Ghana will begin certifying the value of gold exports to ensure the state receives due revenues, said Vice-President Mahamudu Bawumia. In 2022, Ghana, the continent’s second-largest gold miner, earned $5.78 billion from gold exports, a 17.6% increase from 2016. Previously, companies could assay gold themselves, but now the state-run Precious Minerals Marketing Company will handle this.
The government is also considering legislation to refine 50% of Ghana’s gold locally within five years. President Nana Akufo-Addo mentioned that $5 billion in gold export revenue to the UAE was unaccounted for, likely due to smuggling by artisanal miners. The government has banned small-scale mining to combat illegal operations and protect water supplies.
Major mining firms in Ghana include Newmont Mining Corporation, Gold Fields, AngloGold Ashanti, and Asanko Gold.