Ghana Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in ghana, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Mining and Critical Minerals
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General Overview 

The mining sector plays a vital role in the Ghanaian economy, attracts more than half of all foreign direct investment (FDI), and generates more than one-third of all export revenues. The mining industry is the largest tax-paying sector in the country and makes a significant contribution to gross domestic product (GDP) and employment. 

Ghana’s mining sector pre-dates the colonial era. Historically, Ghana was known as the Gold Coast. Ghana is one of Africa’s largest gold producers, and gold is the most commercially exploited mineral in Ghana, accounting for about 95% of the country’s mineral revenue. Please see our latest market intelligence reports on developments in the gold sector. Other commercially exploited minerals in Ghana are manganese, bauxite, and diamonds. The country is also endowed with deposits of iron ore, limestone, columbite-tantalite, feldspar, quartz, and salt, and there are also minor deposits of ilmenite, magnetite, and rutile. 

In 2018, Ghana discovered commercial quantities of lithium and is working with international partners to mine and develop lithium processing.  Parliamentary approval of Ghana’s first lithium project is pending. Separately, a major graphite deposit known as the Kambale Graphite Project in the northern part of the country offers 22.4 million tons of high-quality graphite flake, grading 8.6 per cent Total Graphite Content (TGC), which can be upgraded to 95 per cent Loss on Ignition (LOI) through processing.  
 
Ghanaian mining production traditionally was state owned, but starting in the 1980s, Ghana moved toward privatization and state divestiture, including by attracting foreign investment. Some of the major mining companies in Ghana are Newmont Goldcorp (American), Gold Fields, and AngloGold Ashanti, among others. 

Mineral rights are granted to private parties, giving them the right to mine the minerals in the ground. However, the Government of Ghana is entitled to a 10% equity interest in the mineral operations, even it if does not make a financial contribution. The government can increase its participation in mineral operations by agreement with the investor. The small-scale mining industry is reserved exclusively for Ghanaians.

Current investors have raised concerns about safety at the mines and associated camps, illegal mining operations on adjacent land, and land squatters. Illegal gold mining, called galamsey locally, has taken a significant toll on Ghana’s forests and waterways. Smuggled gold from these operations has also resulted in critical losses of revenue for government authorities. 

Tightening localization policies increasingly limit the market for U.S. goods and services providers to the sector. The localization requirements in Legislative Instrument 2431 (2020) on Minerals and Mining (Local Content and Local Participation), for example, requires license holders to create a localization program for recruitment and training of Ghanaians, imposes quota limits on expatriate hires (up to two in management with the General Manager position reserved for Ghanaians). It places time limits on other expatriates, moving progressively towards full Ghanaian participation at senior levels. It also establishes target levels and requirements for the procurement of local goods and services that support the mining industry (including R&D, technical and engineering services, insurance, accounting, legal, and financial services as well as security, transport, fuel provision, etc.). Finally, license holders can be required to list at least 20 % of their equity on the Ghana Stock Exchange. Ghana’s regulations regarding localization change frequently. Please see our latest market intelligence reports. 

Companies seeking to invest should be aware that civil society and senior government officials may want them to consider corporate social responsibility initiatives such as environmental protection and development of local infrastructure to support neighboring communities. 

Sub-sector best prospects

According to the Ghana Investment Promotion Center, emphasis on investment promotion has been a major objective of the industry, with a shift to a comprehensive vision that facilitates greater exploitation, processing, and downstream activities for Ghana’s minerals. Such opportunities include: 


Production 

  • Need for investment, equipment, and services to develop the Ghana’s store of minerals.
  • Setting up refinery facilities to serve the local industry for value-added products.
  • Mine tailing storage technology and tailing management practices to better meet standards in this area.
  • Heavy equipment for mine sites from earthmoving to pumps to ore sorters. Underground mining equipment and gas detection equipment.
  • Mining and producing solar salt or caustic soda. The latter is used in the local soap and detergent industry. Chlorine by-products can also be used as water treatment chemical and as an input into various health and sanitation chemicals.
  • Exploiting the extensive deposit of granite to produce high quality floor tiles.
  • Producing dimension stones for the building industry. 

Engineering and Services  

  • Providing support services, including contract drilling, assay laboratories, contract mining and geological consultancies to mining companies in the country.
  • Setting up manufacturing plants and machinery for the mining industry.
  • Refining of lithium, graphite and other minerals.
  • Land reclamation and polluted water remediation services and equipment.
  • Partnering with local concessionaires on the mining of lithium and graphite.

See our additional Market Intelligence on the Mining Sector.

Contact: U.S. Commercial Service Ghana Commercial Specialist PaaEkow Quansah at Office.Accra@trade.gov or +233 (0) 30 274 1329 for more information on this sector.

Government of Ghana Resources:
Minerals Commission 
Ministry of Lands and Natural Resources 
Ghana Investment Promotion Center

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