Institute of Economic Affairs calls for mining halt until Ghana gains full control of natural resources

The Institute of Economic Affairs (IEA) has called for an immediate halt to mining in Ghana. They want this pause until the country can manage its natural resources effectively.

At an IEA press briefing, Justice Sophia Akuffo spoke about maximizing benefits from Ghana’s resources. She is a Distinguished Fellow and former Chief Justice. Justice Akuffo expressed concern over Ghana's small share of mineral wealth. She noted that foreign companies benefit more, leaving Ghana with little return.

“Ghana generates less revenue than needed for development,” she stated. “Despite high taxes, we face a revenue shortfall.” This shortfall leads to constant borrowing and a debt crisis. It also results in multiple visits to the IMF for financial help.

Justice Akuffo called for a review of extractive industry agreements. She stressed that current contracts favor foreign firms over national interests.

“Our resources are exploited under leases that give exclusive rights to foreigners,” she explained. “These companies take most of the extracted wealth while paying Ghana very little.” Over time, Ghana seems grateful for these small returns, not valuing its own resources.

She criticized the excuse that Ghana lacks capital and expertise to develop its resources. “This excuse undermines our potential,” she said. “We should recognize the true value of what lies beneath our land.”

Justice Akuffo suggested suspending mining operations until Ghana is ready to manage its resources properly. “Until we see the true value of our resources, we should stop mining altogether,” she concluded.