Ghana produced a record 6 million ounces of gold in 2025, according to provisional figures, with large-scale mines contributing 2.9 million ounces, unchanged from a year earlier, according to an association of multinational and local mining companies.

The industry warned, however, that the projected output of 6.5 million ounces next year could be at risk due to the government’s planned overhaul of mineral royalties, which may delay new projects and expansions expected to drive 2026 production, Reuters reported.

Ghana Chamber of Mines Chief Executive Kenneth Ashigbey said the 2025 outturn exceeded expectations largely because artisanal and small-scale mining (ASM) rose to about 3.1 million ounces.

Surging prices, reforms boost supply

Africa’s top gold producer is seeking to maximise both output and revenue from its resources, and plans to replace its fixed royalty rate with a sliding scale of 5% to 12% linked to bullion prices.

Like several other African nations, Ghana is aiming to capture a larger share of mining income as commodity prices rise.

Although the government has agreed to reduce an existing levy to help pass the reform, mining companies say the proposed range remains too high and have called for lower rates. The new regime could take effect this month unless it is amended or withdrawn.

The country has also moved to retain more value domestically by starting local gold refining for artisanal and small-scale mining, a shift intended to formalise supply and boost government revenue.

Gold reserves slashed

Meanwhile, the country has also made the surprising decision to reduce its gold holdings sharply. Reports indicate that the Bank of Ghana (BoG) has cut the proportion of gold in its international reserves by 51%, equivalent to 18.6 tonnes.

The bank said the move reflects the disproportionately high weight of gold in its reserves and a strategic shift toward accumulating more foreign-currency assets.

Before this adjustment, gold accounted for 40% of the West African nation’s reserves, well above the conventional range of 20% to 25%.