Ghana Takes the Crown: Africa’s Leading Gold Producer
Ghana has officially claimed the title of Africa’s largest gold producer, surpassing traditional competitors such as South Africa and Mali. According to data from the Ghana Chamber of Mines, Ghana produced approximately 4.8 million ounces (around 136 metric tons) of gold in 2024 a substantial increase over the previous year.
Record Output & Growth Trajectory
- In 2024, Ghana’s gold output rose by roughly 19.3%, contributing to its rise to the top of Africa’s gold-producer rankings.
- The country is forecasted to produce around 5.1 million ounces of gold in 2025 about a 6.25% increase.
- Notably, the artisanal and small-scale mining (ASM) sector accounted for approximately 39.4% of national output in 2024, up from about 27.7% in 2023.
Driving Forces Behind the Surge
- Growth in large-scale mining operations alongside a marked uptick in ASM contribution are the twin engines of Ghana’s output gains. New or expanded mines, together with improved activity in the small-scale sector, have offset declines in some mature large mines.
- Export revenues are rising sharply: for example, gold exports climbed significantly in 2024 as global demand and prices strengthened.
Strategic Reforms: Regulating the Value Chain
Ghana Gold Board (GoldBod) was established as part of a sweeping reform to formalise the gold sector, curb smuggling, and retain greater value locally.
- The Board is empowered to buy, assay, sell and export gold produced by licensed ASM operations.
- By centralising these functions, the government aims to ensure more of the gold value chain stays within Ghana — supporting FX reserves, stabilising the Ghanaian cedi, and improving traceability.
Economic Impacts & Considerations
- For Ghana, gold remains a cornerstone of the economy with export receipts reaching record levels. In the first half of 2025 alone, gold export earnings hit about US $8.3 billion, with full-year estimates around US $11.2 billion.
- With rising output and strengthening regulatory structures, Ghana is positioned to capture more value from its resource base rather than simply exporting raw gold.
- However, the surge isn’t without challenges:
- The high proportion of ASM output means enforcement, licensing and environmental mitigation remain key issues.
- Some older large-scale mines are experiencing declining production, making the long-term sustainability of output growth dependent on new projects and expansion.
What This Means for Africa & Beyond
Ghana’s rise signals more than a shift in gold-production rankings:
- It reflects how African nations are increasingly asserting control over minerals sectors and moving toward value capture, rather than simply being producers of raw commodities.
- For investors and stakeholders, Ghana’s positioning offers both opportunity (in mining, processing, export infrastructure) and risk (regulatory transitions, environmental/social governance).
- For the continent, this underscores a transformation in mining dynamics: production is no longer limited to traditional powerhouses, and reform-driven growth is proving possible.
Conclusion
Ghana’s elevation to the top of Africa’s gold-production list is a milestone anchored not only in volume, but in reform, strategy and inward value retention. With output approaching 5 million ounces in 2025 and regulatory mechanisms like GoldBod coming into force, Ghana is shaping its gold sector for the next phase of growth.
Still, success will depend on managing the informal small-scale sector, ensuring environmental and social safeguards, and maintaining momentum in large-scale mine investment. If Ghana continues on this path, it could not only produce more gold but also extract more value from it on behalf of its people.