Ghana has reclaimed its position as Africa’s top gold producer, surpassing South Africa with a significant 32% increase in output.
According to the Ghana Chamber of Mines, the country’s gold production surged from 2.8 million ounces in 2021 to 3.7 million ounces in 2022, driven by growth in both large and small-scale sectors.
Minister of Lands and Natural Resources Samuel Abu Jinapor attributed this achievement to the government’s policies under President Nana Akufo-Addo, saying, “The gold production landscape in Ghana has undergone a transformation, including an increase of gold production in the small-scale sector.” Joshua Mortoti, President of the Ghana Chamber of Mines, noted that the large-scale gold sub-sector recorded its highest output in the country’s history in 2022, with production increasing from 2.7 million ounces in 2021 to 3.1 million ounces in 2022, representing a 13% increment ¹ ².
The increase in gold production has had a positive impact on Ghana’s economy, with the minerals sector consolidating its position as the country’s largest source of foreign exchange in 2022. According to President Akufo-Addo, Ghana produced four million ounces of gold in 2023, with expectations to reach 4.5 million ounces by the end of 2024 ³.
In contrast, South Africa’s gold production has been declining due to high costs, strikes, and geological challenges. Gwede Mantashe, Minister of Mineral Resources and Energy, acknowledged the decline, stating, “Gold is an old sector that will decline. New minerals are becoming more important.”
Ghana’s success in gold production is attributed to the revival of dormant mines, expansion of output, and government policies. The country’s gold output is projected to range between 3.3 and 3.5 million ounces in 2023, driven by a broad-based increase in output.