Ghana was formerly a British colony
known as the Gold Coast and has a total land area of 238,537 square
kilometers, about the size of Michigan. It was the first sub-Saharan
Africa nation to achieve independence from its colonial rulers in 1957.
Ghana is an English-speaking, constitutional multi-party democracy and
is considered one of the most stable governments on the continent.
Relative to its other African neighbor countries, Ghana is ranked quite
highly in international freedom and prosperity indices.
Ghana is classified as a middle-income economy as it is well endowed with natural resources. Aside from gold and cocoa, the country also exports resources such as oil, timber, electricity, diamonds, bauxite and manganese, all major sources of foreign revenues.
MINING IN GHANA
Ghana is among the fastest growing gold producing regions in the world, is the world’s 10th largest gold producer and Africa’s 2nd largest behind only South Africa, and has a long history of gold production. Nearly half of the country’s exports is gold, followed by oil at 18% and cocoa at 15%. Gold production accounts for approximately 95% of Ghana’s current total mineral output. Southern Ghana has been considered one of the world’s most prolific regions for gold discoveries for some time, with both gold producers and explorers enjoying success there. Ghana also stacks up in terms of gold production numbers – in 2014, the country produced 90 tons of gold. The country has an extremely pro-mining attitude not only for large scale mining but, importantly, for small scale mining that is reserved for the Ghanaian people and Ghanaian companies as well. Ghana’s Minerals and Mining Act was put into effect in 2006 and underwent improvements in 2012 to ensure a more transparent system.