When searching for quarry investment prospects in Ghana, it is critical to distinguish between operating quarry companies (who may seek equity partners or loan funding) and investment firms/funds that have previously financed quarry or construction-materials projects in the country. Below is a breakdown of both.
- Major quarry operators in Ghana.
These are established companies that manufacture aggregates, limestone, granite, sand, and other building materials. Some are subsidiaries of larger corporations and may provide joint-venture or buy-in options.
Limestone/cement-grade quarries
Ghacem Limited is Ghana’s largest cement company (part of the HeidelbergCement Group). Operates limestone quarries at Yongwa (near Tema) and Takoradi. They also produce aggregates.
Dangote Cement Ghana is part of the Dangote Group. operates a limestone quarry near Tema to supply its cement plant.
WACEM owns Diamond Cement Ghana, which operates in Aflao. Relies on local limestone and clay quarries.
CBI Ghana (Supacem) is the firm behind the “Supacem” brand, which uses local limestone and imported clinker.
Granite/Aggregate/Sand Quarries
Western Quarries Limited, a subsidiary of Ghacem (previously Scancem), runs granite quarries in the Western Region for aggregate production.
Justmoh Construction Limited is a significant civil works and mining services company that owns and manages granite quarries near Kumasi and Accra.
Engineers & Planners (E&P) is a Ghanaian-owned mining and construction company that operates multiple granite quarries in the Eastern and Greater Accra regions.
Sethi Brothers Limited is a long-standing construction material provider that operates aggregate and sand quarries in Accra.
K. Ofori Ltd – A road building and quarry company with granite quarries primarily supplying the southern belt.
Regimanuel Concrete Products is well-known for its pre-mixed concrete and blocks, as well as its own aggregate quarry.
Mawums Limited is a quarry and transportation company that produces aggregate for major road and real estate projects.
Sarcon Quarry Ltd. operates in the Shai Hills area of Greater Accra, supplying aggregates to contractors.
Eastern Quarries is a prominent aggregate provider in the Eastern Region (Koforidua/Nsawam axis), frequently contracted for government road projects.
- Investment firms and DFIs with quarry or mining exposure
Quarry investments in Ghana are frequently financed with a combination of commercial loans, private equity, and development finance. The institutions listed below are either active investors in Ghana’s industrial sector or have provided funding for quarry and cement expansions.
The International Finance Corporation (IFC) previously provided a $75 million loan to Ghacem for expansion and environmental renovations. Regularly funds construction material projects in West Africa.
DEG (German Development Finance Institution) – Has previously invested in and lent to Ghacem; focuses on industrial and infrastructural projects.
FMO (Dutch Development Bank) – Co-financed cement and quarrying activities in Ghana, frequently alongside other DFIs.
The African Development Bank (AfDB) is indirectly involved through infrastructure funds and facilities, which may include quarrying for significant transit corridors.
Ghana Infrastructure Investment Fund (GIIF) – A state-owned fund that invests in infrastructure projects, including quarry operations that feed important projects like as railways and houses.
Injaro Investments is a private equity fund concentrating on Ghana’s agriculture and manufacturing sectors. While not a quarry expert, they do invest in industrial SMEs and could be a good partner for mid-sized quarry projects.
Oasis Capital Ghana is a venture capital/private equity firm focused on the manufacturing and construction value chains. Their “Oasis Africa VC Fund” could be beneficial to small, high-growth quarry start-ups.
The Ghana Venture Capital Trust Fund offers concessionary investment to qualifying SME projects, particularly those in mining services.
- How to Approach Quarry Investment in Ghana.
If you want to invest (either as a financial partner or by purchasing a stake in an existing quarry):
Target the cement industry: Limestone quarrying is linked to cement consumption. Partnerships with Ghacem, Dangote, or CBI might be structured as supply agreements with equity upside.
Concentrate on aggregates in high-growth areas including Greater Accra, the Eastern Region (Shai Hills, Nsawam), and the Ashanti Region (Kumasi). Many mid-tier quarry operators (such as Sarcon and Mawums) are willing to form joint ventures to raise finance to expand or modernize their equipment.
Regulatory and licensing requirements include a mining/quarry licence from the Minerals Commission, permits from the Environmental Protection Agency, and land rights from local traditional councils. Many investors collaborate with an existing licence holder to expedite their entry.
Due Diligence entails reviewing reserves (a geological survey), equipment condition, off-take agreements, and community relations. A local consultant or law company (such as ENSafrica Ghana, Bentsi-Enchill) can help.
The Ghana Investment Promotion Centre (GIPC) provides advantages for foreign direct investment in mining and quarrying, including as tax breaks and customs duty exemptions for plant and machinery.
