Ghana is poised to become the world's fastest growing economy. Economic growth is projected to increase to 7.6% in 2019, non-oil growth is expected to accelerate to 6% as the government's new policies in the agriculture sector and the promotion of agribusiness begin to take effect. With Ghana registering a continual growth, it is also becoming a potential destination for investors from the world over. Ghana sits on the Atlantic Ocean and borders Togo, Cote d'Ivoire, and Burkina Faso, it has a population of about 31 million.The Ghanaian president has pledged to channelize the revenue generated through oil and mineral resources for investments in quality education, agriculture, and manufacturing. In the last four years, Ghana started oil production in two of its major oil fields giving impetus to its on-going economic boom.
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Ghana is a country with an abundance of natural resources, the country is a major producer of gold and also produces commercial quantities of bauxite, iron ore and manganese as well as many more minerals. For the past two and a half decades Ghana has attracted significant mining sector investment amounting to about US$18 billion. Currently Ghana has 14 large scale operating mines, comprising 12 gold mines and one each for bauxite and manganese. Ghana became Africa's prime gold producer in 2018, provisional data for 2018 shows a total of 2.4 million oz production as against 2.1 oz in the first half of 2017, an increase of 13.72%. Production of Manganese increased from 1.3 million MT in the first half of 2017 to 1.9 million MT over the same period in 2018. However, Bauxite production decreased from 703, 454 MT in the first half of 2017 to 536, 827 MT over the same period in 2018. The government of Ghana is also working on promoting more investment in the exploration and exploitation of other minerals, for instance solar salt, granites, and lithium. Ghana is also endowed with industrial mineral deposits such as feldspar, kaolin, silica sand, and granite. Upcoming mining projects in Ghana include Cardinal Resources' Namdini gold project, Azumah Resources' Wa gold project, and Iron Ridges' Lithium Project. Generally, Ghana's gold sector is split between large multinational mining companies (primarily from the United States, Canada, South Africa, Australia, and the U.K.) and small-scale mining performed by local companies. Since 2011, Ghana has become an oil producer with the government targeting oil productions of 420,000 bpd by 2023.
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Laws and Regulations
The principal laws that regulate the mining industry are the Minerals and Mining Act 2006 (Act 703) as amended by the Minerals and Mining (Amendment) Act 2015 (Act 900)(the Minerals and Mining Act), the Minerals Development Fund Act 2016 (Act 912) and the following regulations:
The Minerals and Mining (Compensation and Resettlements) Regulations 2012 (LI 2175); The Minerals and Mining (Support Services) Regulations 2012 (LI 2174); The Minerals and Mining (General) Regulations 2012 (LI 2173); The Minerals and Mining (Health, Safety and Technical) Regulations 2012 (LI 2182); The Minerals and Mining (Explosives) Regulations 2012 (LI 2177); and The Minerals and Mining (Licensing) Regulations 2012 (LI 276). These regulations (the Minerals and Mining Regulations), replaced the Mining Regulations 1970 (LI 665).
The principal regulatory body that administers these laws is the Minerals Commission. The Minerals and Mining Act aims to develop a national policy on mining and consolidate the disparate laws on mining that existed at the time; and to increase investment by foreign mining companies in Ghana by removing the uncertainty concerning the availability and conditionality of mining rights and the bureaucratic gridlock that provided opportunities for corruption.
Mining legislation is applied equally to Ghanaians and foreign investors, except for provisions relating to small-scale mining of minerals, which is exclusively reserved for Ghanaians. The Minerals and Mining Regulations (Health, Safety and Technical) establish environmental, safety, machinery and related guidelines for mining operations.
The Minerals Commission was established under the Minerals Commission Act 1993 (Act 450) for the “regulation and management of the utilisation of the mineral resources [of Ghana] and the coordination of the policies in relation to them”. The Minerals Commission is empowered by section 100 of the Minerals and Mining Act to, under the direction of the Minister of Lands and Natural Resources, supervise the proper and effective implementation of the Minerals and Mining Act and Regulations. The Minerals Commission is required by law to formulate recommendations on mineral policy, monitor the implementation of these policies, assess “stability agreements” and report to Parliament, as well as to collect data on national mineral resources.
For more information please review the aforementioned legal documents on the Data Tab of this page.
While Ghana has a large pool of unskilled labour, English is widely spoken, especially in urban areas. However, according to the World Population Review, Ghana has a literacy rate of 76.6% which is relatively high in comparison to many countries in Sub-Saharan Africa, for instance, its neighbour Nigeria which has a literacy rate of only 59.6%.
Almost 90% of Ghana's Children are now in school. Indeed, Ghana Spends proportionally more on education than the UK. Two-thirds of Ghana’s 31 million people are farmers, and the west African country is a leader in the priority it has given education since the UN made universal primary schooling one of eight Millennium development goals more than 15 years ago. Ghana spends 8% of its GDP on Education, more than the UN’s 6% benchmark and more than the UK’s 6.5%. Almost 90% of Ghanaian children are in school – compared with 64% in Nigeria and 72% in Pakistan. Ghana thus invests heavily on the education of its people leaving it with a large pool of skilled workers for international investors to choose from.