According to a recent report by the US-based Independent Media Institute (IMI) only about two per cent of Ghana’s gold is in the control of the government. The majority (over 98%) is in the control of foreign and multinational companies.
This means that Ghana barely benefits from the recent World Bank estimation that the country has become the biggest gold producer in Africa, beating South Africa.
“Every year, the vast majority of Ghana’s natural wealth is stolen. The country is among the largest exporters of gold in the world, yet—according to a study by the Bank of Ghana—less than 1.7 percent of global returns from its gold make their way back to the Ghanaian government,” stated the report that was published on May 19, 2019 website of another US-based independent media institute called Common Dreams.
According to the report, there are about 10 foreign multinational companies from the United States, Australia, and Britain and Canada control all the Gold resources in Africa.
“In other words, the gold that is extracted from Ghanaian soil (like the natural wealth extracted from across the African continent and Global South) is immediately handed over to multinational corporations—almost entirely based in and controlled by the Global North (or, at best, by the national elite)—to be processed, refined, and distributed. Death, rape, and preventable illnesses that plague those who work in or live near the mines are rampant in the area where these companies operate,” the report stated.
The multinational companies taking the lion’s share of Ghana’s gold resources include: Newmont Mining Corporation, Gold Fields, Anglogold Ashanti and Asanko Gold.