Ghana has slipped seven places in the latest Global Mining Investment Attractiveness Index, dropping from 46th out of 82 jurisdictions in 2024 to 53rd out of 68 in 2025.

In 2024, Ghana scored 56.98%, ranking 46th, while in 2025 the score slightly dipped to 55.21%. The sharper drop in ranking reflects significant gains by other countries assessed in the survey.

The Fraser Institute’s Annual Mining Survey evaluated how mineral endowments and public policy factors, such as taxation and regulatory uncertainty, influence exploration investment.

On the African continent, Ghana ranked 8th out of 16 countries, just two steps ahead of South Africa, with an overall score of 55%.

The survey, conducted electronically between August 5 and November 26, 2025, targeted approximately 2,304 mining professionals. Over 46% of respondents were company presidents or vice-presidents, and 25% were managers or senior managers. Participating companies reported a total exploration spending of US$4.2 billion in 2025.

The survey ranks provinces, states, and countries based on the extent to which public policy encourages or discourages mining investment. The Investment Attractiveness Index (IAI) combines the Best Practices Mineral Potential Index, which measures geologic potential, and the Policy Perception Index, which evaluates the effects of government policy on exploration sentiment.

Compared with 2024, the Fraser Institute evaluated 82 jurisdictions in 2023, 86 in 2022, and 84 in 2021. The number of jurisdictions changes with shifts in commodity prices and mining sector activity.

The report comes amid concerns raised by some mining companies in Ghana over the government’s plans to review taxes and policies affecting the sector. Some firms warned that reforms could impact both profits and employment.

The government, however, maintains that reforms are necessary to ensure Ghana benefits more from its mineral wealth, balancing investment incentives with national economic interests.