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In a promising forecast for Ghana’s mining sector, the Chamber of Mines projected that gold production could rise by approximately 6.25% in the coming year, reaching an estimated 5.1 million ounces in 2025. This increase comes on the heels of a record year in 2024, where the nation’s output surged to 4.8 million ounces, solidifying Ghana’s status as Africa’s leading gold producer, outpacing neighboring countries South Africa and Mali.
The driving forces behind this growth include a remarkable contribution from artisanal mining operations and the introduction of several new large-scale projects. These developments are set to counterbalance the decline observed at the nation’s older mines, which have faced challenges due to aging infrastructure and fluctuating production levels.
Chamber of Mines President Michael Akafia presented the optimistic outlook during the annual conference held in the capital city, Accra. According to Akafia, the industry anticipates that gold production will fall between 4.4 and 5.1 million ounces, backed primarily by robust output from significant players such as Newmont’s Ahafo South Mine and Shandong's Namdini Mine.
The sharp increase in gold prices has bolstered Ghana’s export revenues significantly, which has also led to a strengthening of the nation’s cedi currency. This economic uplift is a welcome reprieve for Ghana as it emerges from its most severe economic crisis in decades. Besides gold, the country is known for being a major cocoa producer and oil exporter, showcasing a diverse yet interconnected economic landscape.
Stressing the critical role of small-scale mining, Akafia noted that last year’s phenomenal gold production was heavily influenced by artisanal miners, whose operations accounted for a striking 39.4% of the total output. However, he cautioned that the small-scale sector is presently fraught with uncertainties due to ongoing regulatory changes that could disrupt production dynamics.
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In an effort to streamline operations and enhance earnings within the small-scale mining community, the new government has established an initiative known as GoldBod. This initiative is designed to facilitate gold purchases directly from these miners, while simultaneously working to curb smuggling activities. A key reform has been the removal of a withholding tax on local gold transactions, which industry stakeholders believe will empower small-scale miners and invigorate their economic opportunities.
Godwin Armah, the General Secretary of the Ghana National Association of Small-Scale Miners, echoed these sentiments, expressing optimism that the changes could lead to a production increase of 30% to 40% above 2024's output levels. He observed that the elimination of the withholding tax has already resulted in a significant decrease in smuggling, which has long plagued the sector.
Looking ahead, the Chamber of Mines has conservatively estimated that small-scale gold output could range from 1.5 million to 2 million ounces in 2025, a slight increase compared to 1.9 million ounces in the previous year. However, the artisanal mining landscape, which is comprised of an estimated 70% to 80% unlicensed operations, remains under intense scrutiny due to its detrimental effects on the environment and local cocoa farming.
Adding a note of caution to the otherwise optimistic outlook, Akafia pointed out that several established gold mines — including Perseus Mining's Edikan Mine, Gold Fields' Damang and Tarkwa operations, and Zijin’s Akyem Mine — are projected to experience declines in production. These setbacks could hinder the sector's overall performance and slow growth rates in the coming years.
To secure sustainable gold production for the future, Akafia emphasized the necessity for a stronger pipeline of exploration projects. The industry must focus on identifying new opportunities for discovery, which will play a vital role in maintaining its position in the global mining arena.
In summary, while Ghana's gold production prospects appear bright, challenges remain on the horizon. The Chamber of Mines has also highlighted positive trends in other minerals, predicting manganese production to climb to 8 million tonnes by 2025 from 5 million tonnes last year, with bauxite output expected to reach 2 million tonnes and diamond production potentially rising to 400,000 carats. The intersection of opportunity and challenge will define Ghana's mining landscape as it continues to evolve.
