The Institute of Economic Affairs (IEA) has emphasised that Ghana’s vast natural resources present a significant opportunity for economic acceleration and poverty eradication within generations if properly harnessed.

Speaking at a press briefing in Accra, former Chief Justice and Distinguished Fellow of the IEA, Justice Sophia Akuffo, highlighted that the country’s natural wealth, including minerals, petroleum, gas, salt, and forests, was worth trillions of dollars.

The event was themed, “Maximising the Benefits from Ghana’s Natural Resources.”

Justice Akuffo observed that these resources have long been exploited under concession leases that grant exclusive rights to foreign firms, allowing them to retain disproportionate shares of the revenue while Ghana receives minimal royalties and taxes.

She pointed out that it is ironical that Ghana continues to sell its birthright cheaply only to descend on Western capitals to borrow or seek foreign aid. Going forward, she said, Ghana must own and fully benefit from its natural resources.

Policy reforms

The IEA also underscored that all-natural resource and mineral laws in Ghana must align with the United Nations General Assembly (UNGA) Resolution 1803 (1962), which upholds a nation’s sovereign right to fully control and benefit from its natural resources.

The institute also stressed the urgent need for tax reforms to boost revenue, calling for plugging tax loopholes, broadening the tax net through greater formalisation of the economy, improving compliance and leveraging technology to capture revenue from the expanding e-commerce sector.

The IEA further noted that given Ghana’s limited Gross Domestic Product (GDP), tax revenue alone cannot sufficiently fund the country’s vast development needs. Instead, Ghana must capitalise on its God-given resources by ensuring that the country, rather than foreign companies, retains the lion’s share of the profits.

Ending colonial-era

It criticised the long-standing rationale that Ghana lacks the capital and expertise for exploration and resource development, stating that this mindset must change.

It argued that many countries have successfully restructured their natural resource ownership models, and that Ghana can do the same.

With growing public awareness and renewed interest from the Presidency, the institute urged the government to prioritise strategic reforms to optimise the country’s resource benefits.

“The colonial practice cannot be allowed to continue in perpetuity as it denies the country the benefits of its God-given wealth,” the IEA asserted, calling for a bold new approach that ensures Ghana’s resources drive national prosperity rather than enriching foreign entities.