Vice President Jane Naana Opoku-Agyemang officially opened Newmont Corporation’s Ahafo North Mine on Thursday, marking what she described as a new chapter in Ghana’s mining story and highlighting gold’s growing importance to the national economy.
Speaking at the inauguration ceremony in Afrisipakrom, Tano North Municipality of the Ahafo Region, Prof. Opoku-Agyemang revealed that Ghana’s gold industry contributed GH₵88.1 billion to the country’s GDP in 2024. She also announced that gold exports reached a record US$11.2 billion in August 2025 alone, though this figure requires clarification as it likely refers to cumulative exports through August rather than a single month.
The ceremony brought together an impressive gathering of dignitaries, including Asantehene Otumfuo Osei Tutu II, Lands and Natural Resources Minister Emmanuel Armah Kofi Buah, and senior executives from Ghana’s mining sector. Their presence underscored the project’s significance not just as a business venture but as a symbol of collaboration between government, industry, and traditional authorities.
The Ahafo North Mine represents Newmont’s third major mining investment in Ghana and its second operational mine following the company’s sale of its Akyem operation to China’s Zijin Mining earlier this year. Located approximately 30 kilometers from Newmont’s existing Ahafo South operation, the new facility is expected to produce between 275,000 and 325,000 ounces of gold annually over a projected 13-year mine life.
What makes this project particularly noteworthy is its scale and timing. With total investment exceeding $1 billion according to various government officials, though Newmont and Reuters reported the figure as $900 million, the mine stands as one of Ghana’s largest recent mining developments. It comes at a moment when global gold prices have surged past $4,300 per ounce, making Ghana’s position as Africa’s leading gold producer increasingly valuable.
Prof. Opoku-Agyemang praised the collaborative approach that made the project possible. She specifically commended Otumfuo Osei Tutu II for his instrumental role in maintaining harmony among stakeholders during the mine’s development process. Traditional leadership has often been crucial in mediating between mining companies and local communities, and this project appears to have benefited from that dynamic.
The Vice President also lauded Newmont for its nearly three decades of commitment to Ghana’s development. She cited the company’s visible contributions to local infrastructure, including its support for the government’s Big Push agenda through rehabilitation of the 46-kilometer Sunyani to Acherensua road. These investments matter because they demonstrate how mining operations can contribute beyond direct employment and tax revenue.
Newmont CEO Tom Palmer acknowledged the significant challenges his company faced in bringing Ahafo North to fruition. The COVID-19 pandemic caused substantial supply chain disruptions and engineering delays that threatened to derail the project. Construction during a global pandemic required creative problem-solving and unwavering commitment, particularly when costs escalated and timelines stretched.
Despite these setbacks, Palmer emphasized Newmont’s determination to complete the mine successfully. He described it as a significant financial investment that will contribute meaningfully to Ghana’s progressive development. The company expects to create thousands of jobs directly and indirectly, generate substantial government revenue through royalties and taxes, and open opportunities for local businesses and suppliers.
Palmer also pledged adherence to the highest standards of safety, environmental stewardship, and community engagement. This commitment carries particular weight given mining’s controversial history in Ghana, where environmental degradation from illegal mining operations has sparked national concern. Newmont’s promise to follow responsible mining principles designed to improve livelihoods in host communities will be tested by actual performance over the coming years.
Lands and Natural Resources Minister Emmanuel Armah Kofi Buah stressed the importance of responsible mining in his remarks. He called it a beacon of environmental stewardship that requires collective commitment from all stakeholders. His comments reflect growing pressure on mining companies to demonstrate genuine environmental responsibility rather than just meet minimum compliance standards.
Buah expressed optimism that Newmont would uphold its reputation for ethical mining, thereby strengthening the longstanding partnership between the company and government. However, he also acknowledged the dire situation Ghana faces with illegal mining, which continues to destroy forest cover and pollute water bodies. The contrast between legal operations like Newmont and the galamsey crisis couldn’t be starker.
