The Fraser Institute’s Annual Survey of Mining Companies 2025 has placed Ghana 53rd out of 68 jurisdictions on the Investment Attractiveness Index, reflecting a score of 55.21 that spotlights ongoing challenges in drawing exploration capital. This position marks a decline from 46th out of 82 jurisdictions last year, as mining executives highlighted policy hurdles impacting decisions.
The survey, circulated to over 2,300 executives from August to November 2025, combines mineral potential with perceptions of government policies on regulation, taxation, and infrastructure. For Ghana, the Policy Perception Index score stood at 53.65, ranking it 50th overall, with respondents pointing to “uncertainty concerning protected areas” and “infrastructure” as notable deterrents. These factors, executives noted, contribute to a broader African trend where six of the bottom 10 jurisdictions on policy attractiveness hail from the continent.
On mineral potential under best practices, Ghana scored 56.25, placing 35th out of 41 assessed regions, suggesting geological promise tempered by regulatory realities. Compared to top performers like Nevada and Ontario, which scored above 89, Ghana’s standing signals room for policy refinements to boost competitiveness.
The report evaluates jurisdictions based on 15 policy elements, including “taxation regime” and “political stability,” with responses from firms reporting US$4.2 billion in 2025 exploration spending. Ghana’s rankings align with peers like Namibia and Tanzania, though below Botswana, Africa’s sole top-10 entry on investment appeal.
Policymakers may view these findings as a call to address “uncertainty concerning the administration” of regulations and enhance “quality of the geological database” to attract more investment, as survey respondents emphasized policy’s 40 percent weight in decisions. The Fraser Institute urges reforms to improve such perceptions, noting shifts in rankings often follow policy adjustments in other regions.
