Ghana’s mining industry recorded a strong performance in 2025, with gold production reaching historic highs and the sector contributing more than GH¢24.2 billion in fiscal revenue to the state, according to the Ghana Chamber of Mines.
Addressing the Chamber’s 98th Annual General Meeting in Accra, outgoing President Michael Edem Akafia said the industry remained a critical pillar of Ghana’s economy, driving export earnings, employment creation, foreign exchange accumulation and government revenue despite policy uncertainties and rising operational costs.
According to the Chamber, attributable gold production increased by 23.4 percent from 4.82 million ounces in 2024 to 5.94 million ounces in 2025, largely driven by a surge in small-scale mining output.
For the first time in more than a century, small-scale mining overtook large-scale mining as the largest contributor to Ghana’s gold production, accounting for 52.4 percent of total national output after production rose by 63.8 percent to 3.11 million ounces.
Large-scale gold production, however, declined marginally by 2.98 percent to 2.83 million ounces, although Chamber member companies continued to dominate the segment, accounting for 98 percent of large-scale production.
The Chamber reported that the mining and quarrying sector remained the largest contributor to direct domestic tax revenue mobilised by the Ghana Revenue Authority, generating GH¢23.11 billion in taxes in 2025, up from GH¢20.87 billion in the previous year.
When dividends are included, total fiscal contributions rose to GH¢24.22 billion, representing an increase of 10.6 percent over 2024.
Export earnings from minerals also surged by nearly 78 percent, rising from US$11.98 billion to US$21.36 billion, and accounting for 68.2 percent of Ghana’s total merchandise exports.
Akafia said the sector’s contribution to economic growth was evident in the performance of the gold mining subsector, which expanded by 19.6 percent and increased its share of national GDP from 7.97 percent to 9.98 percent.
The gold mining sub-sector was the standout performer, driven largely by a near doubling of small-scale gold output. Gold’s contribution to GDP increased significantly, making it the largest sub-sector of the economy,” he said.
Despite the impressive performance, the Chamber raised concerns over policy and regulatory uncertainties, including revisions to the mining royalty regime, the review of the Minerals and Mining Act, and unresolved mining lease renewals.
The Chamber warned that Ghana’s effective mining tax burden, estimated between 54 and 58 percent, now ranks among the highest globally and could undermine competitiveness, investment and exploration activities.
Akafia urged government to undertake a holistic review of the mining fiscal framework and ensure that reforms strike a balance between maximising state revenues and sustaining investor confidence.
The Chamber also renewed calls for at least 30 percent of mineral royalties to be returned directly to mining communities and advocated for the establishment of a Mineral Revenue Management Act to improve transparency and accountability in the use of mineral revenues.
Meanwhile, Chief Executive Officer of the Chamber, Ing. Dr. Kenneth Ashigbey, highlighted the industry's resilience in the face of geopolitical tensions, inflationary pressures, supply chain disruptions and climate-related obligations.
He noted that the Chamber’s engagement with government led to the reduction of the Growth and Sustainability Levy from three percent back to one percent in 2026 and secured a commitment for its eventual phase-out by 2028.
Ashigbey said the Chamber would continue advocating for stable policies, responsible mining practices and reforms that enhance Ghana’s competitiveness as a leading mining destination.
Together, we can continue to position Ghana’s mining industry as a driver of sustainable economic transformation, industrial growth, and shared prosperity. That is the responsibility before us, and it is the opportunity we must seize,” he stated.
Looking ahead, the Chamber projects large-scale gold production to range between 3.2 million and 3.4 million ounces in 2026, while small-scale output is expected to remain robust at between 2.9 million and 3.5 million ounces.
The industry body also announced preparations for its centenary celebrations, which will mark 100 years of the Chamber’s contribution to Ghana’s economic development and the evolution of the country’s mining sector.
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