(Ecofin Agency) - • ASM production reaches 1.9 million ounces, boosting national gold output
• Small operators account for 39% of total production, up from 28% in 2023
• Smuggling remains a challenge despite formalization efforts

Ghana’s artisanal and small-scale (ASM) gold production rose by 70% in 2024 to 1.9 million ounces, up from 1.1 million ounces in 2023. The announcement was made by Michael Edem Akafia, President of the Ghana Chamber of Mines, at the group’s annual general meeting on May 30 in Accra.

The increase helped lift total national gold production to 4.8 million ounces in 2024, compared to 4 million in 2023. Small-scale miners contributed 39% of this output, up from 28% the previous year. Large-scale mining accounted for 61%, down from 72%, with 2.9 million ounces produced.

“This is the second highest output recorded by the ASM sector since formalization. It reflects recent support measures and higher gold prices,” said Akafia.

Despite the growth, the ASM sector remains vulnerable to smuggling. In 2022, about 60 tons of gold were illegally exported from Ghana, causing estimated losses of $1.2 billion, according to UK-Ghana Gold, a joint program aimed at tackling this issue.

For 2025, the Chamber of Mines projects ASM production will range between 1.5 and 2 million ounces. The sector is expected to be shaped by the rollout of GoldBod, a new regulator created by the Mahama administration. GoldBod is the only entity authorized to buy, sell, and export gold from small-scale producers.

The Chamber noted that changes in gold prices under the new system could significantly affect production levels. National output in 2025 is expected to range from 4.4 to 5.1 million ounces.