Ghana’s mining sector, which contributes 5% to the country’s economic output, has been severely impacted by the decline in gold prices, resulting in job losses and reduced royalties and tax revenues. Chinese investors are taking advantage of this opportunity, with one Chinese company recently purchasing Viking Mines in Ghana for $10 million. Despite the challenges, some gold mining companies are meeting their obligations, and new discoveries are being made. However, concerns remain about the environmental and social impact of mining, particularly with regards to Chinese companies disregarding Ghanaian laws and regulations.
The Ghanaian government’s efforts to clamp down on illegal mining have been only marginally successful, and many sites are left abandoned without rehabilitation. In contrast, other West African countries like Liberia and Sierra Leone are showing promise in reviving their mining sectors, with companies like Sierra Rutile and Aureus Mining making significant investments. To fully realize the potential of the mining sector, the region needs to address infrastructural challenges, develop concessions, and form strategic partnerships. Integration and free trade within the Economic Community of West African States (Ecowas) can also help tackle these issues.
The regions they have worked in, enabling habitation. Businesses who were polled between 2009 and 2012 horribly failed to comply with environmental protection agency regulations, which is a harsh indictment of the mindset that many overseas businesses have adopted. The fact that most residents are unable to obtain funding to launch their own businesses guarantees that development will continue to occur at an artisanal pace. However, some parts of West Africa are beginning to show potential. There are indications of a mining industry revival in both Sierra Leone and Liberia. One business that managed to survive the strains caused by the Ebola outbreak is Sierra Rutile. Recently, $44 million was raised to build a dry mine in Gangama, Sierra Leone. The current mine will be expanded with the help of the finances. Rutile is