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ADU PReVIeW

Ghana returns to investors’ radars

Gold Fields has spent big on expanding its
ust five years ago, Ghana’s position as and stability are proving an attraction to in- Damang and Tarkwa gold mines in Ghana
Ja respected mining jurisdiction appeared vestors.
to be on the wane. The country’s massive Each of Newmont, AngloGold and Gold moz gold resource at its Namdini gold pro-
gold mines were seemingly on the road to Fields have committed to major expansions ject before Chinese gold giant Shandong
depletion and a lack of exploration success of their Ghanaian gold operations in the last Gold Group acquired company and project
meant the development pipeline was bar- five years and now investors are beginning in a $575 million deal in March 2021.
ren. to return to junior stories in the country. According to Atlantic Lithium Ltd chief
Operating costs were also rising with President Nana Akufo-Addo and Minister executive Len Kolff, Ghana is back among
wages higher than in neighbouring jurisdic- for Lands and Natural Resources Samuel Africa’s more favoured jurisdictions.
tions and the regulator developing a reputa- Jinapor have both signalled their intent to “From the feedback we are receiving,
tion for being overly bureaucratic and slow- attract further investment to Ghana’s re- investors are comfortable with Ghana as a
ing the approvals system. sources sector and make the country an jurisdiction, they like the maturity and sta-
The perceived issues were also stunting African mining hub, providing services bility of the industry, particularly the skilled
capital investment with rumours the likes of not only for miners within the country but labour, stable politics, good infrastructure,
Newmont Corp, AngloGold Ashanti Ltd and across the West African region. education levels and security,” Kolff told
Gold Fields Ltd were all considering their Australian companies operating in Gha- Paydirt. “That is all more relevant given
futures. na are already seeing the benefits of a more what is happening elsewhere in the region
In 2022, however, many of Ghana’s per- supportive policy approach. The Australian which makes operating in some countries
ceived negatives could turn out to be major contingent is led by Perseus Mining Ltd challenging.”
positives for the West African country over which has managed to keep the notoriously Kolff said the Government was eager to
the next decade. difficult Edikan gold mine operational for see new projects developed as it pushed to
While neighbouring countries in the re- six years, providing a platform for the com- re-establish itself as a go-to destination for
gion battle government instability, security pany’s wider West African growth initiative. mining investment.
issues and capital flight, Ghana’s maturity Elsewhere, Cardinal Resources built a 7 “Ghana is trying to push hard to regain its

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