Ghana’s artisanal gold production set to break another record in 2026 as GoldBod projects historic output
Ghana’s artisanal and small-scale gold mining sector is on course for another historic year, with production in 2026 expected to equal or even exceed the record levels achieved in 2025, according to the Chief Executive Officer of the Ghana Gold Board (GoldBod), Samuel Gyamfi.
The positive outlook reinforces Ghana’s position as Africa’s leading gold producer and highlights the growing importance of the artisanal and small-scale mining (ASM) sector in driving economic growth, increasing foreign exchange earnings, and strengthening the country’s financial stability.
Speaking to reporters on Tuesday, Samuel Gyamfi disclosed that GoldBod had purchased between 50 and 54 metric tons of gold from artisanal and small-scale miners during the first half of 2026 alone. Based on the current pace of production and purchases, he expressed confidence that the country is on track to match or surpass the record 104 metric tons of ASM gold produced in 2025.
“We are around 50 to 54 metric tons this year in purchases. At this rate, we are likely to match or even surpass last year’s output,” Gyamfi stated.
The impressive performance reflects the success of Ghana’s ongoing reforms in the artisanal mining sector. Over the past few years, the government has implemented measures aimed at formalizing small-scale mining, reducing illegal gold smuggling, improving transparency, and ensuring that more of the country’s gold exports contribute directly to national development.
These reforms have transformed the ASM sector into Ghana’s largest source of gold production. In 2025, artisanal and small-scale miners produced a record 104 metric tons of gold, surpassing output from the country’s large-scale mining companies for the first time in history.
Beyond production growth, the sector has become a major source of foreign exchange. According to Gyamfi, GoldBod generated nearly $11 billion in foreign exchange earnings from artisanal and small-scale mining in 2025, exceeding the approximately $9 billion contributed by Ghana’s large-scale mining industry during the same period.
The continued expansion of the sector is expected to play a significant role in supporting Ghana’s economy, particularly by increasing dollar inflows, strengthening foreign exchange reserves, and contributing to macroeconomic stability as the country continues its recovery from one of its most challenging financial crises in recent decades.
Although global gold prices have recently softened, GoldBod remains optimistic about the industry’s prospects. Gyamfi explained that the Board’s original 2026 projections were based on an average gold price of about $5,000 per ounce and weekly purchases of approximately 2.5 metric tons of gold.
Despite prices falling below those projections, average global gold prices remain higher than they were in 2025, providing a solid foundation for another strong year in export revenues.
As a result, Ghana is still expected to earn more from gold exports in 2026 than it did last year, even if revenues fall slightly short of GoldBod’s initial forecasts.
The latest projections further underscore the strategic role of the Ghana Gold Board in maximizing the value of the country’s mineral resources, strengthening the formal gold market, and ensuring that Ghana continues to benefit from rising artisanal gold production while enhancing economic resilience and sustainable national development.
