Ghana confirms its status as Africa’s leading gold producer with a record production of 6 million ounces (approximately 170 tonnes) in 2025, a 21% increase compared to 2024, thanks to a boom in artisanal mining and the stability of large industrial mines. This exceptional performance, praised by the Ghana Chamber of Mines, brings export revenues to over USD 10 billion, bolstering foreign exchange reserves and financing national infrastructure in a still fragile economic environment.

Key Production Figures for 2025

According to provisional data from the Ghana Chamber of Mines, large industrial mines maintained a stable contribution of 2.9 million ounces (80 tonnes), while artisanal and small-scale mining (ASM) surged to 3.1 million ounces (90 tonnes), a 50% increase thanks to anti-smuggling reforms and the national gold purchase program.

This total of 6 million ounces exceeds forecasts and positions Ghana ahead of South Africa and Burkina Faso, with growth driven by new projects such as Cardinal Namdini (Shandong Mining) and Ahafo North (Newmont).

Factors Behind the Production Boom

Several factors explain this dramatic increase in 2025.

• Anti-smuggling reforms: The Gold Board Programme channeled artisanal gold into formal channels, reducing smuggling to Togo and Nigeria.
• New mining projects: the Cardinal Namdini ramp-up (targeting 1 million ounces/year) and Ahafo North are offsetting declines at Damang (Gold Fields).
• Record gold prices: averaging USD 5,000/ounce in 2025, boosting profitability even in low-grade deposits.
• Political stability: peaceful elections and tax incentives (5% royalties) are attracting foreign capital.

Economic impacts for Ghana

This record production is boosting mining GDP (10% of the total) and generating 500,000 direct and indirect jobs, stabilizing the cedi and financing roads, hospitals, and energy. Royalties and taxes have jumped by 30%, supporting the 2026 budget despite persistent debt.

Risks for 2026: The Threat of Royalties

Despite the euphoria, the Chamber of Mines warns that the 2026 target of 6.5 million ounces is jeopardized by a reform of mining royalties (a gradual increase of 5% to 8-12% depending on prices), which could postpone expansions and new projects such as Bibiani (Asante Gold) or Ajjenkotia (Adamus). Industry players fear an erosion of cash flows, limiting the processing of marginal minerals.

Regional and Global Outlook

Ghana is consolidating its African leadership, challenging the DRC (copper/gold) and Egypt (nickel), with a growing focus on the local refinery to capture more value. For investors, juniors like Perseus Mining offer leverage, while majors (Newmont, AngloGold) secure returns.

Strategies for African stakeholders

• Joint Venture Partnerships: Ghana-Burkina Faso collaborations for formalized ASM expertise sharing.
• Regional refinery: Joint AfCFTA projects to export refined gold versus raw gold.
• Priority ESG: Environmental audits to attract green sovereign wealth funds (China, Australia).