EITI Status Meaningful progress
EITI Member Since 2010
Latest Data From 2014
Latest Validation 2016
Website EITI Ghana


Historically Ghana is a mining country, with substantial reserves it is the second largest gold producer in Africa. Ghana has the ninth largest reserves of diamonds and is the ninth largest producer of diamonds in the world.Oil production started in 2011, and as of 2013 oil revenues surpassed mining receipts.

EITI reporting has highlighted gaps in the way the extractive sector is managed, leading to changes to the fiscal regimes governing the sector such as the introduction of capital gains tax, higher ground rent and fixed royalty rates. GHEITI is also working to improve accountability of subnational transfers, as 10% of mining royalties are transferred to local governments.

Extractive industries contribution to the economy

  • 64 %
    to exports
  • 10 %
    to GDP
  • 17.5 %
    to government revenue
  • 1.7 %
    to employment

Beneficial ownership disclosure

Objectives of beneficial ownership transparency in Ghana

  • To promote good governance and accountability in the extractive sector and beyond.
  • Support efforts to minimize and ultimately eradicate the risk of money laundering, financing of terrorism, financing the proliferation of mass destruction and other transnational organised crime.
  • Prevent illicit financial flows in the extractive and other sectors.

Progress on implementing beneficial ownership disclosure 

Ghana EITI has been building momentum for the beneficial ownership transparency agenda in the country. The passage of the Companies Act 2016 lays a firm legal basis for collecting and maintaining a national database on beneficial owners in Ghana. The law mandates the Registrar General’s Department to be the institutional body responsible for the collection and maintenance of beneficial ownership register in the country.

Ghana’s 2014 EITI Reports on oil/gas and mining give some information about the legal and owners non-listed companies operating in the country. For publicly listed companies, the reports reference the relevant stock exchanges and listing symbols.

Ghana EITI plans to organize a series of technical workshops to sensitize various stakeholders about beneficial ownership and identify potential implementation challenges, as well as providing support to the establishment of the beneficial ownership register. Read Ghana's beneficial ownership roadmap below for more information.

Through its independent reports, GHEITI has set the pace for government’s decision to carry out massive reforms in the extractive industry to ensure that the tenets of transparency and accountability in the industry are protected and upheld.
Seth Terkper, Former Minister of Finance of Ghana


Ghana is the second largest gold producer in Africa and ninth largest in the world, accounting for 4.5% (4,397,304 oz) of global gold production in 2014.Diamond production has been on a decline. Production in 2007 of 894,783 carats declined to 242,259 carats in 2014. Ghana’s diamond contribution to the world’s totals was 0.19% in 2014.

Oil production began in late 2010, and the Jubilee Field is the only major producing field, estimated to hold about 460 million barrels of crude oil and 568 billion cubic feet of natural gas.In 2014, the total crude oil and gas produced in Ghana were 37,281,293 BBLS and 55,758.04 MMSCF respectively.

The extractive sector contributed to 64% of Ghana’s total export values in 2014.

Natural resources

Ghana is endowed with mineral resources such as gold, diamonds and manganese, oil and gas. The Jubilee Field, discovered in 2007, is the largest offshore oil discovery in West Africa over the last decade, estimated to hold between 600 million and 1.5 billion barrels.

Oil867million barrels
Gas63.8million cubic meters
Gold1 600TonsGhana has 3.1% of the world's gold reserves

Oil production (Sm3)

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Gold production (Tonnes)

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Revenue collection

Revenue from the oil and gas sector reached USD 979 million in 2014. This is about double the revenue of 2011. The main reason for the increase can be attributed to corporate income tax payments from oil companies that started production in 2010.

Mining revenue is decreasing and reached a new low of USD 325 million in 2014. Mineral royalty and corporate tax were the largest revenue streams from mining, each accounting for 48% of government receipts.

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Commodity trading

Ghana's national oil company GNPC represents the country’s interest in the oil sector by engaging in exploration, development, production, and disposal of hydrocarbon resources on behalf of the state. GNPC sells its production share and royalties collected in-kind from other companies on behalf of the state to commodity trading companies.

