Gold Mining in Ghana, West Africa

• Ghana’s mining sector pre-dates the colonial era and is famous for being one of the most prolific gold mining regions in the world
• Prior to 1983, most Ghanaian mining production was state owned, but since the Economic Recovery Program, Ghana has attracted foreign investments and pushed towards privatization and state divestiture
• The sector is now largely foreign owned, but the Government of Ghana still holds a minority free carried interest in most of the main active large-scale mines. The small-scale mining industry is reserved for Ghanaians
• The Mining industry of Ghana accounts for 5% of the country’s GDP and minerals make up 37% of total exports, of which gold contributes over 90% of the total mineral exports
• Ghana is Africa’s number one exporter of Gold overtaking South Africa in 2019 with 4.8 million ounces of output
• According to GlobalData, Ghana is the world’s eleventh-largest producer of gold in 2022, with output up by 9% on 2021. Over the five years to 2021, production from Ghana decreased by a CAGR of 9.66% and is expected to rise by a CAGR of 1% between 2022 and 2026
• There are more than 20 world class mining companies operating in Ghana from The United States, Canada, and Australia
• Leading producers of gold in Ghana are Gold Fields, Newmont, AngloGold Ashanti and Kinross Gold