Ghana achieved a record 6 million ounces of gold production in 2025, up 25% from 4.8 million ounces in 2024, according to provisional data from the Ghana Chamber of Mines, Reuters reported on February 12. The government has set a national target of 6.5 million ounces for 2026.
The production surge was largely driven by artisanal and small-scale mining (ASM), which rose to 3.1 million ounces from 1.9 million ounces in 2024, following major sector reforms. Meanwhile, industrial mine output remained broadly stable at 2.9 million ounces.
New projects are expected to support the 2026 target. Newmont’s Ahafo North mine, which began production in September 2025, is projected to contribute its first full-year output of 275,000 ounces. Other operators, including Perseus Mining at Edikan and Asante Gold at Bibiani and Chirano, are also working to improve performance.
Despite the growth, Ghana Chamber of Mines CEO Kenneth Ashigbey cautioned that planned fiscal reforms, including a proposed increase in gold royalties to 12% from the current 3–5%, could weigh on industrial production and affect project profitability.
“Our production remained almost stable in 2025, but 2026 is concerning. The royalty increase will immediately affect new projects, those expected to drive output next year,” Ashigbey said.
The government aims to leverage high gold prices while ensuring sustainable sector growth, but industry stakeholders are closely monitoring the impact of fiscal changes on mining investments.
