• Production rose 25% year on year to 6 million ounces

• Artisanal mining delivered 3.1 million ounces, up sharply

• New royalty regime of up to 12% could weigh on 2026 output

Ghana’s total gold production reached a record 6 million ounces in 2025, up 25% from 4.8 million ounces in 2024, according to provisional data from the Ghana Chamber of Mines cited by Reuters on February 12. The country has set a national target of 6.5 million ounces for 2026.

The record output was driven mainly by growth in the artisanal and small-scale mining (ASM) segment, which underwent major reforms during the year. ASM production rose to 3.1 million ounces from 1.9 million ounces in 2024. Industrial mine output remained broadly stable at 2.9 million ounces.

Few details have been provided to support the 2026 forecast. However, several new projects are underway in Ghana’s gold sector, including Ahafo North, developed by U.S.-based Newmont. The mine began production in September 2025 and, with an annual capacity of 275,000 ounces, is expected to record its first full year of operations in 2026.

Other operators, including Perseus Mining at Edikan and Asante Gold at Bibiani and Chirano, are also working to improve performance. The ASM segment remains active, with the GoldBod regulator seeking to consolidate gains made in 2025. However, Ghana Chamber of Mines Chief Executive Officer Kenneth Ashigbey warned that planned fiscal reforms in 2026 could weigh on industrial production.

To capitalize on sustained high gold prices, the government plans to introduce a new royalty scale of up to 12%, compared with the current 3% to 5% range. The measure, which could take effect as early as this month, may affect project profitability and new mine development.

“Our production remained almost stable in 2025, but 2026 is concerning. The royalty increase will immediately affect new projects, those expected to drive output next year,” Ashigbey said, according to Reuters.

Aurel Sèdjro Houenou