- Ghana begins nationwide audit of major gold mines, including Newmont and AngloGold Ashanti
- Audit aims to recover lost revenue and enforce strict regulatory compliance
- Mining companies must submit 10 years of records by October 31
Ghana — Africa’s leading gold producer — has initiated its most extensive mining audit in a decade, targeting major gold companies to recover lost revenue and strengthen regulatory oversight, according to a government letter cited by Reuters.
Across West Africa, governments are tightening controls on mining operations to ensure compliance and maximize income amid record-high commodity prices.
Spot gold prices surged to an all-time high of $4,380 per troy ounce on October 20.
The audit will cover major gold producers, including Newmont, AngloGold Ashanti, Gold Fields, Perseus, Asante Gold, and China’s Zijin Mining. It will be conducted by teams of government auditors, forensic accountants, and independent consultants, the October 13 letter from the Minerals Commission revealed.
The nationwide physical and financial audit, scheduled from November 1, 2025, to June 2026, will review production volumes, mineral exports, tax and royalty payments, and environmental compliance.
Mining firms are required to submit 10 years of production records, three years of financial data, and all relevant permits, stockpile records, and shipping documents by October 31. Each company will receive a site-specific audit report within 30 days of inspection.
Officials from the Minerals Commission and the Ministry of Lands and Natural Resources have not yet commented on the development.
Boosting Revenue and Accountability
Ghana — the world’s second-largest cocoa producer — is expected to generate ₵17.7 billion ($1.68 billion) in 2024, supported by a 25% rise in gold output, which has helped stabilize the economy after its most severe financial crisis in decades.
Gold production is forecast to increase to 5.1 million ounces, up from 4.8 million last year.
According to the Minerals Commission’s letter, the audit will begin at Gold Fields’ Damang Mine in November and conclude with Perseus and Xtra-Gold’s Kibi operations by June 2026.
Executives from the listed companies confirmed receiving audit notices but declined to comment further.
Ghana last conducted a comprehensive mining audit in 2015, but the findings were disputed by some mining firms.
Economist Said Boakye from the Institute for Fiscal Studies (IFS) in Accra stressed that such audits should be annual to ensure effective taxation and unlock the sector’s true revenue potential.
He added, “Regular audits are essential for building sound tax policy and ensuring fair returns from the country’s natural resources.”
The government has also announced sweeping reforms to modernize the mining sector — including shorter licence terms and direct revenue sharing with host communities — marking the most ambitious overhaul of Ghana’s mining laws in nearly 20 years.
