Newmont, Zijin deal flawed, inimical to Ghana’s interest – IEA

The Institute of Economic Affairs (IEA) criticized the sale of Newmont’s Akyem Gold Mine to China’s Zijin Mining Group for $1 billion, deeming it flawed and against Ghana's interests.

The IEA emphasized the need for Ghana to reclaim ownership of its minerals to foster job creation and wealth. They pointed out that the mine's lease, expiring in January 2025, has not been transferred or extended legally.

Additionally, the IEA noted that Ghanaian bidders were allegedly outbid by Zijin, contradicting the President's commitment to prioritize local investors. They proposed amending constitutional provisions to improve governance and prevent corruption in natural resource contracts.