Ghana Small-Scale Gold Production on Pace to Match 2025 Record

Ghana's state-run Gold Board purchased between 50 and 54 metric tons of gold from the country's artisanal and small-scale mining (ASM) sector in the first half of 2026. The strong performance puts the sector on pace to match or surpass its record-breaking output from the previous year, according to comments made by Gold Board CEO Samuel Gyamfi to reporters on Tuesday.

Record Production Pace

The current rate of purchases suggests full-year output from small-scale miners will likely meet the 104 metric tons produced in 2025. That year marked a significant milestone, as it was the first time the ASM sector's production exceeded that of large-scale mining operations in the West African nation.

In 2025, the economic contribution from the two sectors was:

• Small-scale mining: Generated nearly $11 billion in foreign exchange earnings.
• Large-scale mining: Contributed approximately $9 billion.

Earnings Outlook and Gold Prices

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Mr. Gyamfi noted that recent declines in global gold prices have tempered earnings expectations for 2026. The Gold Board had based its initial forecasts on an average gold price of about $5,000 per ounce and weekly purchases of around 2.5 metric tons.

Despite the price moderation, Gyamfi stated that Ghana is still on course to generate higher gold export earnings in 2026 than in 2025. This is because average prices for the year remain above 2025 levels, even if they are below the board's initial, more optimistic projections.

Economic Context

Gold is Ghana's most important export and its largest earner of foreign exchange. The country, which is Africa's top gold producer, has implemented a series of reforms in the mining sector. These measures are designed to formalize the industry, reduce smuggling, and increase the state's foreign exchange reserves from its significant mineral wealth.