While resource nationalism is growing across the sub-region in nations such as Mali, Niger, and Burkina Faso, Ghana has earned recognition for its stable mining and fiscal policies. The attractiveness of this business environment is now being challenged by a planned audit of the country's gold mines.

Ghana, Africa’s largest gold producer, has launched a nationwide audit of its mines to verify royalty and tax payments and strengthen transparency in the extractive sector. The move echoes a recent precedent in Mali, where a similar audit led the government to claim substantial lost revenue from gold producers.

In a letter dated Oct. 13 and addressed to the Ghana Chamber of Mines, the country’s Minerals Commission ordered mining companies to submit an initial set of electronic documents by Oct. 31. The requested materials include 10 years of production logs, stock and shipment manifests, purchase contracts, as well as financial statements and tax and royalty payment records for the past 36 months.

The audit covers both physical and financial aspects. Inspectors will verify extracted volumes, stock levels, environmental compliance and transport documentation, while financial examiners will review accounting records, tax payments, and export data. The operation began on Nov. 1 with an inspection of the Damang gold mine operated by South Africa’s Gold Fields and is expected to conclude in June 2026. It will cover 19 mines in total, including 17 gold operations run by companies such as AngloGold Ashanti, Zijin Mining, and Perseus Mining.

Reuters first reported the audit on Oct. 30, and Ecofin Agency later confirmed it after reviewing the official letter sent to mining companies. Although the regulator said the process will be conducted “in accordance with applicable laws,” the move has stirred unease within the industry.

During the inauguration of the Ahafo North gold mine last week, Newmont Corp. CEO Tom Palmer, whose company operates Ghana’s largest gold mine, underscored the importance of stability for attracting investment. “We’ve been here 30 years. I expect Newmont will be here at least another 30,” he told Reuters. “It is important that we see a regime that is fair and transparent... If not, capital will go elsewhere.” He did not directly comment on the government’s audit.

Mali’s 2022 mining audit found an estimated shortfall of between 300 billion and 600 billion CFA francs ($527 million to $1.05 billion) in unpaid revenues. The discovery prompted Bamako to revise its mining code to increase state participation and demand compensation from gold producers, recovering hundreds of millions of dollars. Canada’s Barrick Gold, which refused to comply with the new rules, lost operational control of its Loulo-Gounkoto mine, the country’s largest, in 2025. The dispute is now before the International Centre for Settlement of Investment Disputes (ICSID).

Tanzania took a similar path in 2017 when then-president John Magufuli ordered an audit that, according to authorities, uncovered decades of tax evasion and fraud worth billions of dollars.

Ghana’s audit comes amid a growing wave of resource nationalism in West Africa. With gold prices at record highs, governments in the region are seeking to boost revenue and secure a greater share of mining profits.

Emiliano Tossou