Loading...

Blog Post

Ghana Citizenship > News > Business > Ghana Gold Output 2025 Hits Record 6 Million Ounces
Ghana Citizenship Team
February 13, 2026
0
29

Ghana Gold Output 2025 Hits Record 6 Million Ounces

Ghana produced a record 6 million ounces of gold in 2025, according to provisional data cited by industry leaders. The headline number was driven by growth in artisanal and small scale mining, while large scale output held steady. At the same time, mining companies are warning that Ghana’s planned overhaul of mineral royalties could delay new projects and expansions that underpin 2026’s projected 6.5 million ounce target.

Table of Contents

 

2025 production: the headline numbers

Provisional industry data puts Ghana’s 2025 gold production at 6.0 million ounces, the highest on record.
The mix matters:

Mining segment 2025 output What changed
Large scale mines 2.9 million ounces Flat year over year
Artisanal and small scale mining (ASM) 3.1 million ounces Rose and became the largest contributor
Total 6.0 million ounces Record high

Why output surged in 2025

Industry leaders attribute the record year to a combination of surging gold prices and reforms that redirected more artisanal supply into formal channels. In plain terms, when prices rise, small scale output tends to respond quickly. If reforms also reduce smuggling and improve official buying channels, more of that output shows up in reported national totals.

Large scale mines stayed stable, but the mix changed

Large scale output held steady at 2.9 million ounces, but that stability came from new production ramp ups balancing weaker performance elsewhere. Industry commentary cited ramp ups at Shandong Mining’s Cardinal Namdini and Newmont’s Ahafo North, offset by declining grades at older mines, including Gold Fields’ Damang.

Royalty reform: what Ghana plans to change

Ghana plans to replace its current fixed royalty rate with a sliding scale tied to gold prices. The proposed scale ranges from 5% to 12%. Government officials argue that higher commodity prices justify a stronger revenue share. Mining companies say the proposed scale remains too steep and could affect the economics of new investments. Industry representatives have indicated the new regime could take effect soon unless amended or withdrawn.

Why miners say jobs and projects are at risk

Mining companies argue that higher royalties can squeeze cash flow, shorten mine life, and push operators to process only higher grade ore. A chamber position paper cited by Reuters included examples where a higher effective royalty could reduce project value and delay expansions.

  • AngloGold Ashanti Obuasi: a cited scenario suggested a material reduction in project value under higher royalties.
  • Perseus Mining Edikan expansion: the proposed $170 million pit expansion was described as potentially becoming uneconomic under the new scale.

Together, the two projects referenced in the industry analysis were associated with 1,344 jobs and more than $800 million in future royalties and taxes. Industry leaders also flagged potential pressure on companies including Adamus Resources and Asante Gold.

What to watch heading into 2026

The industry has projected 6.5 million ounces of production for 2026, but that target depends on timely project approvals and expansion decisions. Mining companies say uncertainty around the proposed royalty scale could slow investment decisions, especially for the growth projects intended to lift next year’s production.

If the royalty framework is finalized quickly and investors consider it workable, Ghana could still maintain momentum. If it is implemented at the upper end of the proposed scale without adjustments, the risk is that some marginal projects pause or get redesigned, which would make 2026’s target harder to hit.

Sources