The Institute of Economic Affairs (IEA) has called on the government not to renew the mining licenses of multinational companies whose leases have expired, arguing that the move would mark a critical step toward full state ownership of Ghana’s mineral resources.

A distinguished scholar of the IEA and former Chief Justice, Sophia Akuffo, said allowing expired leases to lapse would give the state greater control over the mining sector and unlock long-term economic and strategic benefits.

Speaking at a press briefing in Accra, Justice Akuffo emphasized the need to abolish the current sliding-scale royalty regime and replace it with a mining policy anchored in state ownership and service contracts.

She noted that the impending expiration of several mining leases presents Ghana with a rare opportunity to reform its mining ownership structure without violating existing agreements.

“In the years ahead, the expiration of multiple mining leases presents Ghana with a strategic opportunity to break the mould and adopt a new ownership model without breaching existing contracts,” she said.

“We therefore urge the government not to renew or extend any expiring leases, but instead pursue a new trajectory based on state ownership and service contracts.”

Justice Akuffo added that the IEA rejects claims often made in defense of the current foreign-dominated model that Ghana lacks the technical capacity, capital, or expertise to manage its mineral resources effectively.

According to her, national ownership and efficient management of the country’s resources would yield financial, economic, and national security gains that far exceed the benefits derived from royalty payments under existing arrangements.

“Ownership creates opportunities for value addition, increased revenues, and stronger foreign exchange inflows,” she said.

“It also delivers secondary benefits such as job creation, technology transfer, community development, and long-term structural transformation of the country”.