Overview of Extractive Industries

The mining industry in Ghana is dominated by gold, diamond, bauxite, and manganese. These are important sources of export and government revenue. For example, gold represented 34% of the country’s exports (12% of GDP) in 2000-2003.

In 2007 significant oil discoveries were made offshore of Ghana. Estimates of Ghana's oil reserves vary between 1bn and 1.5bn barrels. Commercial extraction has commenced and revenues from oil are expected to reported in the next reporting cycle (covering 2010 and 2011)-

Status of EITI Implementation

The EITI Board designated Ghana as EITI Compliant on 19 October 2010. The final Validation Report will be available here shortly. Ghana must be revalidated by 18 October 2015. Stakeholders in the process may request that the EITI Board requires a new Validation at any time within that period if they think the process needs reviewing.

In February 2007 the Ghana EITI process produced its first report covering payments and revenues for the first half of 2004. The second report was produced in August 2007, covering payments and receipts for the second half of 2004. Ghana was accepted as an EITI Candidate country on 27 September 2007.  The third report, covering payments and receipts for 2005, was released in August 2008. On 30 September 2010, Ghana published  three reports covering extensive data on government revenues and disbursements at a central as well as local level for the year 2006, 2007 and 2008. In September 2011 Ghana published the report covering the year 2009. Dissemination activities for the 2009 report are scheduled for February-March 2012.

A scoping mission on how to extend the GHEITI to the oil and gas sectors was undertaken in July 2009.  Following its recommendations, the National Steering Committee was restructured representing oil, gas and mining stakeholders, in August 2010.

Ghana submitted its final Validation report to the EITI Board on 1 June 2010.

Governance of EITI Implementation

Ghana announced its intention to pilot EITI in the mining sector in June 2003. In September 2003 the Minerals Commission released the first revenue figures. A multi-stakeholder National Steering Committee was established by ministerial decree in February 2005 to oversee the implementation of the EITI. A Secretariat was formed in the Ministry of Finance and Economic Planning. The EITI Secretariat consists of the Head, Franklin Ashiadey, two assistants and a secretary. The Ghana EITI Secretariat is a subset of the Multistakeholder Committee. A new steering committee representing stakeholders from oil, gas and mining was inaugurated in September 2010 by the Minister of Finance and Economic Planning. 

GHEITI Chairperson

Mr. Enoch H. Cobbinah

(Chief Director of the Ministry of Finance and Economic Planning)

GHEITI National Coordinator

Mr. Franklin Ashiadey
Senior Economics Officer
Ministry of Finance & Economic Planning 
E-Mail:fashiadey [at] yahoo [dot] com / info [at] geiti [dot] gov [dot] gh
Telephone nr. : +233 24 689 819

Companies operating*

Oil & gas companies: Tullow Oil, Kosmos Energy, Hess Corp*, Vanco, Aker ASA, Vitol UPS, Young Energy, Anadarko, Sabre

Mining companies: Alcoa*, Anglo American*, Gold Fields*, Newmont*, Aluminia Ltd, Iamgold, Metorex Ltd, Mwana Africa plc, Red Back Mining Inc, Crew Gold, Metorex Ltd
* EITI Supporting Company

* Note: Company list based on EITI research and is not conclusive

For further information, please contact Francisco Paris in the EITI International Secretariat.