Ghana, Africa’s top gold producer, is poised to inaugurate its first large-scale greenfield mine in more than ten years this November. The new Cardinal Namdini mine, operated by Cardinal Resources—a unit of Shandong Gold—received its license in 2020 and is expected to produce over 350,000 ounces of gold annually.
Despite being the world’s second-largest cocoa producer, Ghana has seen a decline in gold exploration over the past decade, leading to fewer new projects and reduced output from major miners. However, the Minerals Commission’s CEO, Martin Ayisi, revealed plans for three additional mines, including a lithium project, set to launch by 2026. These new ventures aim to boost the nation’s mineral production and support economic recovery from a severe economic crisis.
The last major greenfield mine in Ghana was commissioned in 2013 when Newmont launched its Akyem site. Since then, exploration has diminished, but Ayisi is optimistic about a surge in new mining projects. The Cardinal Namdini mine is forecasted to produce an average of 358,000 ounces annually, and by mid-2025, Newmont’s Ahafo North mine will add another major production boost. Together, these mines are expected to increase Ghana’s gold output by at least 600,000 ounces annually, fostering economic growth and job creation.
In 2023, Ghana’s gold production reached 4.03 million ounces, driven mainly by small-scale and artisanal mining. Looking ahead, Azumah Resources’ gold mine in northwestern Ghana and Atlantic Lithium’s first lithium project are set to commence operations in 2026.
While Ghana’s stable fiscal policies are well-regarded by investors, high costs and bureaucratic obstacles remain challenges. The Minerals Commission is working with the government to reduce exploration taxes and enhance the investment environment, aiming to position Ghana as a leading destination for mining investment.
By mid-2024, gold production had already reached 2.5 million ounces, with 42% attributed to small-scale and artisanal miners, reflecting the sector’s response to rising global gold prices.
