Botswana has emerged as Africa’s standout mining jurisdiction in the Fraser Institute’s 2025 Annual Survey of Mining Companies, ranking 7th globally on the Investment Attractiveness Index with a score of 85.99, up from 20th last year.
This success, driven by gains in both mineral potential and policy perceptions, contrasts sharply with Ghana’s 53rd place out of 68 jurisdictions at 55.21, highlighting divergent paths on the continent.
Survey respondents from firms with US$4.2 billion in 2025 exploration spending praised Botswana’s improvements, noting drops in concerns over “availability of skilled labor” by 37 points and “infrastructure” by 29 points. The nation’s Policy Perception Index soared to 2nd worldwide, up from 14th, while its mineral potential ranking advanced to 14th of 41. In comparison, six African peers, Mali, Burkina Faso, Guinea Conakry, South Africa, DRC, and Angola, languish in the global bottom 10 for policy attractiveness.
Ghana, meanwhile, ranks 50th in policy with 53.65 and 35th in mineral potential at 56.25, as executives flagged persistent issues, including “uncertainty concerning protected areas.” Regional peers such as Tanzania (34th overall) and Zambia (25th) outperformed Ghana, benefiting from stronger policy tweaks amid commodity-driven sector shifts.
The survey’s 15 policy factors, from “taxation regime” to “political stability,” reveal Botswana’s edge in stability and labor availability, positioning it alongside leaders like Nevada and Ontario. In Ghana, executives’ views reflect similar African challenges, where policy considerations account for 40 percent of investment decisions despite abundant mineral endowments.
Authorities in underperformers may draw lessons from Botswana’s ascent, focusing on “quality of infrastructure” and regulatory certainty to reverse declines and capture shifting global exploration funds. The Fraser Institute positions these rankings as tools for policy enhancement, tracking changes that have lifted jurisdictions like South Australia to top-5 status.
