take your money, and pay nothing meaningful back,” he argued. “It’s time Ghanaians wake up, because if we keep going this way, the younger generation will have nothing but poverty.”
The IEA has urged the government to prioritize local ownership and create a clear roadmap to gradually transfer mining operations into Ghanaian hands.
Read More @ ATLFMNEWS.COM
