Ghana is highly endowed with mineral resources and natural raw materials. The main mineral resources are gold, diamonds, manganese, iron and bauxite. The mining industry accounts for 5% of Ghana’s GDP and minerals account for 37% of total exports, with gold accounting for over 90%.

 

Oil deposits have recently been discovered off the coast of Ghana. The Jubilee deposit, discovered in June 2007, lies at a depth of 1000-1500 metres off the coast of Ghana and has oil reserves of up to 1.8 billion barrels. Oil production is estimated at 120,000 barrels per day. In addition, not far from Jubilee, the Tweneboa deposit has been discovered, with a potential of up to 1.4 billion barrels.

 

The "Offshore Cape Three Point", led by the Italian ENI, is the largest mining project in the country, which aims to increase the extraction capacity of Ghana, which would significantly affect future exports.

Although Ghana’s reserves are still much lower than those of countries like Nigeria, its deposits have the advantage that they can be exploited under stable political and socio-economic conditions and with a favourable tax regime.