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ghana gold mining and exploration | investing news network

As mentioned, Ghana also stacks up in terms of production — in 2018, it produced 180 tonnes of the precious metal. Read on to learn more about Ghana gold mining, from the economic and political landscape to some of the companies that operate there

Ghana is classified as a lower- to middle-income economy that is well endowed with natural resources. The country has seen strong economic growth recently — its GDP grew 6.3 percent in 2018. Aside from the yellow metal, the country also exports resources such as cocoa, oil, timber, electricity, diamonds, bauxite and manganese; they are all major sources of foreign revenue

Ghana’s Minerals and Mining Act came into effect in 2006, and underwent improvements in 2014 to address an ongoing problem in the country’s mining industry: illegal gold mining. The Ghanaian government has had trouble with illegal small-scale gold mining, and those issues have put pressure on its relationship with China and caused trouble for its cocoa industry. The laws have been updated to criminalize illegal mining operations pursued by both Ghanaian citizens as well as foreigners

ghana gold mining and exploration | investing news network

The country is home to 23 mines, with a large portion of those being gold mines, which are operated by well-known companies both big and small; Newmont Goldcorp (TSX:NGT,NYSE:NEM) with its Akyem and Ahafo mines; Kinross Gold’s (TSX:K,NYSE:KGC) Chirano mine; and AngloGold Ashanti (ASX:AGG,NYSE:AU,OTC Pink:AULGF), which has committed to spending half a billion dollars on bringing its Obuasi mine back to production. 

By the end of 2002, there were 12 large scale gold mining companies and at least 600 licensed small scale mining groups exploring Ghana. Today, the region boasts over 300 registered small scale mining groups and 90 mine support service companies. 

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