Ghana’s gold production recorded a 23.41 per cent increase in 2025, rising from 4.82 million ounces to 5.94 million ounces, driven largely by a historic surge in small-scale mining output.

Small-scale gold production increased from 63.82 per cent from 1.90 million ounces in 2024 to 3.11 million ounces in 2025, supported by reforms including the establishment of the Ghana Gold Board (GoldBod), with a national output of 52.4 per cent.

Large-scale gold production, however, declined by 2.98 per cent, from 2.92 million ounces in 2024 to 2.83 million ounces in 2025, with its share of national output consequently falling from 60.6 per cent to 47.6 per cent.

Chamber of Mines producing member companies contributed 2.77 million ounces in 2025, slightly down from 2.86 million ounces in 2024.

The figures reflected lower output across most operations, except Asanko Gold Mine and AngloGold Ashanti’s Obuasi Mine, supported by Newmont’s Ahafo Mine, Cardinal Resources Limited’s Namdini Mine, and Zijin’s Akyem Mine.

Other non-Chamber large-scale mines increased output from 0.055 million ounces in 2024 to 0.057 million ounces in 2025, a growth of 2.0 per cent, reflecting a national output declined from 1.2 per cent to 1.0 per cent.

Speaking at the 98th Ghana Chamber of Mines annual general meeting in Accra over the weekend, Mr Michael Edem Akafia, the immediate past President of the Chamber said total mining revenue grew from GHS21.90 billion to GHS24.22bn, a 10.61 per cent increase.

He noted that Gold’s contribution to Gross Domestic Product (GDP) also increased from 7.97 per cent in 2024 to 9.98 per cent in 2025, making it Ghana’s largest economic sub-sector.

Mining employment equally improved with Chamber member companies recording a 21.52 per cent increase in direct workforce, increasing from 11,372 in 2024 to 13,819 in 2025, supporting an estimated 207,285 indirect and induced jobs through multiplier effects.

Mr Akafia noted that in 2026, large-scale gold output was projected at between 3.2 million ounces and 3.4 million ounces, while small-scale output was expected to range between 2.9 million ounces and 3.5 million ounces.

“This outlook will depend on policy certainty, regulatory reforms, lease renewals, improved governance of small-scale mining, and continued investment across the minerals value chain,” he said.

Mr Akafia, who concluded his two-year tenure, urged the incoming Chamber leadership under new President Fred Attakumah to continue pressing for a holistic review of the mining fiscal regime.

He noted that the revised royalty structure could push Ghana’s effective tax burden on mining to between 54 and 58 per cent, making it one of the highest globally, with serious implications for future investment and exploration.

Mr Emmanuel Armah-Kofi Buah, the Lands and Natural Resources Minister, in his speech at the AGM, described the mining sector as the heartbeat of Ghana’s economy, primary driver of foreign exchange earnings and a strategic pillar of national development.

He lauded the Chamber for its contribution to national development, pledging the government’s resolve to ensure that Ghana maintained an attractive and competitive investment climate.

That, the Minister said, would be done while maximising the long-term socioeconomic benefits from mineral resources for present and future generation of Ghanaians, calling for enhanced stakeholder collaborations.

He said ongoing reforms, including the review of the Minerals and Mining Act 703 and the National Mining Policy, currently before Cabinet and heading to Parliament, would improve regulatory efficiency, transparency and environmental protection.

On the issue of local content and participation, the Minister said, the government would ensure Ghanaians held commanding positions in the mining economy, while warning that any individual short-changing that agenda would be dealt with ruthlessly.