Source: BI Africa
Ghana has strengthened its position as Africa’s leading gold producer, with record output and soaring export earnings widening its lead over major West African rivals Mali and Burkina Faso.
The country’s gold production reached nearly six million ounces in 2025, with the Ghana Chamber of Mines recording output of 5.94 million ounces, up 23.41% from 4.82 million ounces in 2024. Small-scale mining was the biggest driver of the increase, with production rising by 63.82% to 3.11 million ounces.
The surge has translated into a dramatic increase in the value of gold exports, with Ghana’s gold export earnings estimated at about US$20.2 billion in 2025.
Gold has consequently become even more dominant in Ghana’s export economy, accounting for 63.1% of merchandise exports, according to figures attributed to the Ghana Statistical Service.
The earnings were more than double the combined contribution of cocoa and crude oil, highlighting the extent to which Ghana’s economic fortunes are now tied to the precious metal.
Ghana’s production performance puts it well ahead of several major African gold-producing countries.
Burkina Faso produced about 94 tonnes of gold, while Sudan recorded approximately 70 tonnes and Mali 48.2 tonnes, according to the figures cited in the report.
The gap has been reinforced by Ghana’s strong growth in small-scale mining, which accounted for more than half of national gold production in 2025 for the first time in more than a century.
The increase has coincided with reforms aimed at bringing more gold into the formal economy and strengthening the state’s control over the domestic gold trade.
A major part of Ghana’s strategy has been the establishment of the Ghana Gold Board (GoldBod), which has taken a central role in the purchasing, assaying and export of gold from the artisanal and small-scale mining sector.
The reforms are designed to reduce smuggling, improve traceability and ensure that a greater share of gold export proceeds enters the formal financial system.
The government has also moved to increase its participation in the gold value chain, including a requirement from July 2026 for large-scale mining companies to sell 30% of their gold output domestically.
The policy reflects a broader attempt to retain more value from Ghana’s gold resources and strengthen foreign exchange reserves.
Ghana’s approach differs from that of other major West African producers.
Mali has tightened its mining regime, increased taxes and expanded state participation in mining projects, while Burkina Faso has pursued greater state ownership and increased the role of its state mining company.
Ghana, meanwhile, has placed greater emphasis on formalising the gold trade, capturing foreign exchange and increasing official gold purchases.
The different strategies reflect a growing push across the region for governments to capture a larger share of the wealth generated from their mineral resources.
The gold boom has also provided critical support to Ghana’s economic recovery following the country’s debt crisis.
Higher gold production and prices have boosted foreign exchange inflows and helped strengthen the country’s external position.
However, the growing dependence on gold also presents a major vulnerability.
With gold accounting for such a large proportion of merchandise exports, a sharp decline in international gold prices could quickly weaken export earnings, foreign exchange inflows and government revenues.
There are also concerns about Ghana exporting much of its gold in raw or semi-processed form, limiting the value retained domestically. Ghana’s first commercial gold refinery, the Royal Ghana Gold Refinery, was inaugurated in 2024 as part of efforts to increase local processing and value addition.
For now, Ghana’s position as Africa’s gold powerhouse appears secure, but the bigger economic test is whether the record US$20 billion-plus windfall can be converted into productive investment, industrialisation, jobs and long-term economic resilience.
The gold boom has given Ghana a stronger hand than its West African competitors. The question is whether the country can turn that advantage into lasting wealth before the next commodity downturn arrives.
