ACCRA, Feb 13 – Ghana produced a record 6 million ounces of gold in 2025, according to provisional industry data, consolidating its position as Africa’s leading gold producer.
The Ghana Chamber of Mines said large scale mining operations contributed 2.9 million ounces, broadly unchanged from the previous year. The overall increase was largely driven by artisanal and small scale mining, which rose to approximately 3.1 million ounces.
Chief Executive Officer Kenneth Ashigbey said output exceeded expectations due to stronger formalization of artisanal supply, supported by elevated global bullion prices and recent regulatory reforms aimed at curbing smuggling.
Ghana is preparing to replace its current fixed mineral royalty with a sliding scale ranging from 5 percent to 12 percent, linked to prevailing gold prices. The new framework could take effect as early as this month unless amended.
Industry participants have warned that the proposed structure could undermine investment plans and weigh on projected 2026 output of 6.5 million ounces.
According to the chamber, stable large scale production in 2025 reflected ramp ups at Shandong Mining’s Cardinal Namdini project and Newmont’s Ahafo North mine, offsetting declining ore grades at mature assets such as Gold Fields’ Damang operation.
Mining companies argue that higher royalties would compress margins, reduce project net present values and potentially shorten mine life cycles. A chamber position paper indicated that raising royalties from 5 percent to 7 percent at a realized price of 2,044 dollars per ounce would reduce the net present value of AngloGold Ashanti’s Obuasi mine by 8 percent, potentially placing it below investment hurdle rates.
Similarly, Perseus Mining’s planned 170 million dollar expansion of the Edikan pit could become economically unviable under the proposed scale. Combined, the two projects represent 1,344 jobs and more than 800 million dollars in future royalties and taxes.
While Ghana seeks to capture a greater share of mining revenues amid elevated commodity prices, the industry has cautioned that policy adjustments must balance fiscal gains with long term production sustainability.
