Iran and Ghana signed a memorandum of understanding (MoU) on mutual cooperation in exploration and extraction of gold projects in the African country. The MoU was signed by the heads of the Iranian and Ghanaian chambers of commerce in a meeting in Tehran on Tuesday. The MoU paves the way for Iranian companies and contractors to invest in gold mine exploration and extraction projects in the African country. Head of Iran's Chamber of Commerce Gholam-Hossein Shafeyee said Iran and Ghana signed the MoU subsequent to their previous talks on development projects and export of technical and engineering services. Iranian and Ghanaian officials also inked several other MoUs to further develop ties and cooperation between the two countries in other fields of economy. Ghana is Africa’s second biggest producer of gold, and hosts more estimated reserves than such prolific gold producing nations as Peru and Papua New Guinea. Last year, production rose more than 12 percent, with output at the country’s two biggest mines increasing. The annual increase in rate of production for last year was second in the world only to Indonesia. Tehran has prioritized promotion of its economic and political ties with the African states and the country is now considered as one of the African Union's strategic partners. Tehran's efforts to boost ties and cooperation with Africa have led to its acceptance as an observing member of the African Union (AU), where it has shown an active presence in the AU summit meetings.