Ghana has fallen seven places in the latest Global Mining Investment Attractiveness Index, highlighting growing challenges for the country in attracting exploration investment amid evolving policy reforms.
The West African nation slipped from 46th out of 82 jurisdictions in 2024 to 53rd out of 68 in 2025, according to the Fraser Institute’s Annual Mining Survey. Ghana’s overall score edged down slightly, from 56.98 percent in 2024 to 55.21 percent in 2025, but the more pronounced decline in ranking reflects significant improvements made by other countries in the survey.
On the African continent, Ghana ranked eighth out of 16 countries, just two steps ahead of South Africa, with a regional score of 55 percent. Analysts say the ranking signals that while Ghana remains endowed with substantial mineral resources, its relative attractiveness to investors has been eroded by perceptions of regulatory and policy uncertainty.
The Fraser Institute’s survey evaluates how a country’s mineral potential and public policy environment influence mining investment. The Investment Attractiveness Index (IAI) combines the Best Practices Mineral Potential Index, which measures geologic endowment, and the Policy Perception Index, which captures how government policies, taxes, and regulations affect exploration sentiment.
The survey targeted 2,304 mining professionals globally between August 5 and November 26, 2025. Respondents included more than 46 percent company presidents or vice-presidents, and over 25 percent were managers or senior managers. Participating companies reported a total of US$4.2 billion in exploration spending in 2025.
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Ghana’s decline in ranking comes amid ongoing debate over proposed government reforms in the mining sector. Some companies expressed concerns that planned changes to taxation and regulatory frameworks could reduce profitability and impact jobs in the industry.
“Policy uncertainty is a major factor affecting investor confidence,” said a mining sector analyst based in Accra. “Even small adjustments to taxes or royalties can influence decisions on exploration budgets, particularly for companies considering long-term investments.”
The Ghanaian government maintains that the reforms are intended to ensure the country derives greater benefit from its mineral wealth while maintaining an investment-friendly environment. Officials argue that balancing national economic interests with incentives for investors is necessary to secure sustainable growth in the sector.
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Despite the decline in global ranking, Ghana remains one of Africa’s top mining destinations, with significant deposits of gold, bauxite, manganese, and industrial minerals. Mining contributes substantially to the country’s GDP and export earnings, making it a strategic sector for national development.
The Fraser Institute’s survey also shows that global competition for mining investment is intensifying. Countries that improve policy transparency, streamline regulatory processes, and offer incentives are able to attract greater exploration spending, which has contributed to Ghana’s relative drop in the index.
Experts say that while Ghana’s geological potential remains high, perceptions of policy risk can deter investment, particularly when global commodity prices fluctuate and capital allocation decisions are sensitive to fiscal and regulatory environments.
The report underscores the need for clear, consistent, and predictable mining policies, alongside active engagement with industry stakeholders. Government officials and industry leaders will need to collaborate closely to maintain Ghana’s competitiveness in the global exploration landscape.
For now, Ghana’s position in the Fraser Institute survey signals that while the country retains strong mineral potential, sustained efforts are needed to enhance policy credibility and investor confidence, ensuring long-term growth and employment in the mining sector.
