Ghana Rises to Sixth Among World’s Biggest Gold Producers After Record 5.94 Million Ounces

Ghana has strengthened its position in the global gold industry after producing a record 5.94 million ounces of gold in 2025, a performance the Ghana Chamber of Mines says has moved the country to sixth place among the world’s leading gold producers.

The new figures represent more than a change in an international ranking. Behind the headline is a significant transformation taking place within Ghana’s mining industry: for the first time in more than a century, small-scale miners accounted for more gold production than the country’s large-scale mining operations.

According to figures presented by the Ghana Chamber of Mines, national gold production increased from 4.82 million ounces in 2024 to 5.94 million ounces in 2025, representing growth of approximately 23.41%.

That is equivalent to roughly 185 tonnes of gold.

The Chamber says the increase was enough for Ghana to move ahead of the United States and take sixth position globally, behind China, Russia, Australia, Canada and Peru.

Ghana’s Gold Production at a Glance

The numbers reveal something arguably more significant than Ghana’s global ranking.

Small-Scale Miners Are Now Producing More Than the Big Mines

For decades, Ghana’s large mining companies dominated recorded national gold production.

That balance changed in 2025.

Small-scale gold production climbed from approximately 1.90 million ounces in 2024 to 3.11 million ounces in 2025, an increase of about 63.82%.

Small-scale mining consequently accounted for approximately 52.4% of Ghana’s total gold production.

Large-scale mines, meanwhile, produced approximately 2.83 million ounces, down from 2.92 million ounces in 2024.

It means small-scale operators accounted for the majority of Ghana’s officially recorded gold output for the first time in more than 100 years of commercial mining.

That development could have far-reaching consequences for how Ghana regulates mining, gold purchasing, environmental protection and the distribution of mining revenue.

Ghana Moves Ahead of the United States

Christopher Nyarko, Director of Analysis, Research and Finance at the Ghana Chamber of Mines, said Ghana’s increased production combined with weaker US output allowed the country to move ahead of the United States.

Ghana had traditionally occupied seventh position among major global producers.

The Chamber now places Ghana sixth, immediately behind Peru.

The reported 2025 ranking is:

1. China
2. Russia
3. Australia
4. Canada
5. Peru
6. Ghana
7. United States

However, international gold-production rankings can vary slightly between datasets because organisations may use different methodologies, reporting periods and estimates, particularly when calculating artisanal and small-scale production.

The significance of Ghana’s production increase itself is much clearer.

World Gold Council data show Ghana was among the countries recording the strongest increases in mine production during 2025.

Gold Is Becoming Even More Important to Ghana’s Economy

The production figures matter beyond the mining industry.

According to information presented at the Ghana Chamber of Mines’ 98th Annual General Meeting, gold’s contribution to Ghana’s GDP increased from approximately 7.97% in 2024 to 9.98% in 2025.

Mining revenue among Chamber members reportedly increased from approximately GH¢21.90 billion to GH¢24.22 billion.

Employment also increased.

Direct employment among Chamber member companies rose from 11,372 workers in 2024 to 13,819 in 2025, according to industry figures.

These numbers demonstrate why developments in gold production increasingly have consequences for Ghana’s foreign exchange position, government revenue, employment and wider economic stability.

The GoldBod Factor

Another part of the story is the creation of the Ghana Gold Board, commonly known as GoldBod.

GoldBod was established in 2025 as part of efforts to reorganise Ghana’s gold-trading system, particularly the purchasing and export of gold produced by the artisanal and small-scale sector.

Its role includes bringing more gold transactions into formal channels and improving traceability within the industry.

The 2025 production figures therefore need to be interpreted carefully.

A rise in officially recorded small-scale production does not necessarily mean every additional ounce represents entirely new physical production.

Part of the increase may also reflect improvements in formalisation and the recording of gold that previously could have moved through less visible trading channels.

That distinction will become increasingly important when Ghana’s production performance is compared over several years.

The Bigger Question: What Does Ghana Gain From Producing More Gold?

Reaching sixth place globally would undoubtedly strengthen Ghana’s position as one of the world’s important gold-producing countries.

But production rankings alone do not determine whether mineral wealth improves people’s lives.

The larger economic test is how much of the value created by Ghana’s gold remains within the country.

That includes tax revenue, foreign-exchange earnings, employment, local procurement, domestic processing and refining, investment in mining communities and environmental restoration.

There is also an unavoidable environmental question.

The rapid expansion of artisanal and small-scale mining has coincided with continuing national concern over illegal mining, commonly known as galamsey, and damage to rivers, forests and agricultural land.

It is important not to treat legitimate small-scale mining and illegal mining as the same activity. Ghana has licensed small-scale operators working within the legal framework, while illegal mining involves operations that violate mining or environmental laws.

As small-scale mining becomes an even larger component of national production, effective regulation will therefore become increasingly important.

Ghana Could Produce Even More Gold in 2026

The Chamber of Mines expects Ghana’s production to remain historically high.

Industry projections indicate that national gold output could reach approximately 6.1 million to 6.7 million ounces in 2026, depending on production across both the large-scale and small-scale sectors.

Large-scale production is expected to recover, while small-scale mining is likely to remain a major contributor.

If those projections materialise, Ghana could consolidate its position among the world’s leading gold-producing nations.

GhanaPunch Analysis

Ghana’s record 5.94 million ounces should be viewed as more than a sporting-style league table of which country produces the most gold.

The more consequential development is happening inside Ghana itself.

Small-scale miners have moved from being a secondary component of officially recorded production to supplying more than half of the country’s gold.

That creates an opportunity but also a policy challenge.

If greater formalisation allows Ghana to capture gold that previously escaped official channels, strengthen foreign-exchange reserves and increase public revenue, the expansion could deliver significant economic benefits.

But increased production without stronger environmental enforcement, traceability and benefits for mining communities would leave Ghana with an impressive global ranking while many of the longstanding problems surrounding its mineral wealth remain unresolved.