Ghana Launches Decade-Defining Mining Audit to Uncover True Revenue Potential

Ghana, the top gold producer in Africa, has embarked on its most comprehensive mining audit in a decade, targeting major mining companies to recover lost revenues and tighten oversight, according to a government document obtained by Reuters.

Amid surging commodity prices, governments across West Africa are increasing scrutiny on mining firms to enforce regulatory compliance and protect revenue. On October 20, spot gold prices reached a historic high of $4,380 per troy ounce.

The audit will involve leading gold miners such as Newmont, AngloGold Ashanti, Gold Fields, Perseus, Asante Gold, and China's Zijin. It will be conducted by government auditors, forensic accountants, and independent consultants, as per an October 13 letter from the Minerals Commission sent via the Ghana Chamber of Mines.