Ghana Makes History with First-Ever Mineral Resource Estimation for Iron Ore

Strategic Insights -

Ghana has reached a groundbreaking milestone with the completion of the country's first-ever Mineral Resource Estimation (MRE) for iron ore at the Gyamurume Iron Ore Block in the Oti Region. Funded by Republic Bank (Ghana) PLC, this pioneering initiative has been hailed as a new dawn in Ghana's quest to unlock its iron and steel potential. The official site visit and closing ceremony was attended by a high-level delegation of government officials, traditional leaders, and industry stakeholders.

Key Takeaways:

  • The Africa Exploration and Minerals Group Ltd (AEMG) has concluded the drilling phase of the country's first-ever MRE for iron ore at the Gyamurume Iron Ore Block, a historic achievement in Ghana's natural resource development.
  • The project is fully financed by Republic Bank (Ghana) PLC, with the Bank committing to supporting the entire mining value chain and championing responsible mining services that satisfy the Sustainable Development Goal 13 (Climate Action).
  • Initial technical results indicate multiple high-value discoveries, with the full extent to be verified after sample analysis by Intertek Minerals.
  • The Oti Region is poised to become Ghana's leading iron ore hub, cementing its place on the global mining map, as announced by Honourable Philip Oppong Amponsah, the Deputy CEO of the Ghana Integrated Iron and Steel Development Corporation (GIISDEC).
  • Professor Frank Nyame, the AEMG Project Consultant, emphasized that the project had been executed with 100% local content, a milestone that speaks to national capacity and self-reliance in technical exploration.
  • The project signifies a commitment to national transformation through innovation, partnership, and purpose, with Republic Bank Ghana positioning itself as a financial trailblazer committed to national growth and resource-led industrialization.
  • The Bank remains focused on building strong, impactful partnerships with local and regional stakeholders to unlock the full economic potential of the Oti Region, Ghana, and the African Continent as a whole.

Statistics:

  • The project was funded by Republic Bank (Ghana) PLC with a total investment of an unspecified amount.
  • As of June 2025, Republic Bank (Ghana) PLC had an asset position of over USD 19.50 billion.
  • The MRE project was executed with 100% local content, showcasing national capacity and self-reliance in technical exploration.
  • The Oti Region is anticipated to become Ghana's leading iron ore hub, with the potential for significant socio-economic upliftment through employment, infrastructure, and increased regional investment.

Sources:

  • [Source: The Ghana Stock Exchange]
  • [Source: Republic Bank (Ghana) PLC]
  • [Source: Africa Exploration and Minerals Group Ltd (AEMG)]
  • [Source: Ghana Integrated Iron and Steel Development Corporation (GIISDEC)]
  • [Source: Ghana Geological Survey Authority (GGSA)]
  • [Source: Intertek Minerals]