Ghana's Small-Scale Miners Produce Over Half of Gold Output in 2025, Overtaking Large Mines

In 2025 small‑scale miners in Ghana extracted 3.11 million ounces of gold, accounting for 52.4 % of the country's total gold production and surpassing large‑scale operators for the first time in more than a century. Total national output rose to 5.94 million ounces, a 23.41 % increase from 2024. Large‑scale mines saw output fall 2.98 % to 2.83 million ounces, reducing their share to 47.6 %.

The surge is linked to reforms such as the Ghana Gold Board, launched in April 2025 to formalise gold trading, curb smuggling and bring artisanal production into official statistics, as well as high global gold prices that make marginal deposits profitable. The Ghana Chamber of Mines warned that a proposed sliding‑scale royalty regime, starting around 9 %, could discourage new investment and jeopardise its 2026 target of 6.5 million ounces.

The shift underscores the growing economic role of artisanal miners, who now capture a larger share of export earnings and foreign‑exchange inflows while raising concerns about regulatory balance and future investment in the sector.