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Ghana Mining Gold Rush

Historical Role of Gold in Ghana

Indigenous communities have been extracting gold since the 10th century in Ghana, which was known historically as “The Gold Coast.”  Commercial-scale gold mining began in 1897 near Obuasi in the Ashanti region.  Now, Ghana is the Africa’s largest gold producer and one of the top 10 gold producers in the world.  Ghana also has the largest open pit gold mine in Africa by size, 200km² Tarkwa mine operated by GoldFields. 


New Gold Projects

New, large-scale greenfield mines will soon come online, such as Newmont’s North Ahafo mine and the Cardinal Namdini mine operated by Cardinal Resources, a unit of Shandong Gold.  Now, new mines also are being developed outside of the traditional Ashanti region.  A new gold mine by Azumah Resources in northwestern Ghana, near the border with Burkina Faso, is slated to start production in 2026.  Promising exploration efforts in Kpali near Wa in Ghana’s Upper West Region may also lead to the creation of new mining settlements and projects in that region as well.
Growing Production and Exports

In 2024, Ghana mined an estimated 4.9 million ounces, or roughly 136 metric tons, of gold.  This production represents an 8.5% increase compared to 2023 and can be attributed to both large-scale mining operations and the growing contribution of artisanal and small-scale mining (ASGM).  ASGM played a crucial role in Ghana’s gold industry, contributing $5 billion in export revenue and employing over one million people.

Also, in 2024, Ghana experienced a significant increase in gold exports which reached $11.6 billion, a 52.6% increase from $7.6 billion in 2023.  According to Ghana’s Minister of Lands and Natural Resources, these trends continued in the first four months of 2025, when Ghana earned $5.2 billion from gold exports, a 76.4% increase compared to the same period in 2024.  This surge is attributed to new regulations, global gold price increases, and heightened international demand.

In early 2025, Ghana established a new gold board (GoldBod) to streamline gold purchases from small-scale miners, increasing earnings and reducing smuggling.  The Ghanaian Government ordered foreign companies to exit the local gold trading market by April 30, 2025, with the exception of those that can apply to buy gold directly from the GoldBod. 

The Bank of Ghana’s gold reserves have surged by 56% in the past year, reaching 30.5 tons in 2024, up from 19.5 tons in 2023, according to data from the Bank of Ghana.  The value of these reserves is estimated at $2.7 billion, marking a significantly boosting Ghana’s financial stability.
Commercial Opportunities

  • Providing new power generation solutions to new mines.  Ghana’s Ministry of Lands and Natural Resources is working to ensure that 20% of energy used in mines comes from renewable resources by 2030. \
  • Supplying mining equipment, services, supplies, and technology solutions to the mines.  Some of the larger mines procure several hundred million dollars in goods and services every quarter. However, increasingly strict localization requirements form a concerning trade barrier to supplying certain goods and services even to privately owned mines. 
  • Providing industrial equipment and parts to mills, and growing number of processing and refining facilities. 
    For more information about doing business in Ghana’s gold mining sector, please contact Commercial Service Ghana at Office.Accra@trade.gov or +233(0)30-274-1870.