This paper contributes to the growing literature on the dynamics and governance challenges of artisanal mining in sub‐Saharan Africa. It examines the artisanal gold mining sector in Liberia and Sierra Leone, two neighboring post‐war countries with extensive informal economies in the gold mining sector. This comparative case study explores factors that help reveal governance struggles, including the informality of the sector, the multiplicity of actors, ineffective monitoring, and gold price differences. It underscores the informality of the sector as a more pronounced problem that offers opportunities for corruption, smuggling of gold, human rights abuses, and exploitation.