Ghana Gold Output Rises 21% to Hit Record 170 Tonnes in 2025

BREAKING NEWSFebruary 14, 2026 at 8:58 PM UTC

TLDR

Ghana emerged as Africa's top gold producer in 2025, generating 6 million ounces due to higher global prices and reforms in the mining sector.
Small-scale mining surpassed industrial operations for the first time, raising concerns about regulation and revenue collection.
Proposed royalty reforms could impact project profitability, potentially delaying expansion plans as the government aims to increase public revenue tied to gold prices.

Ghana produced 6 million ounces of gold in 2025, up from 140.6 tonnes in 2024, according to provisional data from the Ghana Chamber of Mines. Output rose about 21%, making the country Africa’s top gold producer.

Industrial mines delivered 2.9 million ounces, in line with 2024 levels. Artisanal and small-scale mining generated about 3.1 million ounces, exceeding large-scale operations for the first time.

The surge reflects higher global gold prices and reforms aimed at formalizing small-scale production. A state gold purchase program helped channel more output into official markets and reduce smuggling.

Large projects such as Cardinal Namdini and Ahafo North supported production, offsetting lower grades at older mines including Damang.

The government plans to replace the current royalty rate with a scale of 5% to 12%, linked to gold prices. The move seeks to raise public revenue as prices climb.

Ghana projects output of 6.5 million ounces in 2026.

Points clés à retenir

Ghana’s record output comes as gold trades near historic highs, supported by central bank buying and geopolitical risk. The country has moved ahead of South Africa in recent years as investment shifted toward West Africa. Artisanal mining now accounts for more than half of total production. That shift raises questions about regulation, environmental standards and revenue collection. While formalization efforts have increased reported volumes, illegal mining remains a concern for policymakers. The proposed royalty reform could reshape the sector. At a gold price of $2,044 per ounce, the Chamber of Mines estimates that higher royalties would cut the net present value of some projects, including Obuasi. Companies warn that expansion plans may be delayed if fiscal terms tighten. For investors, Ghana’s output growth highlights the country’s role in global supply at a time when gold is treated as a reserve asset by many central banks. The balance between higher state revenue and investor returns will shape production in the coming years.

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