Ghana’s gold production increased by 23.41% in 2025, rising from 4.82 million ounces to 5.94 million ounces. This significant growth was primarily driven by a surge in small-scale mining output.
Small-scale gold production saw a 63.82% increase, moving from 1.90 million ounces in 2024 to 3.11 million ounces in 2025. This was supported by reforms, including the establishment of the Ghana Gold Board (GoldBod). Small-scale mining now accounts for 52.4% of national gold output.
This growth places gold as Ghana’s largest economic sub-sector, contributing 9.98% to Gross Domestic Product (GDP) in 2025, up from 7.97% in 2024. The overall mining revenue also increased by 10.61%, from GHS 21.90 billion to GHS 24.22 billion. This development highlights the mining sector's critical role in the Ghanaian economy.
Mr. Michael Edem Akafia, the immediate past President of the Ghana Chamber of Mines, confirmed these figures at the 98th annual general meeting in Accra. He noted the positive impact on employment, with Chamber member companies increasing their direct workforce by 21.52%. This boosted direct jobs from 11,372 in 2024 to 13,819 in 2025, supporting an estimated 207,285 indirect and induced jobs.
Despite the overall growth, large-scale gold production declined by 2.98%, from 2.92 million ounces in 2024 to 2.83 million ounces in 2025. This reduced its share of national output from 60.6% to 47.6%. This decline affected most large-scale operations, with exceptions like Asanko Gold Mine and AngloGold Ashanti’s Obuasi Mine. Newmont’s Ahafo Mine, Cardinal Resources Limited’s Namdini Mine, and Zijin’s Akyem Mine also supported output.
For 2026, large-scale gold output is projected to be between 3.2 million and 3.4 million ounces. Small-scale output is expected to range between 2.9 million and 3.5 million ounces. This outlook depends on policy certainty, regulatory reforms, and continued investment across the mineral value chain. Mr. Akafia emphasized the need for a holistic review of the mining fiscal regime. He warned that the revised royalty structure could push Ghana’s effective tax burden on mining to between 54% and 58%. This could make it one of the highest globally, potentially harming future investment and exploration.
Mr. Emmanuel Armah-Kofi Buah, the Minister for Lands and Natural Resources, described the mining sector as the heartbeat of Ghana’s economy. He pledged the government's commitment to maintaining an attractive investment climate. Ongoing reforms, including reviews of the Minerals and Mining Act 703 and the National Mining Policy, aim to improve regulatory efficiency. These legislative changes are currently before Cabinet and Parliament. The government also plans to ensure Ghanaians hold commanding positions in the mining economy, emphasizing local content and participation.