Risk Management Practices in the Mining Sector of Ghana: The Case of Goldfield Ltd, Damang

Abstract

Risk management practice, in developing countries, is at its infant stage and often neglected in most companies. This study focused on the risk management practices of Goldfield Ltd in Damang in the Western Region of Ghana. Questionnaires were employed as the data collection instruments. The study made use of quantitative survey design. All the 41 staff who directly dealt with risk and its management in the company were considered and made part of the study. The breakdown of the 41 staff members used for the study includes 6 Heads of Departments, 10 Superintendent, 10 Supervisors and 15 Contractors. Employing a quantitative descriptive survey design, the result of the study reveals that risk assessment tools used for risk management are probability method, qualitative and decision tools. The recommendations made were to for mine management to place equal attention to all the methods for risk assessment.

Keywords: risk, risk management, safety, mining, Goldfield