Ghana has initiated its most extensive mining sector audit in ten years, focusing on major gold producers as part of efforts to recover lost revenue and strengthen regulatory oversight.  

The initiative comes as West African governments intensify scrutiny of mining companies amid soaring commodity prices, reported Reuters, citing a letter from the Minerals Commission dated 13 October. 

The audit will target leading gold mining companies including AngloGold Ashanti, Asante Gold, Gold Fields, Newmont, Perseus and China’s Zijin.  

The process will be conducted by government auditors, forensic accountants and independent consultants.  

According to a letter from the Minerals Commission, circulated via the Ghana Chamber of Mines, the nationwide physical and financial audit will take place from 1 November 2025 through June 2026. 

The audit aims to examine production volumes, mineral flows, tax and royalty payments, and environmental compliance.  

Mining companies are required to submit ten years of production logs, three years of financial records, all relevant permits, stockpiles inventories and shipping manifests by 31 October.  

The commission’s letter further states that company-specific audit reports are expected within 30 days of each site visit, according to the news agency. 

The Minerals Commission declined to comment on the matter, while the Mines Ministry did not immediately respond to requests for comment.  

Several mining companies including AngloGold Ashanti, Asante Gold, Gold Fields, Newmont, Perseus, Xtra-Gold and Zijin also did not respond to inquiries. The Chamber of Mines has yet to issue a statement. 

Mining remains a key pillar of the economy in Ghana, the world’s second-largest cocoa producer.  

In 2024, the sector generated 17.7bn cedis ($1.68bn), buoyed by a 25.1% increase in gold output that helped stabilise the economy following its most severe crisis in a generation.  

Ghana also exports bauxite, diamonds and manganese, and expects gold production to reach 5.1 million ounces (moz) this year, up from 4.8moz previously. 

A phased audit of the mining sector will begin with Gold Fields’ Damang mine and Perseus in November and is scheduled to conclude with Xtra-Gold’s Kibi unit in late June 2026.  

Company executives have confirmed receipt of letters outlining the audit schedule, although they have requested anonymity. 

Ghana last carried out a mining sector audit in 2015 with external investigators. 

However, according to a source familiar with the process, some companies contested the audit’s findings.  

Economist and research fellow at the Accra-based Institute for Fiscal Studies Said Boakye was quoted by the news agency as saying: “Special audits should be done every year, not periodically. It is the only way to inform sound tax policy and unlock the sector’s true revenue potential." 

The government is also pursuing comprehensive reforms to boost returns from the mining sector.  

According to the Mines Minister, Ghana intends to shorten licence terms and implement direct revenue-sharing with host communities, representing the most significant overhaul of mining laws in nearly 20 years.