The Chamber of Mines has maintained that despite gold prices reaching record levels, input costs for the mining firms in Ghana have equally gone up substantially.

The chamber revealed that, as the price of the precious metal has reached record levels, most of their supplies have also increased their prices, while workers are also demanding more in terms of benefits and remuneration.

“So we should not just focus on the price but sometimes the bigger picture when it comes to gold prices on the international market,” the President of the Chamber of Mines disclosed.

Michael Akafia, president of the Ghana Chamber of Mines, disclosed this on PM EXPRESS Business Edition with host George Wiafe on 11th September 2025.

Mr Akafia stressed that “I want to establish that it has not been all that rosy for all mining firms despite this development.”

The president of the chamber also disclosed that there are even some mining firms in Ghana that are making losses, or let’s say 'struggling'.

He revealed that, based on this development, some of the mining firms have had to fast-track or bring forward some exploration activities to ensure they benefit from the current development.

On gold prices reaching 5,000 dollars an ounce before the end of this year, as predicted by American investment giant Goldman Sachs, the president of the Chamber of Mines stated that this is not the first time these things have come up, and for us, we will continue to handle it as one of those projections.

“We should also not forget that a lot of mining firms in Ghana often undertake sustainable mining; therefore, not every firm can rush to take advantage of these high prices,” the President added.

The President of the Chamber revealed that the gold production from Ghana reached 4.8 million ounces.

“However, a chunk of this production came from small-scale mining, in terms of a significant increase from what it contributed in 2023,” Mr Akafia revealed.

Rising gold prices and push for more taxes

Speaking on the programme, the President of the Chamber of Mines, Michael Akafia, also made a strong case for the government to take a second look at the fiscal regime for mining firms in Ghana.

Mr Akafia noted that “if you compare firms in Ghana to others in the region, one can say that we are being taxed too much.”

He went ahead to argue that “it is for this reason why when some of the mining firms bring in some level of investment, they want to push for a stability agreement.

The Chamber of Mines President disclosed that they are currently engaging government over these concerns when it comes to these taxes and how they have been structured.

“Taxing us on our revenue instead of profit should be reviewed,” he added.