Where is gold found in Ghana: Top 5 Gold Deposits in Ghana
Gold Deposits in Ghana: Ghana, historically dubbed the “Gold Coast,” is Africa’s leading gold producer and the world’s sixth-largest, with a record output of 4.8 million ounces in 2024, generating $11.6 billion in export revenue.
This West African nation, nestled in the mineral-rich West African Craton, has been synonymous with gold for centuries, from ancient trade routes to modern industrial mining.
Gold mining in Ghana is not just an economic activity; it’s a cultural and historical cornerstone, shaping the nation’s identity and global standing.
The importance of gold to Ghana’s economy cannot be overstated. It accounts for approximately 7% of GDP, over 50% of export earnings, and supports over 1 million livelihoods through large-scale and artisanal mining.
Globally, Ghana’s gold deposits in Ghana feed a market where prices hit $3,200 per ounce in April 2025, driven by demand for safe-haven assets.
This guide explores the top gold deposits, their geological and historical context, economic significance, challenges, and investment opportunities, offering a roadmap for those looking to engage with Ghana’s gold wealth, including through trusted suppliers like Buy Gold Bars Africa Limited.
History of Gold Mining in Ghana
Gold has defined Ghana’s history for over a millennium. Long before European contact, the Akan people, particularly the Ashanti Kingdom, mined and traded gold, establishing the region as a hub of wealth in West Africa.
Ancient trade routes connected Ghana to North Africa and the Middle East, with gold dust and nuggets exchanged for goods like salt and textiles. The Ashanti’s iconic Golden Stool symbolized their prosperity, rooted in gold mining in Ghana.
The colonial era, beginning in the 15th century, saw Portuguese, Dutch, and British traders flock to the Gold Coast, drawn by its abundant gold deposits.
By the late 19th century, British companies established mechanized mining in areas like Obuasi and Tarkwa, laying the foundation for industrial extraction. The colonial focus on gold exports earned the region its moniker, the Gold Coast, until independence in 1957.
Post-independence, Ghana nationalized some mines, but economic challenges in the 1970s prompted liberalization in the 1980s. The 1986 Minerals and Mining Law attracted foreign giants like Newmont and AngloGold Ashanti, transforming Ghana into a modern mining powerhouse.
Today, gold mining in Ghana blends large-scale operations with artisanal efforts, maintaining its historical legacy while embracing cutting-edge technology.
Major Gold Deposits and Mining Regions in Ghana
Ghana’s gold deposits are concentrated in two primary geological formations: the Birimian Supergroup and the Tarkwaian System, both part of the West African Craton, formed over 2 billion years ago. These formations host some of the world’s richest goldfields, with distinct characteristics across regions.
Ashanti Gold Belt
The Ashanti Gold Belt, stretching across central Ghana, is the richest gold deposit in Ghana, hosting orogenic (shear-zone hosted) deposits in Birimian volcanic rocks.
This belt, known for high-grade quartz veins (2-6 g/t), is home to the iconic Obuasi and Ahafo mines. Its geological complexity, with fault systems and sulfide-rich ores, makes it a global hotspot for gold exploration.
Western Region: Tarkwa, Prestea, Bogoso
The Western Region’s Tarkwaian System contains paleoplacer deposits—ancient river gravels rich in gold particles—overlying Birimian basement rocks.
The Tarkwa goldfield, one of Africa’s largest open-pit operations, produces lower-grade ore (1.5-2 g/t) but in high volumes.
Prestea and Bogoso, also in this region, combine underground and open-pit mining, with orogenic deposits yielding higher grades.
Northern and Eastern Deposits
Emerging exploration zones in the Northern and Eastern Regions are gaining attention. The Bole-Bolgatanga belt in the north hosts alluvial and orogenic deposits, with projects like Namdini (Cardinal Resources) set to produce 358,000 ounces annually from mid-2025.
The Eastern Region’s Akyem mine, in Birimian rocks, is a high-grade producer, signaling untapped potential in less-explored areas.
Geological Formations
- Birimian Supergroup: Comprising greenstone belts and sedimentary basins, these 2.2-billion-year-old rocks host orogenic gold in quartz veins and sulfides, ideal for underground mining.