Ghana committed to participate in EITI's targeted efforts to improve commodity trading transparency during the Anti-Corruption Summit in London (May 2016), and GHEITI has prepared a programme for their work on commodity trading transparency. In 2018 Ghana will participate in the EITI’s pilot project in commodity trading. This will be an opportunity to deepen its work on the disclosure of information on the state’s in-kind revenues beyond what is currently disclosed in the EITI Report or required by the EITI Standard.

Revenue allocation

Oil and gas revenues are, in part, allocated to the Ghana Petroleum Fund and 10% of mineral royalties are allocated to the Mineral Development Fund.

Subnational governments receive royalties and taxes from mining companies, constituting roughly 40% of their budgets. Ground rent payments and 10% of mineral royalties are paid directly to District Assemblies or to the Office of the Administrator of Stool Lands, which then transfers the revenue to local governments.

Social and economic contribution

The extractive sector accounts for over 10% of GDP and more than 50% of exports in Ghana, which is a significant increase from compared to the 12% contribution to exports in 2010. Small-scale mining is also a significant contributor to the country's exports, accounting for almost 15% of merchandise exports in 2014.

The oil and gas industry in Ghana employs about 7,000 people, while more than 192,000 people work in the mining sector. There have been discussions in Ghana around whether companies comply with local content requirements. Ghana’s petroleum regulations on local content mandate extractive companies to meet certain human resource and supply chain requirements. The latest EITI reporting (2014) shows that these requirements are met, with 80% of the jobs generated by the sector being held by Ghanaian nationals, and 78% of total mining procurement going to local sources of goods and services.

Policy recommendations and reforms

Ghana’s EITI Reports have provided recommendations aimed at addressing gaps in the legal and fiscal frameworks governing the extractive sector. Some examples have been related to streamlining fiscal policies, ensuring open licensing rounds, establishing an online repository on petroleum blocks, developing an investment guide for the Ghana Petroleum Funds, publishing an investment plan for the GNPC, and harmonising the methodology the revenue authority and GNPC use for revenue computation to ensure that figures match. GHEITI has followed up on many of these recommendations, which has resulted in policy changes such as the introduction of capital gains tax, higher ground rent for mining and a fixed royalty rate.


The EITI encourages multi-stakeholder groups to explore innovative approaches to make the EITI more relevant and useful.

  • EITI Reports include useful recommendations for how to improve governance in the extractives sector, including on the existing fiscal regimes, licensing and revenue management.
  • EITI Reports include transfers to subnational levels of government and utilisation of transferred funds.The mining reports show that recommendations have led to improvements in tracking the use of revenue on the local level, but that disbursements to districts were minimal in 2012 and 2013.
  • Ghana EITI is making efforts to include artisanal mining in their mining reports.
  • The oil and gas reports include information on the allocation of revenue between the state budget and the petroleum funds, an assessment of the petroleum funds’ performance, and information on GNPC’s liftings and expenditure.


Ghana EITI’s objectives are to provide public insight to revenues from the country's mineral resources, and to create a platform for public debate about spending of extractive sector revenues. Ghana EITI organises various workshops and community meetings around the country to raise awareness about how the extractive resources are managed. Some of the issues that have been raised are transfer pricing, local content and beneficial ownership. Read more in Ghana EITI's 2015 Annual Progress Report »

Ghana was found to have achieved meaningful progress in implementing the EITI Standard. View more information under the Validation section of this page or go to the Board's decision in full. Previously, the country was compliant under the 2011 Rules

Ghana submitted an extension request for the publication of their 2015/2016 EITI in January 2018.The Board decided that Ghana is eligible for an extension, and the reporting deadline has been extended to 1 May 2018.



The government announced its intention to join the EITI in 2003. A multi-stakeholder group, the National Steering Committee, was established by ministerial decree in 2005 and currently operates under the Rules of Procedure (2010). An EITI secretariat was formed in the Ministry of Finance and Economic Planning and is a subset of the National Steering Committee. A GHEITI Bill aimed at enforcing the reporting requirements and institutionalising the Ghana EITI process has been drafted and is yet to be passed in parliament.



Ghana was found to have achieved meaningful progress in implementing the EITI Standard. Previously, the country was compliant under the 2011 Rules.

Ghana's second validation will commence on 8th September 2018.

Ghana's progress by requirement