Keypoints:
- Ghana produces record 6m ounces in 2025
- Global gold prices climb above $5,000
- Royalty reforms may shape 2026 outlook
GHANA’S gold production climbed to a historic 6 million ounces in 2025, marking the highest annual output ever recorded, according to industry figures released on February 12, 2026.
Small-scale miners power record year
Provisional data from the Ghana Chamber of Mines show total output rose to 6 million ounces last year, reinforcing Ghana’s standing as Africa’s leading gold producer.
The record performance was driven largely by a sharp rise in artisanal and small-scale mining, supported by stronger global bullion prices and formalisation efforts. However, industry leaders warn that proposed changes to mineral royalty rates could temper momentum in 2026 if not carefully structured.
Large-scale mining companies accounted for roughly 2.9 million ounces in 2025, broadly steady compared to 2024. The bulk of incremental growth came from small-scale operators, whose increased activity lifted national production to the record threshold.
Industry executives told Reuters that elevated international gold prices encouraged more miners to sell through official channels, improving transparency and boosting reported output.
Global gold prices climb above $5,000
The domestic production surge comes amid renewed strength in global bullion markets.
Gold futures climbed 0.9 percent to $5,077.20 per troy ounce on February 11, while spot prices rose 0.2 percent to $5,055.34 at the time of writing.
A fresh batch of US economic data pointed to cooling momentum, fuelling expectations that the Federal Reserve could have greater latitude to ease monetary policy in 2026. Because gold offers no income, declining yields tend to enhance its appeal relative to interest-bearing assets.
‘Yields being lower are obviously supportive of gold today… After soft retail sales numbers, there’s the expectation that perhaps, further and deeper rate cuts may be needed more imminently than previously thought,’ Kyle Rodda, senior market analyst at Capital.com, said.
Markets are now factoring in at least two reductions of 25 basis points in 2026, with June seen as the most likely starting point.
Investors are also awaiting January’s non-farm payrolls report, scheduled for release later on Wednesday after being postponed last week. Kevin Hassett, director of the National Economic Council, played down concerns about the labour market earlier this week, telling CNBC: ‘One shouldn’t panic. You should expect slightly smaller job numbers.’
Economists polled expect the US economy to have added 70,000 jobs in January, compared with 50,000 the previous month.
‘Moves of more conviction from either gold or the dollar may be reserved until after the NFP release, with US jobs data likely to factor into the Fed’s interest rate trajectory. Any softness in the jobs data for January could help gold’s rebound efforts,’ Tim Waterer, chief analyst at KCM, said in a note.
Gold remains economic backbone
Gold continues to underpin Ghana’s export earnings and foreign exchange inflows. The mining sector remains one of the country’s most important economic pillars, supporting jobs, fiscal revenue and investor confidence.
Operations span major producing areas in the Ashanti, Western and Eastern regions, where multinational firms operate alongside licensed small-scale miners. Reforms aimed at reducing smuggling and improving traceability have also helped integrate more artisanal output into formal supply chains.
Royalty reforms raise 2026 questions
Despite the record 2025 figures, mining companies have expressed caution over government plans to revise mineral royalty rates. Ghana is considering shifting from a fixed royalty structure to a sliding scale linked to international gold prices.
Industry representatives argue that royalty rates could range between 5 percent and 12 percent depending on price levels. They caution that a higher fiscal burden could delay new projects and expansion plans.
‘We have achieved a record year, but the policy framework will determine how sustainable this growth is,’ a senior industry official told Reuters.
The Chamber estimates that output could rise further in 2026, potentially reaching 6.5m ounces if new projects proceed on schedule. However, that projection hinges on clarity around fiscal terms and maintaining investor confidence.
As commodity markets evolve and fiscal policy debates intensify, Ghana’s record-breaking gold output in 2025 highlights both the strength of its mining sector and the delicate balance between revenue mobilisation and long-term competitiveness.
