Small-scale mining accounted for more than half of Ghana’s gold production in 2025, overtaking the large-scale sector for the first time in the country’s more than 100-year history of commercial mining, the Ghana Chamber of Mines has disclosed.
The development formed part of a record year for Ghana’s gold industry, with national gold production rising by 23.41% from 4.82 million ounces in 2024 to 5.94 million ounces in 2025.
Director of Analysis, Research and Finance at the Chamber, Christopher Nyarko, said the shift had significant implications for government revenue, governance and employment.
Speaking with Bernard Avle on Channel One TV’s The Point of View on Monday, August 17, Mr Nyarko said the record output was particularly significant because of the changing contribution of the two major segments of the mining industry.
“In 2025, our output hit almost six million ounces, and that’s about the largest we have seen in our records. And it was very significant also for the fact that small-scale overtook large-scale mining for the very first time,” he said.
“This is the very first time we are seeing this in more than 100 years of mining in the country, and it has a lot of implications on the revenue side, on a governance perspective as well, and even for decent employment opportunities,” he added.
Small-scale mining drives record output
Data from the Chamber’s 2025 industry assessment show that small-scale gold production increased by 63.82%, from 1.90 million ounces in 2024 to 3.11 million ounces in 2025.
The increase pushed the sector’s share of national gold production to 52.4%, making it the largest contributor to Ghana’s gold output for the first time.
Large-scale gold production, meanwhile, declined by 2.98%, from 2.92 million ounces in 2024 to 2.83 million ounces in 2025. Its share of national output consequently fell from 60.6% to 47.6%.
Mr Nyarko said the development had to be considered alongside the need to strengthen the formal mining sector and ensure that the country derives maximum economic value from its mineral resources.
Gold drives export earnings
The strong gold performance also contributed to a significant increase in Ghana’s mineral export earnings.
According to the Chamber, mineral export receipts reached about US$21.32 billion in 2025, with gold accounting for approximately 95% of total mineral export earnings.
Mr Nyarko said the performance had important implications for Ghana’s balance of payments, foreign exchange stability, inflation and other macroeconomic indicators.
“Of the US$21.32 billion that we report as export earnings, maybe gold will give you close to about 95 per cent of this,” Mr Nyarko said.
“If you take the gold amount, 52 per cent, or almost 53 per cent of that, is attributable to the small-scale sector,” he added.
Revenue gap raises concerns
Despite the growing contribution of small-scale mining to gold production and exports, Mr Nyarko said the development raised concerns about the amount of revenue accruing to the state.
The Chamber’s 2025 figures put payments to government at GH¢24.22 billion.
He explained that an increase in export earnings did not necessarily translate into a corresponding increase in government revenue because a significant portion of small-scale mining operates outside the formal tax system.
“Even though there’s a growth in export receipts or even in revenue from the sector, it will not translate into a commensurate growth in government receipts, mainly because the small-scale sector, largely, if I’ll put it very bluntly, it’s not a tax-paying sector,” he said.
He contrasted this with the large-scale mining sector, which makes significant payments to the state through taxes, royalties and other statutory obligations.
Rising cost of production
The Chamber’s data also showed that Ghana’s weighted All-in Sustaining Cost (AISC) stood at US$2,031 per ounce in 2025.
Mr Nyarko explained that AISC is the industry benchmark used to measure the overall cost of producing an ounce of gold.
“The AISC stands for All-in Sustaining Cost. It’s the benchmark we use in measuring the cost of producing an ounce of gold,” he said.
The rising cost of production remains one of the structural pressures confronting the large-scale mining sector despite the record value generated by gold.
Exploration critical to future production
Mr Nyarko also stressed the importance of continued investment in exploration to sustain Ghana’s gold production over the long term.
The Chamber recorded US$135.184 million in exploration expenditure in 2025, which Mr Nyarko said was critical to replacing mineral reserves as existing deposits are depleted.
He explained that mining companies must continually explore for new deposits because mineral resources are finite and production from existing reserves declines over time.
“Mining is one that you need to replace the ore that you are taking. It’s a finite resource. As you mine, the volume of material that you have available to mine will be depleting,” he said.
“The only way you can extend your production is to continue to invest,” he added.
The Chamber’s figures also put in-country expenditure by the mining sector at US$7.14 billion in 2025, underscoring the industry’s broader contribution to the economy beyond export earnings and government revenue.
For the Chamber, sustaining Ghana’s position as a major gold producer will therefore require continued investment in exploration, stronger regulation and a mining environment capable of supporting long-term production.
