Ghana has retained its position as Africa’s largest gold producer with total output reaching approximately 4.8 million ounces in 2024, according to the Ghana Chamber of Mines. The country ranks sixth globally in gold production, cementing its status as a major force in the international gold market.
Michael Edem Akafia, President of the Ghana Chamber of Mines, confirmed the milestone during an appearance on Joy News’ PM Express Business Edition on Thursday. Ghana maintains its position “as the biggest gold producer in Africa” and continues to hold significant global market share.
However, the headline figures reveal underlying structural changes in Ghana’s mining sector. Small-scale mining production surged 70 percent to 1.9 million ounces in 2024, up from 1.1 million ounces in 2023, while large-scale mining remained relatively stagnant at 2.9 million ounces.
The dramatic shift toward artisanal and small-scale mining operations represents both opportunity and challenge for Ghana’s mining industry. Ghana’s gold exports soared by 53.2% to $11.64 billion in 2024, with $5 billion from legal small-scale miners, demonstrating the economic significance of this sector’s growth.
Akafia cautioned that impressive production numbers mask deeper industry concerns. The president emphasized that policy uncertainty surrounding proposed mining law reforms could undermine recent gains if not carefully managed.
Industry estimates suggest Ghana’s 2024 production reached approximately 4.9 million ounces, representing an 8.5% increase compared to 2023. This growth trajectory helped Ghana maintain its competitive edge over South Africa, which previously dominated African gold production for decades.
The production increase coincided with favorable market conditions, as gold prices reached record highs throughout 2024. The strong pricing environment enhanced revenue generation for both large-scale operators and small-scale miners across Ghana’s gold-producing regions.
Ghana’s mining industry contributes approximately 7 percent of the country’s gross domestic product, making gold production vital to national economic stability. The sector’s performance directly affects foreign exchange earnings, employment levels, and government revenues.
The Chamber of Mines president highlighted Ghana’s reputation as a relatively mature mining jurisdiction within Africa, emphasizing the country’s established regulatory framework and operational expertise. This stability attracts international investment while supporting domestic mining development.
However, challenges persist in balancing formal mining operations with artisanal activities. The government continues addressing illegal mining concerns while supporting legal small-scale operators through improved regulatory frameworks and purchasing mechanisms.
The mining industry faces pressure to address environmental impacts while maintaining production levels. Sustainable mining practices and community engagement remain priorities as Ghana seeks to preserve its leading position in African gold production.
As global gold demand continues rising amid economic uncertainty, Ghana’s production capacity positions the country advantageously for sustained growth. The successful integration of small-scale operations with large-scale mining could further strengthen Ghana’s competitive position in international markets.
The 2024 production figures underscore Ghana’s resilience in maintaining market leadership despite regional competition and operational challenges. The country’s ability to adapt mining strategies while preserving production volumes demonstrates the sector’s strategic importance to national development objectives.
Source: newsghana.com.gh
