Ghana, a leading gold producer in Africa, is gearing up to commission its largest greenfield mine in more than a decade. The Cardinal Namdini mine, owned by Cardinal Resources, is expected to begin operations in November, producing over 350,000 ounces of gold annually.
The new mine marks a significant development for Ghana’s mining sector, which has seen a decline in exploration activity over the past decade. This downturn has limited the number of new projects and reduced output from major mining companies.
Martin Ayisi, CEO of the Minerals Commission, expressed optimism about the future of Ghana’s mining industry. He announced that three additional new mines, including a lithium project, are scheduled to come online by 2026. These projects are expected to boost the country’s minerals production and contribute to economic recovery.
The Cardinal Namdini mine is set to be followed by the Ahafo North project, also owned by Newmont, which is slated for commissioning in mid-2025. Together, these two mines are projected to add at least 600,000 ounces of gold to Ghana’s annual output.
While Ghana’s government has implemented a stable fiscal regime to attract investment, excessive costs and bureaucracy remain challenges. The Minerals Commission is working to address these issues, including by lowering the exploration tax.
With the commissioning of these new mines and ongoing efforts to improve the investment climate, Ghana is poised to strengthen its position as a key player in the global mining industry.