Ghana, Africa’s top gold producer, has launched its most comprehensive mining audit in a decade, targeting leading miners to recover lost revenue and strengthen oversight, a government letter seen by Reuters shows.
Governments across West Africa are increasing scrutiny of mining firms amid soaring commodity prices, with spot gold hitting over $4,380 a troy ounce on October 20.
According to Reuters, the audit will cover major producers including Newmont, AngloGold Ashanti, Gold Fields, Perseus, Asante Gold, and China’s Zijin.
Led by government auditors, forensic accountants, and independent consultants, the nationwide physical and financial review will run from November 1 to June 2026, examining production volumes, mineral flows, taxes, royalties, and environmental compliance.
Don’t Miss This:
Ghana, Turkey Pledge To Expand Trade Volumes Beyond USD 1 Billion By 2027
Miners must submit 10 years of production logs, three years of financial records, permits, stockpiles, and shipping manifests by October 31, with company-specific reports due within 30 days of each site visit.
Mining generates 17.7 billion Ghanaian cedis ($1.68 billion) in 2024, driven by a 25.1% rise in gold output, and Ghana expects production to reach 5.1 million ounces this year.
The phased audit starts with Gold Fields’ Damang mine and Perseus in November and ends with Xtra-Gold’s Kibi unit in late June 2026.
Said Boakye, an economist at the Institute for Fiscal Studies, said, “Special audits should be done every year, not periodically. It’s the only way to inform sound tax policy and unlock the sector’s true revenue potential.”
The government is also pursuing reforms to shorten licence terms and enforce direct revenue-sharing with host communities, marking the most ambitious mining law overhaul in nearly 20 years.
Don’t Miss This:
U.S. Lifts Visa Limits, Grants Ghanaians Five-Year Multiple-Entry Privileges
Image Credit: The Guardian
