The Minerals Commission is embarking on an audit of top mining companies across the country to tighten regulatory oversight and recover potentially lost revenue. 

The audit exercise, which will scrutinise the documents of relevant mining companies across a 10-year production period, will be led by government auditors, forensic accountants and independent consultants.

Meanwhile, the Economic and Organised Crime Office (EOCO) is conducting a parallel audit into the operations of large-scale mining companies with concessions in the country.

The EOCO investigation is an extensive probe into the finances of the individual mining companies, their adherence to tax obligations, among other issues.

A letter from the Minerals Commission addressed to the mining companies through the Chamber of Mines stated that the audit would scrutinise production volumes, mineral flows, tax and royalty payments and environmental compliance.

According to the letter, the relevant mining companies must submit 10 years’ worth of production logs, three years of financial records, all permits, stockpiles and shipping manifests by October 31, with company-specific reports expected to be due within 30 days of each site visit.

The commission’s letter details a phased audit, starting with Gold Fields’ Damang mine and Perseus in November, ending with Canada-based Xtra-Gold’s Kibi unit in late June 2026.

Other large-scale mining companies operating in Ghana’s space include Newmont, AngloGold Ashanti, Gold Fields, Perseus, Asante Gold and Zijin.

Mining has remained a key component of Ghana’s revenue sources, fetching the country GH¢ 17.7 billion, the equivalent of $1.68 billion, in 2024, following a 25.1 per cent surge in gold output.

It was a major intervention that helped to stabilise the local economy after the economic crisis that compelled the country’s dash to the International Monetary Fund for the 17th time.

Managers of the economy expect the country’s gold output to reach 144,583 kilogrammes this year, a boost from last year’s 136, 078 kilogrammes.

Comprehensive policy

The Head of Corporate Affairs at the Minerals Commission, Dela Edem, explained to the Daily Graphic yesterday that the audit exercise formed part of the government's comprehensive agenda to reset the mining sector and ensure that all mining companies operated within the laws of the country.

He said it was part of this comprehensive audit exercise that a technical committee was set up earlier this year to review all licences in the small-scale mining sector, leading to the revocation of over 270 of those licences.

"This time around, the focus is on all large-scale mining firms operating in the country.

These companies have leases of 20 or even 30 years; but for many years, some of them are not following the rules of the game. We want everyone to do the right thing," he said. 

Mr Edem added that the exercise was being carried out by a crack team of experts in the mining industry, including former chief executives of the Minerals Commission, with high expectation that a thorough job would be done in the national interest.

He urged all mining companies to comply and cooperate with the technical audit team. 

"It is just an audit to check the books, streamline things, and put everyone on the right path. So, if you have been doing the right things over the years as a company, you have nothing to be afraid of," he said.

He, however, stressed that any company that was found to be operating in contravention of the mining laws or regulations would face sanctions.

"Once you violate the rules of engagement, you will be sanctioned. A similar audit exercise led to the revocation of many licences in the small-scale sector. So, if the committee finds palpable infractions and makes recommendations for revocation of licence, it will be followed through," he added. 

Developments

The audit comes in the wake of soaring gold prices on the world market.

Gold prices hit a record above $4,380 an ounce before the close of October this year.

Ghana is taking a cue from governments across continents who are intensifying scrutiny of mining companies to enforce compliance with regulations and safeguard revenue from soaring commodity prices.

Currently, there are 13 large-scale mining companies in the country, with the government having an automatic 10 per cent stake, known as carried interest, in the companies.

Mining activities have been taking place in the country since 1897.

The major developments in the mining sector currently include the emergence of new mines, redevelopment activities, and the expansion of existing mines.

The existing mining law – Minerals and Mining Act, 2006 (Act 703), has not seen a major review in almost 20 years.

The Minerals and Mining Policy of the country, which came into existence in 2014, has not been revised since, although a revision is required every five years.

Against this backdrop, the government has made it a priority to increase local ownership and control of the mining sector.

In August this year, the Minerals Commission stated that it would no longer grant a mining lease for 30 years to any mining company, announcing a process to amend the existing mining law to peg the upper limit for any mining lease in the country at 15 years.

The commission explained that the granting of 30-year leases was no longer common across the world and could not be retained in Ghana.

In a significant development, Ghana Gold Board (GoldBod) was established on April 2, 2025 after Parliament passed the GoldBod Act 1140, which was later signed into law by President John Dramani Mahama.

It formed part of moves to formalise the gold trading sector, promote traceability, combat smuggling, boost public revenue and maximise foreign exchange inflows. 

Exports

Ghana’s small-scale gold export sector generated over $8 billion in foreign exchange between January and October 15 this year, according to new figures from the GoldBod.

Data released by GoldBod showed that small-scale miners exported 81,719.23 kilogrammes of gold during the period, valued at $8.06 billion. 

This marked a sharp increase from $4.61 billion recorded in 2024 and nearly quadrupled the $2.19 billion achieved in 2023.

The data highlights a consistent upward trend in both gold volume and export value over the three-year period, reflecting improved regulation, transparency, and compliance within Ghana’s small-scale mining sector.

Significant monthly gains were recorded in May ($1.17 billion), June ($957.9 million) and April ($897.6 million), underscoring strong performance in the second quarter of the year.