• Newmont expects to produce 755,000 ounces of gold in Ghana in 2026.
• Output at Ahafo South will decline, while Ahafo North ramps up.
• New fiscal measures could raise operating costs by about $310 per ounce.

U.S. mining group Newmont expects to produce 755,000 ounces of gold in Ghana in 2026, according to projections in its financial report published on February 19. The target represents a slight increase from the 734,000 ounces produced in the country in 2025.

Originally operating only the Ahafo South mine, Newmont expanded its footprint with the commissioning of the adjacent Ahafo North site in September 2025. Together, the two assets are designed to form a gold complex capable of producing about 850,000 ounces per year at full capacity. That level will not be reached in 2026, however, as output at Ahafo South is expected to decline due to the depletion of reserves at the Subika open pit.

After producing 664,000 ounces, Ahafo South is forecast to deliver 440,000 ounces this year. Ahafo North, by contrast, is expected to reach 315,000 ounces in what will be its first full year of operation, up from 70,000 ounces during its ramp-up phase last year. Newmont bases the projection on a gradual increase in operational capacity over the course of the year.

A Reform Environment to Watch

Between the anticipated drop in production at Ahafo South and the ramp-up at Ahafo North, 2026 is shaping up as a transition year for Newmont in Ghana. The operational shift comes alongside fiscal uncertainty, as the government in Accra seeks to capture a larger share of revenues from rising gold prices.

In its report, the company confirmed the expiration of its mining stability agreement, a mechanism that previously granted tax advantages to encourage investment and which Ghanaian authorities intend to phase out.

With the agreement expired, Newmont said it is now subject to a 3% Growth and Sustainability Levy and a 2.5 percentage point increase in corporate income tax. In addition, the government is considering a new royalty scale ranging from 5% to 12%, compared with the current 3% to 5%. If adopted, the measure could increase the company’s all-in sustaining costs by about $310 per ounce.

As a result, Newmont expects overall operating costs at the Ahafo complex to rise. The company said it remains engaged in discussions with authorities, aiming to maintain Ghana as a preferred destination for future investment.

The long-term impact of the fiscal changes remains uncertain. The effect of the proposed royalty reform has not yet been included in the 2026 projections, and the measure could be adopted later this month.

Aurel Sèdjro Houenou