Mining industry
of Ghana

The mining industry of Ghana accounts for 5% of the country’s GDP and minerals make up over 37% of total exports of which gold contributes over 90% of the total mineral exports. Thus, gold remains the focus of Ghana’s mining and minerals development industry. Ghana has twenty-three large scale mining companies and over three-hundred registered small-scale mining groups and ninety mine support service companies.

Gold trading in Ghana began from ancient history in the Trans-Saharan gold trade and the country was once known as Gold Coast. With gold export bringing in about 48% of Ghana’s revenue through mineral royalties, employee income taxes, and corporate taxes, it is an area of high national interest. Gold is popular as an investment and investors buy gold as a means of diversifying risk; especially through the use of future contracts and derivatives.

The gold market is volatile

The gold market is volatile; that is, liable to change and as such finding a trend keeps one in the lead. A considerable amount of resources will have to be allocated to looking into the foreign market and modifying the products to meet demand and regulations.Gold has been continuously mined in Ghana for centuries since it was part of the old Mali Empire in the 14th century, and in more recent times when it was known as the Gold Coast. During 120 years of near continuous production, Ghana’s largest underground mine, AngloGold Ashanti’s Obuasi mine, has recorded production exceeding 33M oz of Au. In the last 20 years, major and junior companies including Newmont, Kinross, Goldfields, Golden Star, Galiano Gold and Perseus, have also committed significant resources to operations in the country. Ghana is Africa’s largest gold producer, with output of circa 4.0 million troy ounces per year, and is the 7th largest gold producer in the World.
Ghana is a mining friendly country and in 2015 ranked 6th in Africa on the World Bank’s Ease of Doing Business barometer. Other features are two mining colleges and a large workforce trained in the disciplines of geology, exploration methods and mining engineering.

Ghana is politically stable with a parliamentary system and President, elections held every 4 years. It also recognizes traditional area “chief based” inputs in various high level and local governmental bodies. It is a modern developing country with strong economic ties in West Africa as well as with Europe, North America and China. It is the world’s second largest cocoa producer and is emerging as an oil-producing nation from offshore fields.

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