Following the opening of the Forum on China-Africa Cooperation (Focac) on September 7, Ghana is poised to welcome a significant new gold mine, highlighting the growing Chinese investment in Africa. In November 2024, a subsidiary of Chinese mining giant Shandong Gold will launch this new mine, which is set to become one of the largest in Ghana, the continent’s top gold producer.
In an interview with Reuters, Martin Ayisi, CEO of Cardinal Resources, confirmed that the four-year project is nearing completion. The new mine, located in northwestern Ghana, is anticipated to produce 358,000 ounces of gold annually, equivalent to just over 10,000 kilograms.
This development represents a pivotal moment for Ghana’s mining sector, which has experienced a decline over the past decade. The last major mine opened in Ghana was in 2013, with a project led by US-based Newmont.
Additionally, the CEO of the Minerals Commission revealed to Reuters that three more mines, including Ghana’s first lithium operation, are expected to open by 2026. These new projects are projected to boost Ghana’s gold production by over half a million ounces annually, further cementing its status as Africa’s leading gold producer.
In 2023, Ghana extracted more than 4 million ounces of gold from its mines, a figure that should be well exceeded this year.