Ghana's gold production to surge 6.25%

Ghana's gold production is poised for a significant increase in 2025, with the Ghana Chamber of Mines projecting a 6.25 per cent growth to approximately 5.1 million ounces.

This upward trend is driven largely by increased production from artisanal and small-scale mining (ASM) operations and the entry of new large-scale mines, which have collectively offset declining output from mature assets.

According to the chamber's latest annual report, gold output surged by 19.3 per cent in 2024, solidifying Ghana's position as Africa's top gold producer, ahead of South Africa and Mali.

The report forecasts gold output to range between 4.4 and 5.1 million ounces in 2025, buoyed by increased contributions from Newmont's Ahafo South Mine and Shandong's Namdini Mine.

Small-scale mining

Small-scale miners played a crucial role in Ghana's gold production in 2024, accounting for a record 39.4 per cent of total gold production. The chamber forecasts small-scale production to range between 1.5 million and two million ounces in 2025, compared to 1.9 million ounces in 2024.

To support artisanal producers and address potential regulatory disruptions, the government has introduced initiatives such as the GoldBod programme to formalise gold purchases and curb smuggling.

Challenges ahead

Despite the positive outlook, several key mines are expected to experience output declines, including Perseus' Edikan Mine, Gold Fields' Tarkwa and Damang operations and Zijin's Akyem Mine. The chamber cautions that Ghana needs to strengthen its pipeline of exploration projects to sustain long-term production.

Positive outlook

Beyond gold, the chamber forecasts a positive outlook for other mineral exports. Manganese production is expected to rise to 8 million tonnes in 2025 from 5 million tonnes in 2024, while bauxite output is projected to increase to 2 million tonnes from 1.7 million tonnes. Diamond production is set to rise to 400,000 carats from 330,000 carats last year.

The growth in mineral production is expected to have a positive impact on Ghana's economy, with rising global prices for precious metals and increased production volumes improving export earnings and supporting the cedi's stability.

This, in turn, will provide a boost to the country's ongoing economic recovery.

The country’s gold production is set to surge in 2025, driven by increased production from small-scale mining operations and new large-scale mines.

While challenges lie ahead, the country's mineral sector is poised for growth, with a positive outlook for gold and other minerals expected to drive economic benefits and support the country's economic recovery.