Ghana’s slip in the Global Mining Investment Attractiveness ranking is troubling

Ghana’s recent slip in the Global Mining Investment Attractiveness ranking is more than just a statistical shift—it is a signal that deeper structural and policy concerns are beginning to weigh on investor confidence in one of Africa’s most important mining destinations.

According to the 2025 survey by the Fraser Institute, Ghana fell seven places to 53rd out of 68 jurisdictions, down from 46th in 2024 . While the country’s score declined only slightly (from about 56.98% to 55.21%), the sharper drop in ranking reflects both increased global competition and growing investor concerns about Ghana’s policy environment .

At the heart of the issue is the balance between resource nationalism and investment attractiveness. In recent years, Ghana has pursued reforms aimed at capturing greater value from its mineral wealth—ranging from proposed increases in royalties to stricter local content rules and the review of long-term stability agreements . While these policies are understandable from a sovereignty and revenue perspective, they also introduce uncertainty, which mining investors tend to view as a major risk.

This uncertainty is compounded by specific developments in the sector. For example, debates over a new sliding-scale royalty regime and the removal of certain tax incentives have raised concerns among multinational mining firms about rising costs and project viability . At the same time, government interventions—such as taking control of major assets like the Damang mine—signal a shift toward stronger state involvement, which can further complicate investment decisions .