Ghana's Gold Output Soars

Ghana's gold industry is experiencing a significant boost, with projections indicating a 6.25% increase in production, reaching 5.1 million ounces in 2025. This growth is attributed to a surge in artisanal mining activities and the commencement of large-scale operations, such as Newmont’s Ahafo South Mine and Shandong's Namdini Mine. In 2024, the country's gold output surged by 19.3%, leading to a substantial rise in export revenues and strengthening the Ghanaian cedi. Despite these advancements, challenges persist, including the aging of existing mines and regulatory changes. To address these issues, the government has established GoldBod, an initiative aimed at streamlining small-scale gold purchases and combating smuggling. The removal of withholding tax has notably reduced illegal trade, contributing to the sector's growth.

Artisanal miners have played a pivotal role in this expansion, contributing a record 39.4% to the total gold output in 2024. However, it's important to note that 70-80% of these miners operate without licenses, raising environmental and agricultural concerns. The government anticipates that small-scale production will range from 1.5 to 2 million ounces in 2025. While established mines like Gold Fields’ Tarkwa and Perseus’ Edikan are projected to experience a decline in output, the overall outlook for Ghana's gold industry remains positive. Additionally, the mining chamber forecasts increases in other minerals, including manganese (8 million tonnes), bauxite (2 million tonnes), and diamonds (400,000 carats), underscoring the need for continued exploration to sustain future growth.