Golden giveaways

Ghana's ex-President Akufo-Addo issued 318 mining licenses in his final week, sparking regulatory concerns.

Ghana’s Minerals Commission revised its records, revealing that former President Akufo-Addo issued 318 mining licenses in his final week, up from the initially reported 102. This brings the total number of mining licenses issued in 2025 to 328, with only 10 granted under President Mahama. Ghana now has 2,246 active mining licenses, a 119-license increase from the previous count. The revised data also shows that Akufo-Addo’s administration issued 2,147 licenses over eight years, 110 more than initially reported. The surge in last-minute approvals raises concerns over regulatory oversight and resource governance.

Despite its vast gold reserves, Ghana struggles to fully capitalise on the booming gold market due to weak mining regulations and licensing policies. In 2024 alone, over $11 billion worth of gold was exported from the country, yet only about 15% was surrendered to the central bank. Under the erstwhile Akufo-Addo administration, more than 2,000 mining-related licenses were approved in just eight years, further complicating regulation. While the Minerals Commission is meant to oversee the sector, political interference and corruption hinder effective monitoring, leading to a surge in illegal mining. This has significantly impacted Ghana’s cocoa industry, as legal and illegal miners encroach on cocoa farms. Although some licensed companies operate within designated zones, many illegal miners exploit water bodies and forest reserves, causing severe environmental degradation. The unchecked mining activities pose substantial economic and ecological challenges for the nation.