ACCRA: The Institute of Economic Affairs (IEA) has called on the Ghanaian government to prioritize local investors for the acquisition of the Newmont Akyem Gold Mine as the lease with Newmont nears expiration in January 2025. The Institute has raised national security concerns and advised that foreign investors' stakes in critical mineral sectors be limited to protect economic interests and national security. According to Ghana News Agency, the IEA has expressed reservations regarding a potential sale of the gold mine to China's Zijin Mining Group for $1 billion, a move reported by Business Times on October 9, 2024. The Institute criticized the proposed new lease, labeling it flawed and detrimental to Ghana's interests. In a statement released on Monday, the IEA urged the government to consider a deal with local investors that would benefit Ghanaians. The IEA clarified that it does not oppose foreign investment but emphasized the need for Ghana to retain significant control over its mining sector to ensure the country's wealth is shared domestically. The lease agreement between the Ghanaian government and Newmont, signed on January 19, 2010, is set to expire on January 19, 2025, with provisions allowing lease transfers only with mutual consent from both parties. The Institute highlighted that any sale must comply with existing conditions and apply solely to the unexpired lease term. Newmont is obligated to return the mine to the government upon lease expiration, and any future operators must negotiate a new agreement with the government. The IEA also noted its lack of awareness regarding any agreement for lease transfer to Zijin or any extension request from Newmont. The Institute proposed constitutional amendments to vest Ghana's natural resources in the state rather than in the President, requiring parliamentary ratification for contracts as per Article 268(1). Additionally, the IEA suggested amending the Minerals and Mining Act, 2006 (Act 703), to prevent governments from signing significant contracts in t he last six months of their term, aiming to curb potential favoritism or personal gain.