Ghana’s mining industry is poised for a significant leap in output in 2025, with the Ghana Chamber of Mines projecting strong growth across multiple minerals, particularly gold.
According to the Chamber, gold production is expected to reach between 4.4 million and 5.1 million ounces in 2025, driven by both steady performances from major producers and fresh contributions from new entrants to the market. This forecast signals a potential 30% to 40% increase in production compared to 2024, a year in which Ghana produced an estimated 3.8 million ounces of gold.
“The outlook reflects continued performance from key producers including Gold Fields’ Tarkwa and Damang mines, Zijin Mining’s Akyem mine, and Perseus Mining’s Edikan Mine as well as new contributions from Newmont’s Ahafo North Mine and Shandong Gold’s Namdini Mine, both set to begin production next year,” the Chamber stated.
A critical policy reform that has underpinned the improved outlook is the removal of the gold export withholding tax, which the Chamber says has played a pivotal role in stemming smuggling and increasing output through official channels.
“We’re looking at about 30% to 40% more production than the previous year. The removal of the withholding tax has helped reduce smuggling significantly,” the Chamber added.
Small-Scale Mining Outlook Remains Uncertain
While industrial gold production is expected to rise, the picture is more mixed for Ghana’s thriving but largely informal small-scale gold mining sector. The Chamber forecasts small-scale output to fall within a range of 1.5 million to 2 million ounces in 2025, potentially down from the 1.9 million ounces produced in 2024.
This segment of the industry, which accounts for a large share of employment and rural livelihoods, faces increasing scrutiny. Approximately 70% to 80% of artisanal miners operate without licenses, raising concerns about environmental degradation and encroachment on cocoa-growing regions.
Government Reform: PMMC to GoldBod
A landmark reform expected to reshape the gold industry in 2025 is the government’s transformation of the Precious Minerals Marketing Company (PMMC) into the new Ghana Gold Board (GoldBod).
The new regulatory body will have expanded powers to set local gold prices, a move expected to bring transparency to the market and enhance revenue generation. The Chamber believes GoldBod’s pricing reforms will be particularly impactful for small-scale miners, whose operations are more sensitive to price fluctuations.
Broader Mineral Expansion
Beyond gold, the Chamber also sees gains in other minerals; Manganese output is projected to climb to 8 million tonnes, Bauxite production could reach 2 million tonnes, and Diamond output may hit 400,000 carats, though regional disparities could weigh on the final figure.
Despite the positive momentum, the Chamber emphasizes that continued growth will depend heavily on policy consistency and favourable global commodity prices.
