Ghana’s Total Gold Output Projected to Hit 5.1 Million Ounces in 2025
Ghana’s gold production is projected to increase by 6.25% to approximately 5.1 million ounces in 2025, up from the record 4.8 million ounces recorded in 2024, the Ghana Chamber of Mines has said.
According to the Chamber’s latest annual report, the 2025 outlook reflects stronger-than-expected performance in the previous year, when gold output surged by 19.3%, consolidating Ghana’s position as Africa’s top gold producer, ahead of South Africa and Mali.
The growth in output is being 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.
“We project gold output to range between 4.4 and 5.1 million ounces, buoyed by increased contributions from Newmont’s Ahafo South Mine and Shandong’s Namdini Mine,” said Michael Akafia, President of the Chamber, at the body’s annual meeting in Accra.
Small-Scale Miners Key to Output Growth
Small-scale miners accounted for a record 39.4% of total gold production in 2024. However, the Chamber warns of uncertainty facing the segment, citing potential regulatory disruptions.
To address these risks and support artisanal producers, the government has established the GoldBod initiative to formalise gold purchases from small-scale miners, boost earnings, and curb smuggling. Additionally, a 1.5% withholding tax on local gold purchases has been scrapped.
General Secretary of the Ghana National Association of Small-Scale Miners, Godwin Armah, welcomed the reforms, noting they have already improved compliance and reduced smuggling.
“We’re looking at about 30% to 40% more production than the previous year,” he said in an interview, projecting a further rise in output.
The Chamber of Mines forecasts small-scale production to range between 1.5 million and 2 million ounces in 2025, compared to 1.9 million ounces in 2024.
Large-Scale Mines Face Production Declines
Despite the strong outlook, several key mines are expected to experience output declines. These include Perseus’ Edikan Mine, Gold Fields’ Tarkwa and Damang operations, and Zijin’s Akyem Mine.
Mr. Akafia cautioned that while the current momentum is promising, Ghana needs to strengthen its pipeline of exploration projects to sustain long-term production.
Positive Outlook for Other Minerals
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. Bauxite output is projected to increase to 2 million tonnes from 1.7 million tonnes, while diamond production is set to rise to 400,000 carats from 330,000 carats last year.
Rising global prices for precious metals and increased production volumes have improved Ghana’s export earnings and supported the cedi’s stability, offering a boost to the country’s ongoing economic recovery.
