Ghana Launches First Major Audit of Mining Firms in a Decade
Audit to cover top gold producers as government seeks to boost transparency, recover lost revenue, and reform mining oversight.
- Ghana begins first nationwide mining audit since 2015, targeting major gold producers.
- Audit aims to verify production, tax payments, and environmental compliance through mid-2026.
- Reforms include shorter licence terms and revenue-sharing with mining communities.
Ghana, Africa’s leading gold producer, has launched its most comprehensive mining sector audit in ten years, targeting major gold companies to recover lost revenue and strengthen oversight, according to a government letter reviewed by Reuters.
The move comes as West African governments tighten scrutiny of mining operations to boost compliance and protect public income amid record-high commodity prices. Spot gold reached a new peak of $4,380 per troy ounce on October 20.
The audit will cover the country’s biggest gold miners — including Newmont, AngloGold Ashanti, Gold Fields, Perseus Mining, Asante Gold, and China’s Zijin Mining — and will be led by government auditors, forensic accountants, and independent consultants.
In a letter dated October 13, the Minerals Commission, Ghana’s industry regulator, informed companies through the Ghana Chamber of Mines that teams would conduct a nationwide physical and financial audit from November 1, 2025, to June 2026. The review will assess production volumes, mineral flows, tax and royalty payments, and environmental compliance.
Mining companies have been instructed to submit 10 years of production records, three years of financial statements, as well as all permits, stockpile data, and shipping manifests by October 31. Company-specific reports are expected within 30 days of each site visit, the letter stated.
Officials at the Minerals Commission declined to comment, while the Ministry of Lands and Natural Resources did not immediately respond to requests for clarification.
Strengthening Revenue and Oversight
Ghana, also the world’s second-largest cocoa producer, earned an estimated 17.7 billion Ghanaian cedis ($1.68 billion) in 2024, driven by a 25% rise in gold output that helped stabilise the economy after one of its toughest financial crises in decades. The government expects gold production to increase further to 5.1 million ounces in 2025, up from 4.8 million ounces in 2024.
According to the audit schedule, the first inspections will begin at Gold Fields’ Damang mine in November, followed by Perseus Mining and Canada-based Xtra-Gold’s Kibi operation by mid-2026.
An executive at one of the affected companies confirmed receiving the audit notice, saying each firm had been issued a detailed timetable. Several miners, including AngloGold Ashanti, Newmont, Gold Fields, Perseus, Xtra-Gold, and Zijin, did not immediately comment.
Ghana last conducted a nationwide mining audit in 2015 with assistance from external investigators, though some companies disputed the results.
Unlocking “True Revenue Potential”
Economist Said Boakye of the Institute for Fiscal Studies welcomed the initiative but argued such audits should occur annually rather than once a decade. “Regular audits are the only way to build an effective tax policy and unlock the true revenue potential of the mining sector,” he said.
The government has also announced broader reforms to improve transparency and community benefits, including shortening mining licence terms and introducing direct revenue-sharing with host communities—the most ambitious overhaul of mining legislation in nearly 20 years.
