Transparency Snapshot

Traditionally dominated by a vast mining sector, Ghana stands on the brink of becoming an oil exporting country, following the historic 2007 offshore discovery now known as the Jubilee Field. Commercial extraction began in December 2010, and oil is expected to generate over US $1 billion per year in export revenue over the next 20 years.

Along with this large oil reserve, estimated at between 800 million and 1.8 billion barrels, Ghana's extractive sector includes gold, diamonds, bauxite, manganese and salt, as well as substantial resources of iron ore. Gold is the most important mineral mined, accounting for 90% of mining sector revenue, 40% of total exports, and up to 40% of revenue in some districts. Read more ...

Extractive Industries

The mining industry has long been an important pillar of Ghana's economic activity and trade. Prior to its independence, Ghana was known as the Gold Coast because of the rich mineral deposits.  It is the second leading gold producing country in Africa after South Africa, and earnings from gold stood at US $1.3 billion in 2006 and US $1.7 billion in 2007.

The Jubilee Field which came online in late 2010 constitutes Ghana’s most significant and viable deposit of oil. With an estimated production of about 40,000-150,000 bbl per day, the expected revenues could surpass the mining sector. Read more ...