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Gold Mining in Ghana (2020)

Published time:21 April 2020

Ghana – The Largest Gold Producer in Africa

Ghana has replaced South Africa as the largest gold producer on the African continent, which is no longer news for smart and important mining investors. Ghana ’s mining industry is almost all gold mining.

Ghana ’s gold production can be traced back to the colonial period, although the output was small at that time, until the 1970s and 1980s, Ghana began to open up mineral resources and carry out exploration work.

Today, several world ’s top gold giants have established gold mining bases in Ghana to participate in gold exploration and mining. These large gold mining companies include Gold Fields Limited, Toronto-based IAMGOLD Corp, AngloGold Ashanti Ltd., Golden Star Resources Ltd and Newmont Mining Corporation. Other important companies that are conducting gold exploration in Ghana include Adamus Resources Ltd., Xtra Gold Resources, African Gold plc, Perseus Mining Limited, Moydow Mines International Inc. and Pelangio Mines Inc.

Main Gold Mines in Ghana

Although Ghana ’s recent actions against illegal gold mining are in full swing, Ghana still leaves huge investment potential for legitimate gold investors. Some of the major gold mines currently operating in the country include:

  1. Taekwa Gold Mine
    This is the largest gold mine in Ghana. The mine is owned and operated by Goldfields. It has about 15.3 million ounces of gold resources and about 9.9 million ounces of gold reserves.
  2. Chirano Gold Mine
    This open-pit mine is located in western Ghana, about 20 kilometers south of the Bibiani gold mine. The mine was started by Red Back Mining Company in 2005 and operated by Chirano Gold Mines Limited (CGML), a subsidiary of the company. The mine currently produces an average of 3,800 kg of gold per year.
  3. Nzema Gold Mine
    The mine is located in the Ashanti gold belt in southern Ghana. It is owned and operated by Endeavor Mining Company, which started commercial mining in 2011.
  4. Iduapriem open pit mine
    The mine is owned by AngloGold Ashanti and is located about 10 kilometers south of the larger Tarkwa mine in western Ghana. The mine consists of two mining operations: Teberebie and iduapriem.
  5. Obuasi underground mine
    The mine is located in Obuasi, Ashanti region, which is one of the top ten gold mines in Africa. The mine is owned by AngloGold Ashanti. The mine has been in operation since 1897 and is considered to be one of the oldest gold mines in Ghana.
  6. Wassa open-pit gold mine
    The open-pit mine is located about 35 kilometers northeast of Tarkwa and about 150 kilometers north of Accra. The mine has been in operation since the early 1990s and is estimated to have approximately 2 million troy ounces of gold reserves.

As the top gold producer in Africa, Ghana has a considerable number of gold mines being mined or constructed. Other important mines include Bogoso Gold Mine, Prestea Underground Gold Mine, Ahafo Gold Mine and Damang Gold Mine.

Gold Mining Policy

From December 17, 2018, the government of Ghana officially lifted the ban on small-scale gold mining, allowing small-scale gold mining enterprises in Ghana that have been audited by the Ghanaian government and have full certificates to resume mining.

However, the Ghanaian government also emphasized that lifting the ban on small-scale gold mining is not lifting illegal gold mining. Any gold mining that is not approved by the Ghanaian government is illegal. The lifting of small-scale gold mining is only for citizens of Ghana. It is still illegal for foreigners to participate in small-scale gold mining.

Ghana mining

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