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Ghana is poised to further solidify its position as Africa’s leading gold producer, with projections indicating a significant increase in output to approximately 5.1 million ounces in 2025. This surge builds on a remarkable 2024 performance that saw the West African nation outshine rivals, including South Africa and Mali, according to Reuters, citing the Ghana Chamber of Mines.
The anticipated 6.25% rise from last year’s record 4.8 million ounces is largely attributed to a robust showing from artisanal mining and the inauguration of new large-scale operations. These fresh contributions are proving instrumental in offsetting the natural decline from Ghana’s older, more mature mines.
The impressive 2025 forecast follows a stronger-than-expected 2024, when Ghana’s gold output dramatically surged by 19.3%. This stellar performance has not only cemented its continental dominance but has also provided a much-needed shot in the arm for the nation’s economy. Rising precious metal prices have bolstered Ghana’s export revenues, contributing significantly to the strengthening of the cedi and supporting the country’s recovery from its most severe economic crisis in a generation.
“We project gold output to range between 4.4 and 5.1 million oz, buoyed by increased contributions from Newmont’s Ahafo South Mine and Shandong’s Namdini Mine,” Michael Akafia, President of the Ghana Chamber of Mines, announced in Accra.
A significant driver of last year’s record production was the unprecedented 39.4% contribution from small-scale miners. This sector, however, faces a degree of uncertainty amid ongoing regulatory changes. In a move to streamline operations and curb illicit activities, Ghana’s new government has established GoldBod, an initiative aimed at streamlining gold purchases from small-scale miners. Furthermore, the elimination of a withholding tax on local gold purchases has been hailed as a crucial step.
“We’re looking at about 30% to 40% more production than the previous year,” enthused Godwin Armah, general secretary of the Ghana National Association of Small-Scale Miners. “The removal of the withholding tax has helped reduce smuggling significantly.”
The Chamber of Mines projects that the small-scale sector will continue to be a vital contributor, with an estimated output ranging between 1.5 and 2 million ounces in 2025, compared to 1.9 million ounces in 2024. As Ghana continues to ride this golden wave, the focus will undoubtedly be on sustaining this momentum while ensuring responsible and equitable growth across its burgeoning mining sector.
