Ghana Implements Reforms to Boost Mining Sector Growth and Attract Investment

Ghana's government is actively pursuing a series of regulatory reforms designed to accelerate growth within the mining sector and solidify the nation's standing as a premier mining destination in West Africa. Minister of Lands and Natural Resources, Emmanuel Armah Kofi-Buah, announced the initiative, emphasizing the sector's critical role as a strategic pillar for the economy.

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The mining industry remained a strategic pillar of the economy and had been prioritised under government’s broader agenda to stabilise the economy, promote industrialisation and build resilience against global economic shocks.

The ongoing reforms are specifically intended to enhance regulatory certainty, improve operational efficiency, expedite licensing and permitting processes, and ultimately attract greater investment. A key aspect of this initiative involves the review of the Minerals and Mining Act, 2006 (Act 703), and the National Mining Policy, both of which are nearing completion and will soon be presented to Parliament. These revisions are expected to bolster regulatory effectiveness, increase accountability, strengthen environmental safeguards, and promote greater community involvement in mining activities.

Minister Kofi-Buah reiterated the government's commitment to fostering an environment conducive to investors while ensuring that Ghana maximizes its long-term socio-economic benefits from its mineral wealth. This includes strengthening local content policies to increase Ghanaian participation and create more employment opportunities within the sector. The objective is to maintain an attractive and competitive investment climate that also safeguards the interests of both current and future generations.

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The objective is to maintain an attractive and competitive investment climate while safeguarding the interests of present and future generations.

Frederick Attakumah, President of the Ghana Chamber of Mines, affirmed the sector's foundational role in Ghana's development through export earnings, tax revenue, and job creation. He noted that the industry supports thousands of jobs and contributes significantly to infrastructure, education, and community development. Attakumah outlined his administration's priorities: increasing national gold production from five million to seven million ounces, deepening local value creation, and enhancing environmental, social, and governance standards. He called for enhanced collaboration among government, mining companies, and stakeholders to fully realize the industry's potential.

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mining continued to play a strategic and foundational role in Ghana’s development through export earnings, tax revenue generation and employment creation.

Michael Edem Akafia, the immediate past President of the Chamber, reported significant growth in mineral production, particularly gold, during the reviewed year, with attributable gold production increasing by 23.4%.

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increasing national gold production from the current level of about five million ounces to seven million ounces, deepening local value creation and industrialisation, and strengthening environmental, social and governance standards.