Ghana will conduct a large-scale audit of major mining enterprises, Reuters reported on October 30, citing the contents of a government letter sent to companies on October 13.
The audit will cover all major gold mining operations in Ghana. According to the agency, mining companies are required to submit production logs, financial reports, permits, reserve data, and other documents by October 31 to continue their operations in the country.
The physical and financial audit will take place from November 1, 2025, to June 30, 2026. It will be conducted by Ghana's Minerals Commission, which will verify production volumes, examine companies' tax and royalty payments, and assess compliance with environmental regulations. According to the report, the audit will involve state auditors, forensic accountants, and independent consultants.
This move follows the Ghanaian government's actions in April, which banned foreigners from trading gold on the domestic market and exporting the precious metal. The government also revoked all licenses for buying and selling artisanally mined gold as part of establishing a new licensing system.
The system is designed to help the Ghanaian government combat illegal small-scale gold mining, locally known as "galamsey." Small-scale mines account for approximately 40% of Ghana's total gold production, unlike concessions operated by multinational companies. An estimated 70-80% of these small-scale mines operate without licenses.
Maria Safonova