The inauguration coincided with broader positive trends in Ghana’s gold sector. Small-scale gold exports facilitated by the newly established Ghana Gold Board reached record levels in 2025, with earnings surpassing $8 billion between January and mid-October. This represents a dramatic increase from previous years and reflects both higher global prices and improved regulatory oversight.
Ghana produced 4.8 million ounces of gold in 2024, up 19 percent from 4 million ounces in 2023. Total gold export earnings reached $11.6 billion last year, and analysts project the country could exceed $16 billion in 2025 if current trends continue. These figures demonstrate why gold has become central to Ghana’s economic recovery strategy.
The timing also matters from a geopolitical perspective. US Chargé d’Affaires Rolf Olson described the Ahafo North investment as testament to strong partnership between Ghana and the United States. The billion-dollar project, largely executed by Ghanaian staff and local suppliers, brings innovative technology while supporting local enterprise development. It reinforces Ghana’s reputation as a stable, investment-friendly jurisdiction in a region where several countries have seen military coups and deteriorating business environments.
Newmont’s continued presence in Ghana contrasts with the company’s retreat from other African markets. Palmer told Reuters that fiscal stability and fair tax and royalty systems are vital for attracting mining investment. Ghana offers stability agreements allowing companies to lock in royalties for five to 15 years, providing the predictability investors need for long-term capital commitments.
Palmer made clear that capital will flow elsewhere without transparent and fair fiscal regimes. This isn’t just rhetoric. Mining companies genuinely evaluate jurisdictions based on political stability, regulatory predictability, and fiscal terms. Ghana’s ability to maintain these conditions will determine whether it continues attracting major investments or loses ground to competitors.
The Vice President called for a shift from raw mineral exports toward value addition and local beneficiation. This reflects longstanding frustration that Ghana exports most of its gold in unprocessed form, leaving potential jobs and economic value in other countries. Plans to launch a local refinery and fire assay testing plant represent steps toward addressing this concern, though meaningful progress has been slow.
Danquah Addo-Yobo, Newmont’s Country Manager, described the opening as a rare and historic achievement marking nearly a decade of planning, resilience, and collaboration. He emphasized that Ahafo North represents more than just a mining operation but an enduring commitment to responsible and sustainable mining that creates opportunities for Ghanaians.
The project also advanced gender inclusion goals. Palmer revealed that Newmont implemented practices to achieve gender parity and ensure inclusion was embedded in the project’s foundation from inception. Whether these commitments translate into meaningful opportunities for women in an industry traditionally dominated by men remains to be seen.
Looking ahead, Ahafo North faces both opportunities and challenges. The mine entered production at an ideal moment with gold prices near historic highs, providing strong revenue potential. However, it must deliver on promises to local communities, maintain environmental standards, and contribute to national development beyond just extracting minerals.
The commissioning ceremony included ribbon cutting by Prof. Opoku-Agyemang, Otumfuo Osei Tutu II, and Tom Palmer, followed by unveiling of a commemorative plaque. These symbolic gestures marked the transition from construction to commercial operation, representing years of planning, negotiation, and investment coming to fruition.
Newmont expects to produce approximately 50,000 ounces at Ahafo North during the remainder of 2025 as operations ramp up. The mine will employ about 1,000 permanent workers according to Palmer, with additional indirect employment through contractors and suppliers. Combined with Ahafo South, Newmont’s two Ghanaian operations form what Palmer described as cornerstones of the company’s global portfolio.
Ghana’s mining sector stands at a crossroads. Ahafo North demonstrates the country can still attract major international investment despite regional challenges. But sustaining this success requires addressing illegal mining, improving environmental protections, and ensuring mining revenues benefit ordinary Ghanaians rather than just enriching a small elite.
The Vice President’s remarks emphasized partnership and progress built on mutual respect, collaboration, and shared vision for national prosperity. Whether this optimistic framing translates into tangible benefits for host communities and the nation will determine Ahafo North’s ultimate legacy beyond its contribution to production statistics and corporate balance sheets.