Ghana is poised to strengthen its status as Africa’s top gold producer with the commissioning of its first large-scale greenfield mine in over a decade. The Cardinal Namdini mine, developed by Cardinal Resources under Shandong Gold, is set to launch in November 2024 and is projected to produce over 350,000 ounces of gold annually, according to a report by Reuters.
Martin Ayisi, CEO of the Minerals Commission, highlighted that this development is part of a broader strategy to revitalize Ghana’s mining sector. The commissioning of the Cardinal Namdini mine, along with three additional mines by 2026, is aimed at accelerating the country’s recovery from a significant economic downturn.
This initiative marks a major milestone for Ghana, which has not witnessed the opening of a large greenfield mine since Newmont’s Akyem site in 2013. The introduction of these new mines is expected to significantly boost Ghana’s gold production, which reached 4.03 million ounces in 2023, largely driven by small-scale and artisanal miners.
Ayisi noted that the new projects, including Azumah Resources’ gold mine and Atlantic Lithium’s project, are anticipated to collectively add at least 600,000 ounces to the annual gold output. “First is Cardinal Namdini, which is a monster mine and it will produce an average of 358,000 ounces per year. Mid-year 2025, Newmont will commission another monster mine – Ahafo North,” Ayisi stated.
Despite the promising outlook, miners have raised concerns about high costs and bureaucratic challenges that could hinder investment. In response, Ayisi mentioned that the Minerals Commission is working with the government to lower the exploration tax, aiming to create a stable fiscal environment that supports mining activities.
Additionally, Ghana recently inaugurated its first gold refinery in Accra. The Royal Ghana Gold Refinery is part of the country’s broader effort to enhance the value of its gold and increase revenue from the precious metal.
