Ghana has dropped seven places in the latest global ranking of attractive mining investment destinations, underscoring mounting competitive pressure among Africa’s resource-rich economies.

The 2025 Annual Survey of Mining Companies, published by the Fraser Institute, ranks Ghana 53rd out of 68 jurisdictions on its Investment Attractiveness Index (IAI). This marks a decline from 46th position in 2024. The country recorded a score of 55.21, down from 56.98 the previous year.

Within Africa, Ghana now trails stronger-performing jurisdictions such as Botswana and Morocco, placing it in the continent’s mid-tier bracket for mining investment appeal. The decline suggests that while Ghana remains a key player in Africa’s mining sector, it is losing ground in the global competition for exploration capital.

The Investment Attractiveness Index combines mineral potential and policy perception, with a 60 percent weighting assigned to geology and 40 percent to policy-related factors.

Ghana’s moderate score indicates that concerns around regulatory uncertainty, taxation, infrastructure deficits and land access may be dampening investor confidence, despite the country’s strong mineral resource base.

On the Policy Perception Index, Ghana ranked 50th globally with a score of 53.65, reinforcing views that its policy environment is competitive but not among the leading jurisdictions.

The survey, conducted between August and November 2025, gathered responses from 256 mining executives representing companies with a combined exploration budget exceeding US$4.2 billion.