Ghana's gold output set to increase further in 2026 - Report

Ghana is expected to produce more gold this year, with output projected to reach between 6.1 million and 6.7 million ounces.

The forecast by the Ghana Chamber of Mines comes after the country recorded its highest gold production in 2025, when output reached 5.94 million ounces.

Speaking in an interview on Channel One TV on Monday, August 17, 2026, the Chamber’s Director of Analysis, Research and Finance, Christopher Nyarko, said continued production by mining companies is expected to push output higher, though rising costs remain a challenge.

One of the most significant shifts in Ghana’s mining industry is the growing role of small‑scale miners. In 2025, small‑scale operations accounted for 52.38% of total gold output, overtaking large‑scale mining for the first time in the country’s century‑long mining history.

“In 2025, our output hit almost six million ounces, and that’s about the largest we have seen in our records. And it was very significant also for the fact that small-scale overtook large-scale mining for the very first time,” he said.

He mentioned that this development has important implications for government revenue and the management of the sector.

Although Ghana is producing and exporting more gold, Nyarko said the government may not receive a similar increase in revenue.

He explained that many small-scale mining operators are outside the formal tax system.

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This means a large part of the money generated from their gold production does not translate into taxes paid to the government.

He said this is different from the large-scale mining companies, which make significant payments through taxes, royalties and other charges.

Ghana earned $21.32 billion from mineral exports in 2025.

Gold made up about 95% of those earnings, showing how important the precious metal is to the country’s economy.

Government revenue from the mining sector also reached GH¢24.22 billion in 2025.

Another concern is the rising cost of producing gold.

The Chamber said Ghana’s average cost of producing an ounce of gold reached $2,031 in 2025. The figure includes the main costs involved in keeping mining operations running.

While Ghana is producing and exporting more gold, much of the small‑scale sector operates outside the formal tax system, limiting the state’s ability to capture revenue.

Large‑scale companies, by contrast, contribute significantly through taxes, royalties, and other charges.

In 2025, Ghana earned $21.32 billion from mineral exports, with gold accounting for about 95%. Government revenue from the mining sector reached GH¢24.22 billion.

Another concern is the rising cost of production. The Chamber reported that Ghana’s average cost of producing an ounce of gold climbed to $2,031 in 2025, reflecting the growing expenses of sustaining mining operations.

While Ghana could achieve another record year in 2026, the challenge lies in ensuring that higher output translates into broader economic benefits.

The Chamber stressed that issues around small‑scale mining, taxation, governance, and rising production costs must receive greater attention if Ghana is to maximise gains from its gold wealth.

DR/SA

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