Ghana has maintained its position as Africa’s leading gold producer, reaffirming its dominance on the continent while securing a significant presence in global gold markets. But beneath the positive headlines, stakeholders say challenges within the sector demand urgent attention if Ghana is to sustain its gains.
Speaking on the state of the mining industry, President of the Ghana Chamber of Mines, Michael Edem Akafia, confirmed that the country’s performance remains unmatched across Africa.
“In terms of performance, if you look at it on the global level, obviously, Ghana is still maintaining its place as the biggest gold producer in Africa.”
Michael Edem Akafia, President of the Ghana Chamber of Mines
Mr. Akafia noted that the growth in gold production is driven largely by small-scale mining operations rather than large-scale producers.
“If you look at some of the numbers, last year’s production, gold production was around 4.8 million ounces, and that was a significant jump.”
Michael Edem Akafia, President of the Ghana Chamber of Mines
Small-scale mining accounted for 1.9 million ounces of the total output, nearly doubling its 2023 contribution of 1.1 million ounces. In contrast, large-scale mining production remained stagnant at around 2.9 million ounces.
This surge underscores the rising influence of small-scale operators, many of whom are legally registered, while also raising questions about sustainability and regulatory oversight.
A Beacon for the Mining Industry
While commending the industry’s resilience, Mr. Akafia stressed that the sector faces critical issues that could undermine its long-term trajectory.
“If you unpack it and look behind those headlines, you find that there may be challenges and issues of concern for the industry.
“And we believe that Ghana should continue to position itself as a beacon for the mining industry generally, because we are known to be a relatively more mature mining industry.”
Michael Edem Akafia, President of the Ghana Chamber of Mines
Industry analysts say Ghana’s reputation as a stable and mature mining jurisdiction has helped attract global investment, even amid fluctuating commodity prices.
But there is growing pressure on policymakers to balance investor confidence with local development priorities.
One area drawing particular attention is the government’s planned overhaul of mining laws.
Mr. Akafia indicated that while reforms are necessary to improve the governance of natural resources, uncertainty about the scope and implementation of new policies has created concerns among mining companies.
“Government’s planned overhaul of mining laws has created concerns within the industry, even as Ghana continues to strengthen its position as a global mining destination.”
Michael Edem Akafia, President of the Ghana Chamber of Mines
The proposed review of the Minerals and Mining Act is expected to introduce stricter requirements for community development, environmental protection, and royalties.
While these reforms are widely supported in principle, mining companies worry that abrupt changes could increase operational costs and deter investment.
Balancing Growth with Sustainability
The prominence of small-scale mining in Ghana’s recent gold boom adds another layer of complexity.
While artisanal and small-scale mining (ASM) has been a lifeline for many rural communities, it has also been linked to environmental degradation, unsafe practices, and illegal operations.
Experts argue that the sharp increase in small-scale production highlights the need for stronger regulation and support for formalization.
Integrating these miners into the mainstream economy through better licensing, training, and environmental safeguards could ensure that their contribution remains sustainable.
At the same time, industry leaders are calling for policies that will help large-scale producers expand capacity and unlock new reserves.
Despite these challenges, Ghana’s mining sector remains a critical pillar of the national economy. Gold continues to be the country’s top export, providing vital foreign exchange earnings and supporting jobs across the value chain.
Mr. Akafia reiterated, “Ghana should continue to position itself as a beacon for the mining industry,” emphasizing the need for balanced policies that protect communities, the environment, and economic competitiveness.
As the debate over mining reforms unfolds, the industry will be watching closely to see whether Ghana can turn its gold wealth into a sustainable foundation for inclusive growth.
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