Ghana Launches Strictest Gold Mine Audit in a Decade

According to the Mining.com website, Ghana, Africa's largest gold producer, has launched its strictest audit in a decade, targeting the largest miners with the aim of recovering losses and strengthening oversight.

West African countries are intensifying scrutiny of mining companies to ensure compliance with relevant regulations and safeguard fiscal revenues from the impact of soaring commodity prices.

On October 20, international gold prices hit a new high of $4,380 per ounce.

This audit involves major gold miners including Newmont, AngloGold Ashanti, and Gold Fields.

According to a government letter forwarded to miners via the Ghana Chamber of Mines by the regulator Minerals Commission (MC) on October 13, the audit will be led by government auditors, forensic accountants, and independent consultants.

From November 1 to June 2026, MC will deploy teams to conduct field and financial audits of mineral resources nationwide to review their production, mineral trading, tax and royalty payments, and environmental compliance.

Mining companies must submit production logs for the past 10 years, financial records for the last 3 years, all permits, inventory lists, and shipping manifests by October 31.

As required by the letter, enterprise reports must be submitted within 30 days after each field trip.

MC declined to comment. The Ministry of Mines did not immediately respond to a request for comment.

True Revenue Potential

The mining sector is the second-largest industry in the world's top cocoa producer, with output valued at 17.7 billion Ghanaian cedis ($1.68 billion) in 2024, as a 25.1% increase in gold production helped the country weather its worst economic crisis in a decade.

Ghana also exports bauxite, diamonds, and manganese, with gold output this year expected to rise to 5.1 million ounces from 4.8 million ounces.

The MC letter detailed a phased audit plan, starting with Gold Fields' Damang and Perseus mines in November and concluding with Canadian Stella Gold's Kibi mine in June 2026.

Each enterprise has received a letter with a detailed schedule, said a company executive who asked not to be named.

AngloGold Ashanti, Asante Gold, Gold Fields, Newmont, and Stella Gold did not immediately respond to requests for comment.

The Ghana Chamber of Mines also did not respond immediately.

Ghana's last audit was in 2015, which involved hiring external investors for assistance, but some companies questioned it, according to a person familiar with the negotiations.

Said Boakye, an economist and researcher at the Accra Institute of Fiscal Studies, told Reuters that special audits should be conducted annually rather than periodically.

"This is the only way to formulate a sound tax policy and tap into the sector's true revenue potential."

The government is vigorously advancing comprehensive reforms to increase revenue. The Minister of Mines stated that the country plans to shorten license durations and mandate direct benefit-sharing with local communities, marking the largest reform of mining laws in nearly 20 years.