The Institute of Economic Affairs (IEA) has launched a high-level seminar series to ignite national debate on Ghana’s natural resource management regime, with a call for urgent reforms to ensure the country maximises economic gains from its vast mineral wealth while safeguarding the environment.
The inaugural session was chaired by former Chief Justice Sophia Akuffo and attended by a wide spectrum of stakeholders, including parliamentarians, government officials, civil society organisations, mining industry players, and the media.
The keynote address was delivered by Rt. Hon. Prof. Aaron Mike Oquaye, a Distinguished Scholar at the IEA, who spoke on “Ghana, IMF Bailouts and Our Natural Resources.”
His remarks struck a chord with many participants, underscoring the paradox of a country blessed with immense natural resources yet consistently grappling with poverty, debt, and economic fragility.
A Country Blessed but Struggling
Prof. Oquaye lamented that despite possessing gold, bauxite, manganese, lithium, and oil worth “hundreds of billions of dollars,” Ghana continues to endure poverty, high inflation, and recurring dependence on the International Monetary Fund (IMF).
He attributed this paradox to outdated colonial-era contracts that allow foreign companies to extract Ghana’s resources while paying “minimal royalties.”
“We cannot continue to give away our resources for peanuts while turning around to borrow from the very same countries that benefit from them.
“The 18th IMF bailout looms if we do not fundamentally reset our approach to managing our natural wealth.”
Rt. Hon. Prof. Aaron Mike Oquaye
The IEA’s new initiative, which will feature bi-weekly seminars, is designed to examine Ghana’s mining and petroleum regimes and propose legal, policy, and institutional reforms.
Key topics lined up for discussion include mineral rights, ownership structures, licensing procedures, fiscal benefits, dispute resolution mechanisms, and the management of critical minerals such as lithium.
Prof. Oquaye called for a “new paradigm” that ensures Ghana maximises returns from its resources to build what he termed the “new Dubai.”
According to him, it is possible to rethink the fundamentals of Ghana’s resource management and use its gold and other minerals as a springboard for industrial transformation.
Problem of Resource Contracts
One of the central concerns raised at the launch was the inequitable nature of contracts governing Ghana’s resources.
Prof. Oquaye referenced United Nations Resolution 3281 (XXIX), which gives nations the right to renegotiate contracts to secure better terms.
He cited the example of Libya’s nationalisation of oil in 1977 under Muammar Gaddafi, which successfully wrestled control from foreign oil companies.
In Ghana’s case, he recalled the dispute between the Ghana Revenue Authority (GRA) and Tullow Oil, where the state lost an arbitration case after seeking $320 million in tax liabilities.
The International Chamber of Commerce ruled against Ghana, saddling the country with millions in additional legal and tribunal costs.
“These cases remind us that our current contracts are not only unfair but expose us to unnecessary risks.
“We need to renegotiate with courage and with the interest of our people at heart.”
Rt. Hon. Prof. Aaron Mike Oquaye
The IEA also took a firm stance against the government’s recent Memorandum of Understanding (MoU) with Tullow Oil, Kosmos Energy, PetroSA, GNPC and Explorco to extend their Jubilee and TEN field licenses from 2036 to 2040.
“The government must halt this process immediately.
“Petroleum is a depletable national asset, and any extension must follow a comprehensive review of existing agreements and their alignment with Ghana’s long-term development goals.”
Institute of Economic Affairs (IEA)
Prof. Oquaye warned that extending such licenses without addressing fundamental fiscal and governance issues would only entrench Ghana’s dependency and weaken its bargaining power in future negotiations.
Lithium: A Test Case for the Future
Another focal point of the seminar was Ghana’s recent discovery of lithium, hailed as a potential game-changer in the global transition to clean energy.
The IEA proposed a model inspired by countries like Mexico, Bolivia, and Chile, where state-owned companies play a central role in managing the entire value chain.
Under this model, Ghana would establish a Ghana Lithium Company (GLC) to oversee exploration, production, and processing, ensuring that the country moves beyond raw exports to manufacturing lithium-based products such as batteries.
“This is the smart way of managing resources in the 21st century.
“Developing the lithium value chain locally will not only boost revenue but also create thousands of green jobs for our people.”
Institute of Economic Affairs (IEA)
The IEA also criticised the dominance of foreign-controlled industry associations such as the Ghana Chamber of Mines, arguing that their interests are aligned with multinational corporations rather than Ghanaian citizens.
It proposed the creation of a homegrown counterpart institution that would represent Ghanaian interests and serve as a counterbalance in negotiations.
“We must stop leaving our destiny in the hands of foreigners.
“Our laws, institutions, and contracts must protect the Ghanaian people first.”
Institute of Economic Affairs (IEA)
Toward Transparency and Accountability
In its concluding recommendations, the IEA urged government to prioritise transparency in resource management.
This includes parliamentary prior approval rather than mere ratification of mining and petroleum contracts to prevent companies from commencing operations before Parliament has scrutinised and approved their deals.
The Institute also called for a non-partisan inquiry into Ghana’s repeated arbitration losses, arguing that lessons from such reviews must inform future contract negotiations and renewals.
For Prof. Oquaye and the IEA, the stakes could not be higher. Ghana, the first African nation to gain independence in 1957 and once a beacon of hope for the continent, is today mired in debt and economic challenges.
“It is time to have a serious conversation with our foreign partners.
“Those who refuse to embrace reforms and modernisation will live to regret it. We must do things differently if we are to secure a better future for generations to come.”
Rt. Hon. Prof. Aaron Mike Oquaye
The IEA announced that the next seminar in the series will be held on October 7, 2025, where discussions will focus on mineral rights and ownership structures.
The Institute urged the media to amplify the debates and called on citizens to actively engage in shaping the future of Ghana’s natural resource governance.
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