Afrimex has pioneered the Ghanaian gold mining industry, with the company specializing in buying and selling gold, gold mining, and providing gold mining services to partner organizations. Driven by the goal of maximizing profits for clients and investors, Afrimex is equipped to meet an array of investment styles and risk tolerance profiles. This article will look at Ghana’s gold mining industry and why experts suggest that the country remains a bright spot, even amidst rising regional risk for West African gold miners.
Of all West African nations, Ghana is still one of the most investor-friendly and stable gold mining jurisdictions. Options such as Burkina Faso, Niger, and Mali have been grappling with emerging risks such as political instability and resource nationalism, making them significantly risker options. Meanwhile in Ghana, although illegal mining continues to present challenges, new regulations and enforcement mechanisms are being implemented to tackle the problem.
Policy shifts and geopolitical tensions have shone a spotlight on jurisdictional risk for gold miners in West Africa, a part of the world known for its political instability, yet renowned internationally as a veritable treasure trove of rare earths and precious minerals. Newcore Gold and Perseus Mining are two global organizations with operations in Ghana. Prospective investors in Ghana’s gold mining industry need to ask themselves two pertinent questions: how secure is the country, and how does it compare with its neighbors?
The answer is multifaceted. West Africa is currently experiencing a political shift that could redefine corporate strategy and investment frameworks across the region for years to come. Several West African nations are leaning toward resource nationalism in one form or other. While Ghana is not immune to the headwinds reshaping West Africa, crucially, it is a country that offers both regulatory clarity and political stability.
In Burkina Faso, state officials have already begun to flex their muscles, with the government recently nationalizing five privately held gold assets via the state-owned SOPAMIB mining company. In Mali, Barrick Gold found itself the subject of intense media speculation after the military stepped in, using helicopters to forcibly remove gold bullion from the company’s Loulo-Gounkoto complex. Over the border, Niger recently exited the ECOWAS bloc following a military coup, joining a new political alliance with Burkina Faso and Mali, a move that raised red flags regarding regulatory continuity.
The growing tendency of West African regimes to retroactively alter contractual terms or expropriate assets outright is making international investors skittish. Companies with projects in West African nations are becoming increasingly unsettled by the prospect of rising taxation, unstable permitting regimes, and full-blown expropriation.
Ghana is a nation still dealing with unregulated mining and its implications. Illegal mining poses significant problems, impacting the activities of licensed operators and creating social tension and environmental degradation. Nevertheless, the country remains significantly more stable than its Sahelian neighbors. To counter the problem of illegal mining in Ghana, new legislation and enforcement mechanisms have been introduced by the government, including a new ‘GoldBod’ gold marketing board and a national task force.
Compared with its peers in the region, Ghana stands well above its neighbors, with the country benefiting from a functional democracy, a robust mining code, and a sound legal framework underpinned by British common law. For mid-tier and junior developers, Ghana is widely regarded as the most favorable jurisdiction for infrastructure, legal recourse, and permitting.
Currently developing its Enchi Gold Project in southwest Ghana, Newcore Gold recently expanded its drilling program across a 35,000 meter range, raising $15 million in equity financing in February 2025 – providing a significant financial buffer to continue derisking the project. For multinational organizations like Newcore Gold, Ghana remains on the safer side of the spectrum against the backdrop of recent developments in Burkina Faso, Mali, and Niger.
