Ghana Drops in Global Mining Investment Attractiveness Ranking Amid Policy Concerns

Ghana has recorded a decline in its global mining investment standing, slipping seven places in the latest Global Mining Investment Attractiveness Index released by the Fraser Institute.

The country fell from 46th position out of 82 jurisdictions in 2024 to 53rd out of 68 jurisdictions assessed in 2025. Although Ghana’s overall score saw only a marginal decrease, the drop in ranking reflects stronger performance by competing mining destinations worldwide.

Slight Score Decline, Sharper Ranking Impact

In 2024, Ghana achieved a score of 56.98 percent. This declined modestly to 55.21 percent in 2025. Analysts note that the sharper fall in ranking was largely driven by improvements recorded by other countries rather than a significant deterioration in Ghana’s performance.

The Fraser Institute’s Annual Mining Survey evaluates jurisdictions based on mineral potential and policy-related factors that influence exploration investment decisions, including taxation frameworks, regulatory stability, and government policy predictability.

Within Africa, Ghana ranked eighth out of 16 countries surveyed, placing slightly ahead of South Africa, with an overall continental score of approximately 55 percent.

Survey Methodology and Industry Participation

The 2025 survey was conducted electronically between August 5 and November 26, targeting about 2,304 mining industry professionals globally. Senior executives formed a significant portion of respondents, with more than 46 percent serving as company presidents or vice-presidents, while over 25 percent were managers or senior managers.

Participating firms collectively reported exploration expenditures totaling about US$4.2 billion in 2025.

Jurisdictions are ranked according to how public policies either encourage or discourage mining investment. The Investment Attractiveness Index combines two key measures: the Best Practices Mineral Potential Index, which assesses geological prospects, and the Policy Perception Index, which evaluates investor confidence in government policies.

The number of jurisdictions assessed annually varies depending on commodity price trends and activity levels within the global mining sector. Previous surveys evaluated 82 jurisdictions in 2023, 86 in 2022, and 84 in 2021.

Policy Debate Shapes Investor Sentiment

The report comes at a time when sections of Ghana’s mining industry have raised concerns about proposed government reforms, including potential tax and regulatory reviews affecting the sector.

Some mining companies have indicated that changes to existing policies could influence profitability and employment levels if implemented.

Government officials, however, argue that the reforms are intended to ensure the country derives greater value from its mineral resources while maintaining a balance between attracting investment and safeguarding national economic interests.