The Ghana Extractive Industry Transparency Initiative (GHEITI) on 31st December, 2025 published its 2023 reconciliation reports for mining, oil and gas. The publication brings to 31, the total number of reports published since the inception of the initiative in Ghana. The 31 reports comprise of 19 mining and 12 oil and gas reports.

Highlights of the 2023 GHEITI reports:

Mining
1.    Gold output rose to 4.04 million ounces, spiked by a strong performance from the Artisanal and Small-scale Mining sub-sector. 
2.    The surge in the ASM sub-sector performance contributed substantially to the 15 percent growth in mineral export earnings, which reached US$7.8 billion. 
3.    The sector contributed GHS 12.4 billion to government revenues.
4.    In terms of fiscal contributions, corporate income tax contributed the largest, followed by royalties, which suggests that many companies have exhausted their capital allowances and are now in tax-paying positions.
5.    Reconciliation of company payments with government records showed a 98.4 percent match, reflecting robust reporting systems. However, persistent discrepancies in export data between the Bank of Ghana and company reports highlight the need for a more unified national reporting framework. 
6.    Transparency and accountability were strengthened through progress in beneficial ownership disclosure and the proactive publication of mining contracts by the Minerals Commission. 
7.    The year set the stage for transformative reforms. The Green Minerals Policy, approved in 2023, aims to secure greater local value from critical minerals like lithium. 
8.    The report provides update on recent reforms, the establishment of the Ghana Gold Board (GoldBod) in 2025 to regulate and centralise domestic gold trade, aiming to curb smuggling and increase state retention of value. 
9.    An estimated 1.1 million ounces of gold were smuggled out of Ghana in 2023, representing a major leakage of revenue and foreign exchange. 
10.    The distribution of mining revenues to local communities remains erratic in some regions. 
11.    Sustaining the fight against illegal mining and smuggling, enhancing environmental stewardship, and ensuring equitable revenue sharing will be critical to translating Ghana’s mineral wealth into lasting benefits for its citizens.

Oil and Gas
1.    Ghana’s oil and gas sector experienced a challenging period of transition in 2023, characterised by declining production levels, reduced revenues, and ongoing governance constraints. 
2.    Sector performance weakened as the Jubilee, TEN, and Sankofa-Gye Nyame (SGN) fields matured.
3.    Crude oil production declined by 6.7 percent to 48.2 million barrels, and the combined effect of lower output and softer global prices resulted in a 25.65 percent drop in petroleum revenues to USD 1.062 billion. 
4.    The Multi-Stakeholder Group (MSG) achieved 98 percent reconciliation coverage with minimal discrepancies. 
5.    The MSG played an active role in policy oversight, such as conducting a corruption risk assessment of the Gold 4 Oil (G4O) programme, and making key policy recommendations. 
6.    The MSG again, made a proposal to the government to follow due process in the reassignment of the gas aggregator role to Ghana Gas Limited Company. 
7.    GNPC and its subsidiary Explorco have not paid corporate income tax on revenues from their 7 percent interest in Jubilee and TEN since 2021, largely due to non-adherence to ring-fencing provisions, resulting in foregone public revenues. 
8.    In another breath, unresolved overlap between GNPC and Ghana Gas over the national gas aggregator role continues to create regulatory uncertainty and investor risk. 
9.    Environmental and energy transition issues also shaped the sector’s outlook. While Ghana is strengthening its regulatory framework and advancing a broader green transition agenda, signalled by the rebranding of the Energy Ministry, operational challenges such as gas flaring due to technical failures persisted, attracting significant administrative penalties. 
10.    As Ghana balances hydrocarbon management with long-term de-carbonisation goals, restoring investor confidence in the oil and gas sector remains an immediate priority. This will require resolving fiscal and institutional ambiguities, ensuring GNPC’s tax compliance, clarifying gas aggregation responsibilities, and making transparent, strategic decisions on the use of petroleum savings. 
11.    Overall, the 2023 report presents a sector at crossroads: transparency systems are functioning effectively, but the insights they generate underscore the urgent need for decisive governance reforms to stabilise the sector and safeguard Ghana’s long-term economic and intergenerational interest.

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