Ghana, long one of the world’s top gold producers, is balancing record output, new mine starts and corporate reshuffles against an intensifying national campaign to curb illegal mining (galamsey), stem gold smuggling and force greater downstream value capture, writes Dr Nicolaas C Steenkamp.
Image by Natanaelginting on Freepik
Projects and shifting contributors
Ghana’s gold production accelerated in 2025. After a record 2024, industry group estimates and reporting suggested further growth. The Chamber of Mines and market commentators projected Ghanaian output could reach some 5.1 million ounces in 2025, roughly a 6% rise in 2024, driven by robust activity from artisanal miners and a handful of new or expanded large-scale operations.
That combination, continued output from established large-scale mines plus elevated activity in the small-scale sector, is a double- edged sword. On one hand it delivers export earnings, employment and tax flows. On the other hand, much of the incremental tonnage and revenue historically associated with artisanal producers has bypassed formal channels (and taxes), contributing to the government’s renewed push to formalise and to the long-standing problem of gold smuggling.
Large miners also played a distinctive role in 2025. Newmont’s Ahafo North project moved decisively into commercial production during the year, positioning itself as an emerging contributor to Ghana’s output profile with stepped-up ounces through the rest of the decade. The start-up of Ahafo North is both a production story and a capital-allocation signal, multinational majors are still prepared to invest to sustain Ghana exposure where geology and permitting align.
Gold Fields’ long-running difficulties at Damang culminated in a high-profile outcome in 2025 when the company was instructed to cease operations and vacate following a lease renewal dispute, a significant development for Ghana’s mid-tier mining landscape and for local employment, where Damang was a material regional employer. That decision underlined the political and legal dimensions now shaping the sector.
Traceability and GoldBod
Recognising that billions in potential export value were leaking from the formal economy, Accra launched a national multi-agency task force, backed by security forces, to disrupt illicit mining networks and the cross-border smuggling routes that funnel unrefined gold out of the country. The authorities also announced a plan to move toward refined gold exports, institute traceability systems and create certified assay capability and domestic manufacturing hubs as part of an integrated policy to keep more of the value chain in-country.
Central to that agenda was GoldBod (the Ghana Gold Board), repurposed and given a more prominent, enforcement-oriented role in the first half of 2025. Officials signalled GoldBod would act as the primary buyer and regulator of local gold flows, a structural shift that aims to block parallel markets and raise the share of documented exports. Early 2025 export tallies reported under the reformed framework pointed to large volumes being processed officially in the first months, a data point the government used to argue the reforms were starting to work.
The policy is straightforward, if Ghana cannot capture more of its gold value at source, the long-term economic benefits of the metal will continue to accrue elsewhere.
Galamsey
Illegal small-scale mining, known locally as Galamsey, remains the single biggest environmental and social crisis tied to gold. The year saw an intensification of enforcement operations across multiple regions, with seizures of heavy equipment, closure of camps close to rivers and a rise in confrontations between state forces and illegal miners. The confrontations have sometimes been violent; the security-centred posture has drawn criticism from religious and civil-society groups alarmed about human rights and environmental harm, and the country has seen tragic incidents that have widened political and social debate about tactics and root causes.
Ghana’s Catholic bishops and environmental groups amplified warnings about the long-term ecological damage, silted waterways, poisoned fisheries, and deforested headwaters, arguing that enforcement alone will not suffice. Instead, they urged complementary measures, including livelihood alternatives, formalisation programmes for small-scale miners, and transparent prosecution of corrupt gatekeepers who enable illegal trade. The bishops’ statements added moral pressure on the government and highlighted the potential reputational risk for companies operating near galamsey hotspots.
Security incidents and corporate-community relations
In 2025, a clash at AngloGold Ashanti’s Obuasi operations resulted in deaths and an immediate political response. The president ordered investigations and called for accountability, while AngloGold pledged support for medical and burial costs for affected families. The incident underscored how security, community grievances and illegal mining intersect and how a single event can reshape public perceptions of a major operator. It reinforced calls for more nuanced approaches to enforcement that integrate social dialogue.
Despite occasional incidents, major companies continued to emphasise community development commitments and socio- economic plans, citing apprenticeship and local procurement programmes as part of efforts to secure their social licence to operate. For operators like AngloGold Ashanti and Newmont, the twin priorities in 2025 were to protect assets and personnel while attempting to build durable local partnerships that could reduce friction over time.
Refining, traceability and value addition
Ghana’s authorities publicly pushed for a pivot from raw bullion exports toward refined metal exports and eventual local jewellery and components manufacturing. The plan was pragmatic, refining raises the localised share of the final export value, traceability systems make it harder for smuggled gold to enter official channels, and a certified assay service can increase buyer confidence and reduce pricing discounts for Ghanaian producers. These interventions transit from technical to political terrain. It requires capital, credible institutional capacity and co-operation with industry partners, but if delivered, they promise to change the domestic benefits calculus of gold.
For miners and investors, downstream ambitions present both opportunity and friction. Local value addition can enlarge domestic industrial jobs and capture margins, but it also obliges miners to negotiate new logistics, possibly face higher local content demands, and factor in additional regulatory complexity.
ESG and legacy damage
International financiers and buyers remained sensitive to deforestation, water contamination and community displacement. High-profile civil society statements and reporting in the year brought attention to legacy pollution and the need for rehabilitative financing mechanisms. For operators, remediation obligations, tailings management and transparent community benefit-sharing have become standard parts of capital planning. Successful projects in 2025 were those that matched engineering rigs with credible social programmes and clear remediation roadmaps.
A persistent ESG challenge is artisanal miners’ exposure and lack of formal labour protections. Formalisation programmes that include training, safety improvements and environmental standards can shift artisanal mining from a liability to a partially regulated sector that supplies certified concentrates, but scaling such initiatives reliably remains a difficult, multi-year task.
Three strategic questions for 2026
Will the traceability and refining push stick? 2025’s policy announcements were ambitious; implementation will determine whether Ghana can materially increase domestic value capture and reduce smuggling margins. Progress on assay labs, certified refineries and an enforced GoldBod monopoly on purchases will be the critical metrics to watch.
Can enforcement be paired with livelihoods? The political appetite for crackdowns is strong, but long-term success requires alternative livelihoods and the formalisation of responsible small-scale miners. Whether Accra designs scaled packages of incentives, microfinance and training will influence both environmental outcomes and social stability.
Will corporate-government relations stabilise around clear fiscal and licensing rules? Cases like Damang illustrate the risks of ambiguous licence-renewal frameworks. For Ghana to attract patient capital for exploration and development, investors will seek reliable, transparent processes and predictable fiscal regimes.
Dr Nicolaas C Steenkamp is an independent consultant, specialising in geological, geotechnical and geometallurgical projects and mining project management. He has over two decades of industry experience with global exposure. (ncs.contract@gmail.com)