Here's how much of Ghana's gold is owned locally – Dr Ken Ashigbey

The Chief Executive Officer of the Ghana Chamber of Mines, Dr Ken Ashigbey, has raised concerns about the limited fiscal returns from the small-scale mining sector.

According to him, while large-scale mining companies generated about GH¢17.7 billion in government revenue in 2024, players in the small-scale sector, despite producing an estimated 34% of the country’s gold that year, contributed far less in fiscal terms.

In 2025, Dr Ashigbey said, small-scale miners contributed less than 2% to government revenues, even though they produced over half of national output.

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Speaking to GhanaWeb Business, he explained that the growing dominance of the small-scale mining sector has significantly altered the ownership structure of Ghana’s gold industry. Bank of Ghana data indicate that small-scale miners produced about 51% of total gold output in 2025.

His remarks come amid ongoing debates about foreigners exporting Ghana’s gold, with some insisting that much of the country’s gold remains under foreign control.

“When you add the 50% from small-scale mining and the additional 20% that comes through other domestic channels, about 70% of our gold is in our hands. So the conversation that foreigners are coming to take our gold is really not factual,” he stated.

Dr Ashigbey also expressed concerns over the proposed amendments to the royalty regime, which include a sliding scale of 5% to 12%. He argued that applying the same rates uniformly could disproportionately burden small-scale miners.

“If a small-scale miner is required to pay royalties of up to 12% at today’s prices, it could hurt the system. We must ensure fairness and non-discrimination in the application of mining laws,” he said.

SP/MA

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