How Much Gold Does Ghana Produce in a Year?
Curious about Ghana’s gold production? Ghana, Africa’s top gold producer, mines over 120 tons of gold annually, contributing significantly to the global market. Discover the latest production figures, key mining regions, and why Ghana remains a gold powerhouse.
Ghana, often referred to as the “Gold Coast” during its colonial era, has long been synonymous with gold production.
Today, it stands as Africa’s leading gold producer and ranks among the top ten globally. The question of how much gold Ghana produces annually is not just a matter of numbers—it reflects the country’s economic backbone, its mining heritage, and the challenges and opportunities shaping its future.
As of 2025, Ghana’s annual gold output is a dynamic figure influenced by large-scale mining, artisanal operations, global prices, and new projects.
Recent Gold Production Figures
In 2024, Ghana’s gold production reached an estimated 4.9 million ounces (approximately 136 metric tons), according to projections from the Ghana Chamber of Mines and industry reports like those from Deloitte.
This marked an 8.5% increase from 2023, when the country produced 4 million ounces (about 128 metric tons). The upward trend continued into 2025, with forecasts suggesting a marginal 3% rise to 136 metric tons (around 4.37 million ounces), as reported by Deloitte.
This growth is driven by expansions at existing mines and the commissioning of new large-scale projects, positioning Ghana to maintain its status as a gold powerhouse.
Historically, Ghana’s production has fluctuated but shown resilience. In 2021, output was 2.8 million ounces, rebounding to 3.7 million in 2022—a 32% jump that allowed Ghana to overtake South Africa as Africa’s top producer.
The U.S. Geological Survey reported 130,000 kilograms (130 metric tons, or roughly 4.18 million ounces) for 2024, aligning with Chamber of Mines estimates.
These figures highlight Ghana’s ability to scale production, even amidst economic and environmental challenges.
Breakdown of Production: Large-Scale vs. Small-Scale Mining
Ghana’s gold output is a tale of two sectors: large-scale mining (LSM) and artisanal/small-scale mining (ASM), often called “galamsey” when unregulated.
In 2023, LSM accounted for 2.9 million ounces (72.5% of total production), while ASM contributed 1.1 million ounces (27.5%). By mid-2024, ASM’s share rose to 36%, producing $1.7 billion worth of gold, with full-year estimates suggesting it could exceed 1.5 million ounces. This shift reflects surging global gold prices—averaging $2,338 per ounce in Q2 2024 and hitting $2,482 in July—enticing more small-scale miners into the fray.
Large-scale operations, run by multinational firms like Newmont, Gold Fields, and AngloGold Ashanti, dominate output.
Newmont’s Ahafo Mine, for instance, produces 643,000 ounces annually, while Gold Fields’ Tarkwa Mine, Africa’s largest open-pit gold mine, yields 551,000 ounces.
In contrast, ASM involves over a million Ghanaians directly, supporting 4.5 million livelihoods. Though less efficient, its cumulative impact is significant, often outpacing LSM in deforestation and environmental footprint.
Key Mines and Projects Boosting Output
Several flagship mines and emerging projects underpin Ghana’s gold production. The Ahafo Mine, operational since 2006, taps into reserves of 17 million ounces along the Sefwi Volcanic Belt.
Newmont’s Ahafo North project, set to start mid-2025, is expected to add 300,000 ounces annually.
Similarly, the Cardinal Namdini Mine, commissioned in late 2024, aims to produce 358,000 ounces per year, labeled a “monster mine” by Minerals Commission CEO Martin Ayisi. Together, these could boost output by over 600,000 ounces annually.
Other notable contributors include AngloGold Ashanti’s Obuasi Mine, with a historical output of 35 million ounces since the 19th century, and Galiano Gold’s Asanko Mine, which hit 134,077 ounces in 2023.
Gold Fields’ Damang Mine (153,000 ounces in 2023) and Newmont’s Akyem Mine (422,000 ounces annually) further solidify Ghana’s production base.
These operations leverage the country’s rich Birimian and Tarkwaian gold belts, particularly in the Ashanti and Western Regions.
Economic Impact and Global Context
Gold is Ghana’s economic linchpin, contributing 7-8% to GDP and over 90% of mineral export revenue. In 2023, gold exports generated $7.6 billion, soaring to $11.6 billion in 2024—a 53% increase fueled by a 30% price hike.
The Ghana Statistical Service pegged gold’s GDP contribution at 8.6 billion Ghanaian cedis (about $580 million USD) in 2023, with expectations of further growth in 2025 as prices hover between $2,450-$2,950 per ounce, per Heraeus Precious Metals forecasts.
Globally, Ghana ranks sixth, behind China (380 metric tons), Russia (310 metric tons), Australia, Canada, and the United States.
Its 4% share of the world’s 3,300 metric tons in 2024 underscores its significance. Unlike South Africa, where production has declined to 100 metric tons, Ghana’s output continues to climb, supported by a stable democratic government and modern infrastructure.
Factors Driving Production Growth
Several factors propel Ghana’s gold output. First, new mines like Ahafo North and Namdini promise significant additions.
Second, high gold prices—spurred by geopolitical tensions and looser monetary policies in advanced economies—encourage both LSM and ASM expansion.
Third, government policies, such as halving the ASM gold export tax from 3% to 1.5% in 2022, have boosted small-scale output.
Finally, Ghana’s skilled mining workforce and English-speaking populace ease operations for foreign firms.
However, challenges loom. Illegal ASM, responsible for 70-80% of small-scale mining, smuggles much of its gold, bypassing national revenues.
The Minerals Commission estimates this loss is substantial, despite efforts to curb galamsey through law enforcement and initiatives like the Bank of Ghana’s Domestic Gold Purchase Programme, targeting $250 million weekly (though deemed ambitious).
Environmental and Social Considerations
The environmental cost of Ghana’s gold boom is stark. ASM, while lucrative, has contaminated 65% of water sources with mercury and heavy metals, per the Ghana Water Resources Commission.
Deforestation, particularly in the southwest, saw 29,000 hectares lost to galamsey by 2018, with 1,000 hectares in protected areas.
Large-scale mines, though regulated, also leave scars, though they’re often required to remediate sites post-extraction.
Socially, gold mining supports millions but fuels health risks and crime. Protests in Accra in 2024 highlighted public outrage over polluted rivers like the Pra and Ankobra, pushing the government to address illegal mining ahead of the December election. Balancing economic gains with sustainability remains a critical challenge.
Future Projections
Looking ahead, Ghana’s gold production is poised for modest growth. Deloitte’s 3% increase for 2025 (to 136 metric tons) aligns with a CAGR of 0.37% through 2027, per GlobalData.
By 2030, output could near 12 million ounces regionally, with Ghana leading West Africa. Long-term success hinges on new discoveries, regulatory reforms, and managing ASM’s environmental toll.
Exploration spending, at $114 million in 2022, signals untapped potential in the center-west and northwest.
In conclusion, Ghana produces around 4.9 million ounces (136 metric tons) of gold annually as of 2024, with 2025 projections slightly higher at 4.37 million ounces.
This output split between sophisticated LSM and labor-intensive ASM, reflects a nation leveraging its geological wealth amid global demand.
From the Ashanti Region’s historic mines to new ventures like Namdini, Ghana’s gold story is one of growth, resilience, and complexity.
As it navigates economic benefits against ecological costs, its annual production remains a testament to its enduring status as Africa’s gold leader.