For years, South Africa dominated Africa’s gold production, earning its place as one of Africa’s top gold producers. However, the tide has turned. Ghana, the West African powerhouse, has solidified its position as Africa’s number one gold producer, a title it first claimed in 2018.
But with increasing competition from Mali and Burkina Faso, and challenges within its mining sector, the question remains—can Ghana maintain its lead?
Recent figures from the Ghana Chamber of Mines reveal that Ghana produced about 4.03 million ounces of gold in 2023. This impressive output, driven largely by both large-scale operations and a robust artisanal sector, helped Ghana maintain its crown even as competitors like Mali and Burkina Faso have shown steady growth.
The data indicates that Ghana’s small-scale miners contribute significantly to the country’s total gold production—so much so that small-scale output now accounts for nearly 35–40% of the national total.
Ghana’s gold production first overtook South Africa in 2018, when it recorded 149.1 tons, surpassing South Africa’s 126.1 tons. Since then, South Africa’s production has continued to decline, dropping to 104.3 tons in 2023, marking a long-term trend of falling output.
Meanwhile, Mali is rising fast, producing 105.0 tons in 2023, nearly catching up to Ghana. Burkina Faso is also expanding, with 98.6 tons in 2023, making it a strong contender in the region.
Ghana’s government is not content to rest on its laurels. In a bold move announced in January 2025 by Finance Minister Dr. Cassiel Ato Baah Forson, a technical committee has been inaugurated to establish the Ghana Gold Board. This new body aims to streamline gold purchases from small-scale miners, curb smuggling, and ensure that more of the metal’s value stays within the country.
With total gold exports valued at $11.64 billion in 2024 and a booming trade surplus, these steps are seen as critical for stabilizing the national currency and boosting foreign exchange reserves.
Adding to this momentum, Ghana is set to commission its first large-scale greenfield mine in more than a decade. The Cardinal Namdini mine—owned by Cardinal Resources, a unit of Shandong Gold—is expected to produce an average of 358,000 ounces per year when it comes online this November.
Newmont Ghana is also gearing up to launch the Ahafo North mine by mid-2025, an initiative that could add at least 600,000 ounces of gold to Ghana’s annual output. Such “monster mines” are expected to create hundreds of jobs and further consolidate Ghana’s status as the continent’s top gold producer.
These initiatives come at a time when the mining sector is under intense scrutiny not only for its economic contributions but also for the challenges it faces.
Illegal mining, commonly known as galamsey, remains a significant problem. While small-scale mining contributes significantly to gold production, illegal mining has led to environmental destruction, water pollution, and revenue losses. The government continues to crack down on galamsey, but its persistence poses a risk to both the environment and formal production levels.
