Mining Sector Facing ‘Wait-and-See’ Investment Mood Despite Record Gold Rally – Chamber of Mines CEO
Chief Executive Officer (CEO) of the Ghana Chamber of Mines, Ken Ashigbey, has cautioned that despite the surge in global gold prices, investor decisions within Ghana’s mining sector remain measured, largely due to ongoing policy and regulatory changes.
Speaking on PM Expression Business Edition on January 29, 2026, on the topic “Rising Gold Prices and Impact on Ghana’s Economy”, Mr Ashigbey noted that while gold production is improving, investors are adopting a “wait-and-see” approach amid revisions to the mining policy framework.
“In as much as production is going up, you also have investor decisions being cautious,” he said, explaining that the caution is linked to a review of the mining policy and the Mining Act, ongoing mining audits, and government discussions around introducing a revised sliding royalty scale.
According to him, although higher gold prices are favourable, uncertainties surrounding new policy initiatives are influencing investment timelines. “Prices of gold are good, but where are we going to go? So there’s a wait-and-see attitude that’s going on,” he stated.
Mr Ashigbey, however, stressed that sustained engagement between industry players and government authorities is helping to address investor concerns. He expressed optimism that these engagements would restore confidence and ensure policy certainty within the sector.
Importantly, he clarified that the cautious stance is not limited to foreign investors, noting that several Ghanaian-owned and Ghana-focused mining firms are also reassessing expansion plans. He cited companies such as Adamus Resources, Azumah Resources and Asante Gold Corporation as examples of firms with significant Ghanaian ownership currently considering further investments.
Mr Ashigbey underscored the need for Ghana to take advantage of the current rally in gold prices by expanding output, stressing that increased production would benefit government revenues, investors and workers through job creation.
He explained that even without changes to royalty rates, higher gold prices have already boosted government earnings. “If government made about a billion dollars in royalties when gold was at $2,500 per ounce, today with prices above $5,000 per ounce, government has effectively doubled the quantum they are getting,” he said.
Meanwhile, he observed that large-scale gold production has remained relatively flat, with Ghana producing about six million ounces, of which small-scale mining accounts for an estimated 3.1 million ounces. He added that rising prices are improving margins and making previously uneconomic low-grade deposits viable.
Gold prices earlier this week surged past the $5,000 per ounce mark for the first time in history. Recent market data indicates that the bullion has extended its rally further, with prices now hovering around $5,200 per ounce, reinforcing expectations of strong revenue inflows for gold-producing economies such as Ghana.
