Ghana has taken a historic step in its mining sector as the country’s first-ever iron ore exploration project successfully completed its drilling phase at the Gyamurume Iron Ore Block last week.
The project, led by Africa Exploration and Minerals Group Ltd (AEMG) and fully financed by Republic Bank (Ghana) PLC, is a landmark initiative aimed at unlocking Ghana’s iron and steel potential, a sector experts say could transform the nation’s industrial landscape.
The drilling campaign, which began earlier this year, represents the first Mineral Resource Estimation (MRE) for iron ore in Ghana. Over several months, technical teams extracted hundreds of drill core samples to determine the size, quality, and commercial viability of the iron ore deposit. Early results are already showing promise, with indications of multiple high-value mineral finds beyond the primary iron ore target.
“This project is not only data-driven but future-shaping,” said Dr. Benjamin Dzoboku, Managing Director of Republic Bank, during the closing ceremony. “While others stepped back, Republic Bank stepped forward because we believe in Ghana, in African enterprise, and transformative development through strategic finance.”
The ceremony, held in Asato, attracted a high-profile gathering of government officials, traditional leaders, and industry experts, including Osaberima Osei Bonsu, Asatohene, Togbega Gabusu VII, Paramount Chief of Hohoe, Dr. Sam Suruj Issaka, Kedjebi District Chief Executive, and Hon. Philip Oppong Amponsah, Deputy CEO of GIISDEC.
AEMG CEO Isaac Obeng Darko hailed the moment as historic: “This is a historic moment, not just for AEMG, but for Ghana. Republic Bank will forever be remembered as the first and only bank to back this groundbreaking iron ore exploration project.”
The project has far-reaching implications for Ghana’s economy. Analysts say that if the iron ore deposit proves commercially viable, it could pave the way for a domestic steel industry, reduce the country’s reliance on imported steel, and attract investment into the Oti Region.
In addition, it is expected to generate thousands of direct and indirect jobs, from mining operations and processing to logistics, construction, and supporting services.
The drilling and sampling process was conducted entirely with Ghanaian expertise, underscoring the nation’s technical capacity. Professor Frank Nyame, AEMG Project Consultant, speaking on behalf of the Ghana Geological Survey Authority, emphasized the importance of preparing local youth to take advantage of emerging opportunities.
“This project demonstrates that Ghana has the skills and knowledge to carry out complex mineral exploration. Communities should start preparing for the jobs and training that will come with the next phase,” he said.
Local authorities also pledged support to ensure that the project benefits the wider community. Dr. Sam Suruj Issaka, District Chief Executive of Kedjebi, assured residents that infrastructure development, employment opportunities, and social programs would accompany the industrial activity.
As the final drill core samples were handed over to Intertek Minerals for detailed analysis, it became clear that the project is not just about mining, it is a blueprint for industrialization and regional growth. The Oti Region, traditionally overlooked in Ghana’s resource economy, now stands to become a hub for iron ore and steel production, attracting investment, boosting local livelihoods, and helping Ghana compete globally in the iron and steel market.
For everyday Ghanaians in Asato Gyamurume and beyond, the milestone represents jobs, training opportunities, and economic growth that could touch communities across the country.
While the nation waits for the final analysis, hopes are high that this project will mark the beginning of Ghana’s transformation from an importer of steel to a producer of industrial-grade iron and steel.
