Abstract
The global mining industry is witnessing a fierce competition for private investment. This study investigates investment strategies in West Africa by analysing exploration spending data (2011-2020) across three stages (grassroots, late-stage, and mine site) in four countries: Burkina Faso, Ghana, Mali, and Guinea. We examine how policies have impacted investment attractiveness over time. Additionally, we explore the correlation between the Fraser Institute's investment attractiveness index and exploration spending trends.
Our findings reveal Burkina Faso's emergence as a leader in attracting both grassroots and late-stage exploration, surpassing Mali's previous dominance. Ghana excelled in attracting mine site exploration investments. Guinea received the least exploration investment across all stages. Interestingly, the Fraser Institute's index offered partial explanations but did not fully align with historical spending patterns, suggesting the influence of factors beyond the index in certain countries. This research highlights the need for a nuanced understanding of investment strategies in West Africa, considering both policy frameworks and potentially uncaptured factors.

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