Ghana Gold Output Projected to Reach 6.3 Million Ounces in 2026 as Small-Scale Sector Surges
For Immediate Release
ACCRA, GHANA — Ghana's Minerals Income Investment Fund has projected a significant increase in national gold production, forecasting output of approximately 6.3 million ounces in 2026, up from 5.1 million ounces recorded in 2024.
The projection, published in the Fund's 2026 economic and market outlook, would cement gold's role as the anchor of Ghana's mining sector and establish a new production record for Africa's largest gold producing nation.
The growth is overwhelmingly driven by the small-scale mining segment, which the Fund projects will expand more than fourfold from approximately 700,000 ounces in 2022 to over 3.2 million ounces in 2026. This surge positions the small-scale sector to account for just above 50 per cent of national output, a historic milestone for a segment that was largely informal only a few years ago.
Large-scale producers are projected to increase output from approximately 2.8 million ounces in 2025 to roughly three million ounces in 2026, with sector policy changes creating both opportunities and areas requiring careful management.
"The projection from the Minerals Income Investment Fund tells a story of a sector that has been fundamentally transformed. The formalisation of small-scale mining through the Ghana Gold Board has not simply brought existing production into official channels. It has created conditions for genuine growth, with miners operating in a more stable and better-supported environment." Marcus Briggs, Non-Executive Director, Icon Gold
The Fund's outlook noted that the evolving production mix underscores the need for continued formalisation, stronger regulatory oversight, and enhanced governance to sustain and build upon the gains achieved.
Looking beyond gold, the Fund has outlined a strategic orientation for 2026 designed to capitalise on shifts in global commodity markets. The Fund indicated it would focus on three key areas to drive Ghana's economic growth, including investments in critical minerals such as lithium and salt, selective equities positions, and a balanced fixed income approach.
Critical minerals including lithium, cobalt, and rare earth elements are expected to see sustained demand growth driven by the global shift toward electric vehicles, renewable energy systems, and advanced technologies. Ghana's geological profile positions the country to benefit from this trend alongside its established gold sector.
"Ghana's production story for 2026 is one of breadth as well as volume. The growth in small-scale output, the continued strength of large-scale operations, and the emerging critical minerals pipeline together represent a mineral economy that is becoming more diverse, more resilient, and more capable of generating long-term value for the country." Marcus Briggs, Non-Executive Director, Icon Gold
Gold prices have provided a favourable backdrop for the production expansion, with the metal trading above USD 5,000 per ounce in early 2026 following a 65 per cent price surge during 2025. At current price levels, Ghana's projected production volumes translate into substantial export revenue, with the gold sector generating close to USD 21 billion in annual export earnings at prevailing prices.
The combination of rising output volumes and elevated prices positions 2026 as a landmark year for Ghana's gold sector, with downstream benefits expected across foreign exchange reserves, government revenues, and the broader economy.
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