The Ghana Chamber of Mines projects gold production will reach 4.4 to 5.1 million ounces in 2025, despite expected declines from some established mines, according to President Michael Edem Akafia.
New operations including Newmont’s Ahafo South and Shandong’s Namdini mines will drive growth, offsetting reduced output from Perseus’ Edikan and Gold Fields’ operations.
The sector delivered record performance in 2024, with mineral exports surging 52.7% to $11.9 billion, accounting for 58.4% of Ghana’s total merchandise exports. Mining companies contributed GH₵17.7 billion in fiscal payments, a 51.2% increase from 2023, while repatriating $4.99 billion in foreign exchange. “Our members retained 73.7% of revenue within Ghana’s economy through local procurement, taxes and wages,” Akafia stated during the chamber’s annual report presentation.
While gold remains dominant, bauxite and manganese production are expected to rise to 2 million and 8 million tonnes respectively. However, small-scale gold mining faces uncertainty due to government reforms establishing the Ghana Gold Board. The sector’s strong performance has become crucial for macroeconomic stability, particularly in supporting currency reserves that reached 2.9 months of import cover in 2024.
Ghana’s mining sector now contributes nearly one-quarter of direct domestic taxes, with royalty payments jumping 76.7% to GH₵4.9 billion last year. This growth comes as traditional export earners show mixed results, with cocoa shipments declining 9.9% to $1.9 billion while oil exports edged up marginally. Analysts note the industry’s expanding role in Ghana’s economy, though production shifts and policy changes may test its resilience in the coming year.
