Business

Ghana’s Gold production reached a record 6 million ounces in 2025, according to an industry association.

Ghana’s gold industry delivered an all-time high of 6 million ounces in 2025, surpassing expectations, provisional figures show. Output from large-scale mining operations held steady at 2.9 million ounces compared with the previous year, while growth came largely from artisanal and small-scale mining (ASM), which climbed to roughly 3.1 million ounces.

Kenneth Ashigbey, chief executive of the Ghana Chamber of Mines, said the sector exceeded its production target thanks to stronger performance from small operators and reforms that have channelled more gold into official markets. Elevated global bullion prices also played a key role in boosting supply.

Despite the record result, the industry warns that momentum may not carry into 2026. A projected increase to 6.5 million ounces next year could be undermined by the government’s proposed overhaul of mining royalties. Ghana plans to replace its flat royalty rate with a sliding scale ranging from 5% to 12%, linked to gold prices.

Mining companies argue the new framework would raise costs significantly, potentially delaying expansions and discouraging new investment. Ashigbey cautioned that projects expected to underpin next year’s growth could face immediate financial strain under the revised royalty structure.

Large-scale production stability in 2025 reflected output ramp-ups at newer mines offsetting lower grades at more mature operations. Meanwhile, artisanal supply remained firm, aided by a state gold-buying programme aimed at reducing smuggling and formalising the trade.

Producers contend that higher royalties would pressure cash flow, shorten mine lifespans and reduce the viability of planned developments. An industry analysis suggests even modest increases in royalty rates could materially reduce project valuations and put future expansions at risk, with potential consequences for employment and government revenue.

The proposed royalty regime could come into force this month if it is not amended or withdrawn.