Ghana Retains Top Spot as Africa’s Biggest Gold Producer With 4.8m Ounces Gold Output
Ghana has retained its crown as Africa’s largest gold producer, cementing its position in global mining markets even as concerns mount over the sustainability of growth and the impact of forthcoming regulatory reforms.
Michael Edem Akafia, president of the Ghana Chamber of Mines, said on Thursday that the West African nation produced about 4.8 million ounces of gold in 2024, consolidating its lead over rivals such as South Africa and Sudan.
Speaking on the PM Express Business Edition, he described the achievement as a positive signal for the country’s global mining profile.
“In terms of performance, if you look at it on the global level, obviously Ghana is still maintaining its place as the biggest gold producer in Africa and all of that. So those are the positives you have going for the country,” Mr Akafia said.
Much of the increase in output, he noted, has come from small-scale mining operations. According to data from the Chamber of Mines, artisanal and small-scale production increased from 1.1 million ounces in 2023 to 1.9 million ounces in 2024, offsetting stagnation in large-scale industrial mining, which has remained broadly flat at around 2.9 million ounces.
While the surge highlights the dynamism of Ghana’s informal mining sector, it also underscores structural vulnerabilities. Industry executives warn that the dominance of small-scale operators brings environmental and governance risks, while exposing the state to significant revenue leakages.
Mr Akafia cautioned that behind the headline figures lay pressing challenges. “If you unpack it and look behind those headlines, you find that there may be challenges and issues of concern for the industry,” he said, urging Ghana to maintain its reputation as a “beacon for the mining industry” through consistent policy and regulatory maturity.
Those assurances come as the government prepares to overhaul mining legislation in a bid to tighten oversight, boost revenue collection and address the environmental impact of artisanal operations. The prospect of tougher regulations has unsettled parts of the industry, which fears investment could be dampened at a time when Ghana seeks to consolidate its role as a global mining hub.
Analysts note that Ghana’s dominance in African gold production gives it significant leverage in shaping global supply dynamics. But sustaining the position, they argue, will depend on whether the country can balance reforms with investor confidence, and formalise a fast-expanding but loosely regulated small-scale mining sector.