- Tarkwaian System: Younger conglomerates with paleoplacer gold, suited for open-pit extraction due to their extensive, low-grade nature.
These regions and formations underpin Ghana’s status as a top gold producer, with reserves estimated at over 50 million ounces.
Top Gold Mines in Ghana
Ghana’s gold production is dominated by five major mines, which collectively accounted for over 70% of the country’s 2024 output. Below, we focus on the top three—Obuasi, Tarkwa, and Akyem—while noting other key operations and artisanal hotspots.
Obuasi Gold Mine (AngloGold Ashanti)
Operated by AngloGold Ashanti (90% stake, government 10%), Obuasi in the Ashanti Gold Belt is Ghana’s oldest and most iconic mine, operational since 1897.
With reserves of 10.6 million ounces at 4-6 g/t, it produced 497,000 ounces in 2024, up 20% from 2023, following a $1 billion redevelopment (2016-2019) that modernized underground operations.
Long-hole stoping and CIL processing handle 2.5 million tonnes annually, with costs at $1,200 per ounce. Obuasi employs 3,000 workers and contributes $200 million yearly to Ghana’s economy, funding schools and clinics in Obuasi town. Its mine life extends to 2050, with satellite deposits like Obuasi Deeps adding potential.
Tarkwa Mine (Gold Fields)
Tarkwa, in the Western Region’s Tarkwaian goldfield, is Africa’s largest open-pit mine by area, operated by Gold Fields (90% stake).
Its paleoplacer deposits, with reserves of 5.8 million ounces at 1.5-2 g/t, yielded 551,000 ounces in 2024, processing 14.1 million tonnes via heap leaching and CIL.
Employing 3,500 workers, Tarkwa’s $250 million annual contribution includes $100 million in community investments since 2010.
Costs are $1,100 per ounce, with mine life to 2034. A proposed merger with nearby Iduapriem could boost output to 600,000 ounces by 2026.
Akyem Mine (Newmont)
In the Eastern Region’s Birimian belt, Newmont’s Akyem mine (90% stake) started in 2013, targeting high-grade orogenic deposits (2.5 g/t). With 4.2 million ounces in reserves, it produced 422,000 ounces in 2024, processing 7 million tonnes via open-pit and CIL methods.
Costs are low at $950 per ounce, and the mine supports 10,000 jobs, contributing $150 million annually. Community programs fund agriculture and education, though water use has sparked local concerns. Akyem Underground, set for 2030, could extend life to 2032, adding 300,000 ounces yearly.
Other Key Mines
- Ahafo Mine (Newmont): In the Ashanti belt, Ahafo produced 643,000 ounces in 2024, with 17 million ounces in reserves. Its hybrid open-pit and underground operations make it Ghana’s top producer.
- Iduapriem Mine (AngloGold Ashanti): Near Tarkwa, it produced ~250,000 ounces in 2024 from 2.5 million ounces in reserves, using hybrid methods. A potential merger with Tarkwa could enhance output.
Artisanal and Small-Scale Mining Hotspots
Artisanal mining, or galamsey, thrives in alluvial-rich areas like Prestea, Wassa, and the Ankobra River basin. These operations, often informal, produced 40% of Ghana’s gold in 2024 (1.9 million ounces) but face regulatory and environmental challenges.
Types of Gold in Ghana
Ghana’s gold deposits yield three main forms, each with distinct extraction methods and uses.
Alluvial Gold: Found in riverbeds and floodplains, alluvial gold consists of fine particles and nuggets washed from primary deposits.
Common in Prestea and the Northern Region, it’s mined by artisanal miners using pans and mercury amalgamation. In 2024, alluvial gold accounted for 30% of galamsey output, valued for its purity (up to 92%).
Hard Rock Gold (Lode Deposits): Hard rock gold, embedded in quartz veins or sulfides, dominates large-scale mines like Obuasi and Akyem.
Extracted via drilling, blasting, and cyanidation, these orogenic deposits yield high-grade ore (2-6 g/t). In 2024, 60% of Ghana’s gold came from lode deposits, processed into bars and coins.
