By Kizito CUDJOE
Gold production is expected to remain at historically high levels in 2026, with output projected at between 6.1 million ounces (oz) and 6.9 million oz as both large-scale and small-scale miners increase production, according to the Ghana Chamber of Mines.
The chamber forecasts large-scale gold production of between 3.2 million oz and 3.4 million oz this year, while output from the small-scale sector is expected to range from 2.9 million oz to 3.5 million oz.
If realised, these projections will reinforce the growing importance of small-scale mining in the country’s gold industry, with the segment capable of matching or exceeding output from large-scale operators.
The outlook follows a defining year in 2025, when small-scale miners output overtook large-scale producers for the first time in more than a century.
Addressing stakeholders at the Ghana Chamber of Mines’ 98th annual general meeting (AGM) in Accra, outgoing chamber president Michael Edem Akafia said the country recorded broad-based growth across its traditional minerals in 2025 – with the most notable gains occurring in gold production.
Attributable gold output increased by 23.41 percent from 4.82 million oz in 2024 to 5.94 million oz in 2025, driven largely by a sharp increase in production from the small-scale mining sector.
“Small-scale gold production rose by 63.82 percent, from 1.90 million ounces to 3.11 million ounces, supported by reforms including the establishment of the Ghana Gold Board. As a result, small-scale mining accounted for 52.4 percent of national output, overtaking large-scale producers for the first time in more than a century,” he said.
By contrast, large-scale gold production declined by 2.98 percent from 2.92 million oz in 2024 to 2.83 million oz in 2025, reducing its share of national output from 60.6 percent to 47.6 percent.
Notwithstanding the decline in overall large-scale production, producing member companies of the chamber accounted for 2.77 million oz in 2025 compared with 2.86 million oz in 2024, representing a decline of 3.08 percent.
Mr. Akafia attributed the decline to lower output across most operations, with the exception of Asanko Gold Mine and AngloGold Ashanti’s Obuasi Mine.
Output from the large-scale segment was supported by Newmont’s Ahafo Mine, Cardinal Resources Limited’s Namdini Mine and Zijin’s Akyem Mine following its acquisition from Newmont in 2025.
Other non-chamber large-scale mines increased production marginally from 55,000 oz in 2024 to 57,000 oz in 2025, representing growth of about 2 percent. Their share of national output however declined from 1.2 percent to 1.0 percent.
The gold sector’s strong performance coincided with one of the economy’s best growth performances in recent years.
Real gross domestic product (GDP) increased from GH¢197.86billion in 2024 to GH¢209.64billion in 2025, representing growth of 5.95 percent compared with 5.85 percent in the previous year.
The gold mining sub-sector emerged as one of the economy’s strongest-performing segments, expanding by 19.6 percent and driven largely by the surge in small-scale gold production.
Gold’s contribution to GDP increased from 7.97 percent in 2024 to 9.98 percent in 2025, making it the economy’s largest sub-sector. Its share within the broader industrial sector also increased from 13.8 percent to 14.8 percent.
Beyond gold, manganese output rose from 5 million tonnes in 2024 to 5.2 million tonnes in 2025, representing growth of 3.83 percent, while bauxite production increased by 21.9 percent.
Diamond production however declined sharply from 332,297 carats in 2024 to 197,233 carats in 2025, a drop of 40.65 percent.
The chamber attributed this decline to weaker natural diamond prices, increasing competition from lab-grown diamonds and subdued global demand.
For 2026, manganese production is projected at between 5 million tonnes and 6 million tonnes, while bauxite output is expected to range from 2.5 million tonnes to 3 million tonnes. Diamond production is forecast at between 150,000 and 250,000 carats.
Mr. Akafia cautioned that the mining sector outlook will depend on policy certainty, regulatory reforms, timely lease renewals, improved governance of small-scale mining activities and continued investment across the minerals value chain.
His remarks come amid ongoing debate over the mining industry’s future direction, including government’s contract mining directive, unresolved issues surrounding mining lease renewals and increasing calls for greater national participation in the ownership and control of mineral resources.
The Lands and Natural Resources Minister, Emmanuel Armah-Kofi Buah, said government continues to view mining as a strategic pillar of economic growth and a major source of foreign exchange earnings.
“Within our medium-term development framework, the sector has been prioritised as part of our broader agenda to stabilise the economy, promote industrialisation and strengthen resilience against global shocks,” he said.
The minister added that government is pursuing reforms aimed at improving regulatory certainty and enhancing operational efficiency across the sector.
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