{"id":236434,"date":"2024-10-21T16:04:38","date_gmt":"2024-10-21T16:04:38","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/10\/21\/planned-sale-of-newmonts-akyem-gold-mine-project-legally-flawed\/"},"modified":"2024-10-21T16:04:38","modified_gmt":"2024-10-21T16:04:38","slug":"planned-sale-of-newmonts-akyem-gold-mine-project-legally-flawed","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/10\/21\/planned-sale-of-newmonts-akyem-gold-mine-project-legally-flawed\/","title":{"rendered":"Planned sale of Newmont&#8217;s Akyem Gold Mine Project legally flawed"},"content":{"rendered":"<p><\/p>\n<div>\n<p>The Institute of Economic Affairs (IEA) has strongly opposed the planned sale of Newmont\u2019s Akyem Gold Mine to China\u2019s Zijin Mining Group for $1 billion.<\/p>\n<p>The IEA argues that the sale undermines Ghana\u2019s economic interests and violates key terms of the mine\u2019s lease agreement, set to expire in January 2025.<\/p>\n<p>In a press release dated Monday, October 21, 2024, the IEA highlighted that the original lease agreement requires government approval for any transfer of ownership, and there is no record of such approval.<\/p>\n<p>Furthermore, the Institute stressed that Ghanaian investors should be prioritized, aligning with President Akufo-Addo\u2019s previous statements on keeping mineral wealth in local hands.<\/p>\n<p>Citing flaws in the original contract, including inadequate royalties and taxes, the IEA called for the sale to be blocked and for Parliament to reject it.<\/p>\n<p>They emphasized the importance of national ownership in the mining sector to ensure long-term economic benefits for Ghana.<\/p>\n<p>The IEA warned that allowing the sale to go through would mirror colonial-era contracts, which favoured foreign interests, leaving Ghana with minimal returns.<\/p>\n<p>They advocated for public-private partnerships (PPP) as an alternative solution to keep control of the mine in Ghanaian hands.<\/p>\n<p>\u201cThe IEA wishes to state categorically that the purported sale by Newmont of the Akyem Gold Mine to Zijin is unjustified and legally flawed and must, therefore, not be ratified by Parliament,\u201d it stated.<\/p>\n<p>\u201cAllowing Zijin to buy the mine for US$1.0 billion, which would accrue to Newmont, and presumably allowing Zijin to pay only royalties and taxes to Ghana, would\u2026substantially shortchange the country,\u201d it added.<\/p>\n<p>The IEA also recommended that Newmont should sell the Akyem Gold Mine to Ghanaian investors, ensuring the wealth generated from the mine remains in the country.<\/p>\n<p>The statement also suggests a public-private partnership (PPP) between the government and the local private sector to purchase the mine if necessary:<\/p>\n<p>\u201cIf Newmont wishes to sell the mine, it must sell it to Ghanaian investors so that the wealth generated would remain in Ghana for the development of the country\u201d<\/p>\n<p>The IEA proposes amending Article 257(6) of the Constitution, which currently vests control of Ghana\u2019s natural resources in the President. The Institute suggested that the resources should instead be vested in the state, and all major contracts should require Parliamentary ratification.<\/p>\n<p>\u201cThe natural resources should rather be vested in the state and every contract should require Parliamentary ratification as per Article 268(1) of the Constitution.\u201d<\/p>\n<p><em><strong>Click here to read the full statement by the IEA<\/strong><\/em><\/p>\n<p><em><strong>#GhanaPolls2024<\/strong><\/em><br \/><em><strong>#ElectionBureau<\/strong><\/em><br \/><em><strong>#CitiVerify<\/strong><\/em><\/p>\n<p>\u2014\u2013<\/p>\n<p><em><strong>Explore the world of impactful news with CitiNewsroom on WhatsApp!<\/strong><\/em><\/p>\n<p><em><strong>Click on the link to join the Citi Newsroom channel for curated, meaningful stories tailored just for YOU<\/strong>:<strong> https:\/\/whatsapp.com\/channel\/0029VaCYzPRAYlUPudDDe53x<\/strong><\/em><\/p>\n<p><em><strong>No spam, just the stories that truly matter! #StayInformed #CitiNewsroom #CNRDigital<\/strong><\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Institute of Economic Affairs (IEA) has strongly opposed the planned sale of Newmont\u2019s Akyem Gold Mine to China\u2019s Zijin Mining Group for $1 billion. The IEA argues that the sale undermines Ghana\u2019s economic interests and violates key terms of the mine\u2019s lease agreement, set to expire in January 2025. In a press release dated [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":236435,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-236434","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Planned sale of Newmont&#039;s Akyem Gold Mine Project legally flawed - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/10\/21\/planned-sale-of-newmonts-akyem-gold-mine-project-legally-flawed\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Planned sale of Newmont&#039;s Akyem Gold Mine Project legally flawed - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The Institute of Economic Affairs (IEA) has strongly opposed the planned sale of Newmont\u2019s Akyem Gold Mine to China\u2019s Zijin Mining Group for $1 billion. The IEA argues that the sale undermines Ghana\u2019s economic interests and violates key terms of the mine\u2019s lease agreement, set to expire in January 2025. 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