Michael Edem Akafia
The small-scale gold sector recorded a 70.1% increase in output, rising from 1.1 million ounces in 2023 to 1.9 million ounces in 2024.
According to the Ghana Chamber of Mines (GCM), while Ghana recorded a broad-based and notable increase in traditional minerals, with total gold output rising from 4.0 million ounces in 2023 to 4.8 million ounces in 2024, which represents a year-on-year growth of 19.3%.
President of the GCM, Michael Edem Akafia, disclosed this at the 97th Annual General Meeting in Accra. He said the increase in total gold output was primarily driven by a significant rise in attributable production from small-scale gold miners.
He stated, “The small-scale gold sector recorded a 70.1% increase in attributable output, from 1.1 million ounces in 2023 to 1.9 million ounces in 2024 – the second-highest level since the sector’s formalisation.”
He also reported that manganese production surged by 66.9%, bauxite by 76.5%, and diamond exports rose by 63.9%. These increases were similarly driven by the small-scale mining sector, which offset near-stagnation in production from large-scale gold producers.
“The contrasting performance led to a decline in the large-scale sector’s contribution to national gold output – from 72.3% in 2023 to 60.6% in 2024. Conversely, the share of the small-scale gold sector rose from 27.7% to 39.4% over the same period,” he added.
He noted that members of the Chamber of Mines accounted for 59.4% of national gold output, with mineral revenue rising by 19.8% to US$7.1 billion year-on-year.
He attributed the modest overall growth to the pause in operations at Future Global Resources’ Bogoso Mine and widespread declines across most large-scale producers.
He also mentioned that output from large-scale mines not affiliated with the Chamber fell by 8.3%, dropping from 60,419 ounces in 2023 to 55,425 ounces in 2024.
The Chamber added that, apart from a few mining companies, nearly all other operations recorded year-on-year declines in output due to production-related inefficiencies.
“On the other hand, the output growth of the small-scale gold sector was due to a combination of supportive government policies and favourable price dynamics,” he noted.
Acting Chief Executive of the Chamber of Mines, Ahmed Nantogmah, urged the government to continue prioritizing policy credibility and consistency. He cautioned that sudden changes in fiscal regimes, licensing processes, or regulatory requirements create uncertainty for investors and reduce Ghana’s attractiveness as a mining destination.
He assured the public of the Chamber’s commitment to working toward a consultative, transparent, and predictable policy environment that honours the sanctity of contracts and supports long-term planning and investment. He also called on the government to be transparent in the management and utilization of mineral resources.
By Ebenezer K. Amponsah