Ghana Launches Decade’s Largest Mining Audit to Plug Revenue Leaks

Benneh Bright6 seconds ago

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The Government of Ghana has initiated the most comprehensive audit of its mining sector in ten years, targeting major gold producers to verify production figures, royalty payments, tax compliance, and environmental standards.

An October 13 letter from the Minerals Commission—circulated through the Ghana Chamber of Mines—mandates a nationwide physical and financial review running from 1 November 2025 to 30 June 2026. Multi-disciplinary teams comprising government auditors, forensic accountants, and independent consultants will conduct on-site inspections and desk reviews.

Scope of the Audit

Companies in focus: Newmont, AngloGold Ashanti, Gold Fields, Perseus Mining, Asante Gold, Zijin Mining, and Xtra-Gold.
Data demands:
– 10 years of production logs and stockpiles
– 3 years of audited financial statements
– All permits, shipping manifests, and environmental impact reports
– Deadline for submission: 31 October 2025
Deliverables: Individual audit reports due within 30 days of each site visit.

Phased Roll-Out

Month	Operations Audited
November 2025	Gold Fields (Damang), Perseus
Dec 2025–May 2026	Newmont, AngloGold Ashanti, Zijin, Asante Gold
June 2026	Xtra-Gold (Kibi)

Strategic Context

Record revenues: The sector generated GH¢17.7 billion (US$1.68 bn) in 2024, buoyed by a 25.1 % surge in gold output to 4.8 million ounces.

reuters.com
2025 forecast: Production expected to climb to 5.1 million ounces, with spot gold breaching US$4,380/oz on 20 October.
Regional trend: Neighbouring Mali, Burkina Faso, and Guinea have imposed similar audits and windfall taxes amid the commodity supercycle.

Policy Overhaul Under WayMines Minister Samuel A. Jinapor has tabled legislative amendments—the most ambitious since 2006—including:

Shortening large-scale licence terms from 30 to 15 years
Mandating 5–10 % free-carry equity for host communities
Introducing community development agreements tied to annual royalty disbursements

Economist Dr Said Boakye of the Institute for Fiscal Studies welcomed the initiative:

“Annual audits are the only way to unlock the sector’s true fiscal potential and prevent transfer-price leakage.”

Industry ResponseThe Ghana Chamber of Mines has acknowledged receipt of the directive and pledged full cooperation. Individual operators—contacted by Reuters—declined comment, citing ongoing internal reviews.The Minerals Commission and Ministry of Lands & Natural Resources did not respond to requests for official statements.The audit’s findings will feed directly into Ghana’s 2026–2028 Medium-Term Revenue Strategy, with preliminary revenue-recovery estimates ranging from US$250–400 million.