Nuggets, Dust, and Refined Bars
- Nuggets: Rare, found in alluvial zones, prized by collectors.
- Gold Dust: Common in ASM, refined to 22K-24K purity.
- Refined Bars: Large-scale mines produce 99.9% pure bars, certified for global markets. Buy Gold Bars Africa Limited offers such bars, ensuring ethical sourcing.
Economic Importance
Gold is Ghana’s economic backbone, driving growth and stability.
Contribution to GDP and Foreign Exchange: In 2024, gold mining in Ghana contributed 7% to GDP and 50.7% to export revenue ($11.6 billion). The sector bolstered foreign reserves to $9.4 billion, stabilizing the cedi.
Employment and Livelihoods: Over 20,000 work in large-scale mines, with 1 million in ASM. Indirect jobs in logistics and services amplify impact. Ahafo alone supports 20,000 jobs, while Tarkwa trains 80% local staff.
Export Revenue: Gold’s $11.6 billion in 2024 exports dwarfed cocoa ($2 billion). The new GoldBod board, centralizing small-scale purchases, curbed smuggling, ensuring 95% of ASM gold enters legal channels.
Challenges Facing Gold Mining in Ghana
Despite its benefits, gold mining in Ghana faces significant hurdles.
Illegal Mining (“Galamsey”): Galamsey, producing 40% of output, operates outside regulations, with 70% unlicensed in 2024. Mercury use pollutes rivers like the Pra, affecting 2 million people’s water supply. A 2025 foreign trader ban aims to formalize ASM.
Environmental Issues: Open-pit mining, as at Tarkwa, has deforested 28 protected areas. Cyanide spills and tailings contaminate soil, with 10,000 hectares degraded. Obuasi’s $30 million cleanup addresses legacy pollution.
Conflicts: Land disputes between large mines and communities, like at Akyem, and clashes with galamsey operators over concessions spark unrest. Mediation programs are improving dialogue.
Conservation & Sustainable Mining in Ghana
Ghana is prioritizing sustainable gold mining to balance growth and environmental protection.
Government Policies: The Minerals Commission enforces a 5% royalty and EPA guidelines on reclamation. The 2025 Mining Act mandates 30% local content, boosting Ghanaian firms.
Eco-Friendly Mining: Newmont and AngloGold pilot cyanide-free leaching and solar-powered plants. Tarkwa’s reforestation restored 500 hectares by 2024. ASM formalization programs train miners in mercury-free techniques.
Community Involvement: Mines fund trusts—$100 million at Tarkwa, $50 million at Ahafo—for schools, clinics, and farms. Community boards ensure 70% of benefits reach locals.
Investment Opportunities
Ghana’s stable democracy, clear regulations, and vast reserves make it a magnet for gold investment.
Why Investors Target Ghana: Ghana gold investment offers high returns due to 50+ million ounces in reserves and a transparent Minerals Commission. FDI reached $2 billion in 2024, led by Newmont and Gold Fields.
Licensing and Regulatory Framework: The 2006 Minerals and Mining Act requires licenses, with 10% government stakes in large mines. The GoldBod board streamlines ASM gold sales, ensuring traceability.
Buying Gold Directly: Investors can source 22K-24K bars, coins, and nuggets from licensed exporters like Buy Gold Bars Africa Limited, which guarantees ethical, conflict-free gold compliant with OECD standards.
Conclusion
Ghana’s gold deposits in Ghana, from the Ashanti Gold Belt to Tarkwa’s paleoplacers, cement its role as a global gold leader. Producing 4.8 million ounces in 2024, with projections of 5.1 million in 2025, the nation blends ancient wealth with modern innovation.
Mines like Obuasi, Tarkwa, and Akyem drive economic growth, but sustainable practices are crucial to address galamsey, pollution, and land disputes. For investors, Ghana offers unparalleled opportunities in a stable, resource-rich market.
Looking to invest in genuine gold from Ghana? Contact Buy Gold Bars Africa Limited today for ethically sourced 22K and 24K gold bars, coins, and nuggets at competitive rates. Secure your stake in the Gold Coast’s wealth now!
