Mining
From The Report: Ghana 2024
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As Africa’s leading producer of gold, the mining sector accounts for a significant portion of the economy. The sector is also a major employer, as it is composed of large-scale mining outfits, and artisanal and small-scale operators. In 2023 the government began to implement reforms on raw materials exports to support in-country, higher-value processing and manufacturing. While the coming years are likely to see a greater focus on downstream activities, traditional segments such as gold are expected to continue to grow, pushing total production upwards. The expansion of the sector is also set to further boost Ghana’s attractiveness for potential investors.

This chapter contains interviews with Samuel Jinapor, Minister of Lands and Natural Resources; Edward Koranteng, CEO, Minerals Income Investment Fund; David Anthony, President and CEO, Asante Gold; and Joshua Mortoti, Executive Vice-President and Head of West Africa, Gold Fields.

Articles from this Chapter

Overview

Pedal to the metal: Increased gold production, regulatory updates and efforts to combat illegal mining showcase the sector’s potential
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Mining is a key strategic industry for Ghana, and in 2022 the country was Africa’s largest gold producer and the 11th largest globally, generating an estimated 3.7m oz. Indeed, gold regularly accounts for nearly half of gross merchandise exports. Ghana also has commercially exploited deposits of manganese, bauxite and diamonds, with these being joined by new lithium project developments. The industry is also a major employer – both officially and unofficially. The sector is composed of two main…

Interview

Attractive frontiers: Samuel Jinapor, Minister of Lands and Natural Resources, on the pursuit of economic transformation through industrial integration and the continued development of value chains
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Interview:Samuel Jinapor How would you articulate Ghana’s value proposition as a mining investment destination? SAMUEL JINAPOR: Ghana should be positioned as the leading mining hub in Africa, where all mining-related activities – including research, innovation, exploration and downstream production – aim to be concentrated. The government is seeking to indigenise the mining sector, with strong local content and participation. Ghana boasts a stable democratic system, where the principles…

Interview

Digging deep: Edward Koranteng, CEO, Minerals Income Investment Fund (MIIF), on maximising profit from the extractive sector
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Interview:Edward Koranteng In what ways is the MIIF contributing to the development of the economy? KORANTENG: The MIIF was established to add value by managing the government’s equity interests in mining, receiving mineral royalties from mining companies and reinvesting these funds in the sector. The focus is not only on gold, but also on minerals that are critical to the country’s economy. One such example is salt, which is used in various industries, such as oil and gas, pharmaceuticals…

Analysis

Green dreams: The discovery of lithium deposits and a new sustainable minerals policy point to renewed investment potential
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With critical minerals a central issue in the global energy transition, Ghana’s 2018 discovery of lithium deposits has brought international attention to the West African country. Five years later, and in the wake of the Covid-19 pandemic, worldwide demand for lithium is even greater, and 2023 has seen Ghana take several steps forwards in positioning itself in the global supply chain. The first step was conducting a definitive feasibility study in June 2023 for the Ewoyaa Lithium Project on the…

Analysis

Forward thinking: Utilisation of new technologies enhances the extractive sector
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Ghana is increasingly employing geospatial technologies such as drones and other intelligent technologies in its mining sector. These technologies can streamline operational processes and reduces costs, while also enhancing efficiency and safety. Data analytics processes a wealth of generated data, enabling predictive maintenance and real-time monitoring for informed decision-making. Although many of these technologies are in their infancy in Ghana’s mining sector, many are already being used by…

Interview

Desired outcomes: David Anthony, President and CEO, Asante Gold, on ensuring efficiency through digital innovation and automation
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Interview:David Anthony What investments do mining firms require to scale up their digital transformation? DAVID ANTHONY: High-speed internet connectivity, data storage solutions, cloud-computing resources, and comprehensive cybersecurity and risk-management measures to support digital initiatives are all crucial steps. Investing in advanced data analytics tools allows mining companies to process large data sets for predictive maintenance, optimisation and decision-making. Investments in…

Interview

Downstream progress: Joshua Mortoti, Executive Vice-President and Head of West Africa, Gold Fields, on sustainability in the downstream segment
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Interview:Joshua Mortoti In what ways are large mining firms prioritising environmental, social and governance (ESG) principles? MORTOTI: Large mining entities are increasingly implementing renewable energy-dependent operations as part of decarbonisation efforts. These initiatives not only align with the global campaign to reduce carbon emissions, but also demonstrate the increasing adoption of international best practices. These companies continue to embed safety in their operational philosophy…

Analysis

Fully charged: Increased demand for electric vehicles is driving growth in the extraction of minerals for battery production
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Emerging markets are taking steps to position themselves in the global value chain for EVs, with several recent projects focused on the decentralised production of batteries for electric vehicles (EVs). At the same time, however, these industrial developments highlight the carbon-intensive nature of extracting the materials needed to produce EVs, though hopes remain that the process can be further decarbonised. Lithium Alongside cobalt, manganese, nickel and graphite, lithium is a crucial component…