Ghana leads Africa in gold production, fueled by significant investments in large-scale mining and contributions from artisanal mining. In 2024, the country generated $1.02 billion in revenue from gold, with a total output of approximately 4.9 million ounces, marking an 8.5% increase from 2023. Large-scale mining operations accounted for 60% of the total production.
Ahafo Mine
With estimated reserves of 17 million ounces and an annual production of 643,000 ounces, the Ahafo Mine ranks among the largest in Ghana and globally. Located along the Sefwi Volcanic Belt, it has been operational since 2006 and is expected to continue through 2038. U.S. gold mining firm Newmont operates the mine. The mine remains a cornerstone of Newmont’s global operations, contributing significantly to its overall gold output.
Tarkwa Mine
The Tarkwa Mine, operated by Goldfields, is Africa’s largest open-pit gold mine, producing 551,000 ounces annually and processing 14.1 million tons of ore in 2023. Goldfields and AngloGold Ashanti are seeking approval to merge Tarkwa with the neighboring Iduapriem mines, aiming to improve operational efficiency and reduce costs. Goldfields holds a 90% stake, with the government of Ghana owning the remaining 10%. Tarkwa is a vital asset in West Africa’s gold sector, playing a crucial role in Ghana’s gold production strategy.
Akyem Project
Newmont’s Akyem Mine, located in Ghana’s Eastern Region, has been operational since 2013, producing an average of 422,000 ounces per year. Expansion projects, including Akyem Underground and Akyem Layback, are set to extend its operational life beyond 2030. As a major contributor to Newmont’s growth in Africa, Akyem remains a key player in the company’s long-term production plans.
Damang Mine
Goldstone operates the Damang Mine, which produced 153,000 ounces of gold and processed 4.8 million tons of ore primarily from stockpiles in 2023. With nine open pits awaiting activity, the mine has significant growth potential, though its current license expires in 2025. Goldfields plans expansions in the Lima South area to ensure continued operations. Damang is an essential project for Goldstone’s portfolio, with plans in place to maximize its production capacity.
Asanko Mine
The Asanko Mine, operated by Galiano Gold, produced 134,077 ounces of gold in 2023, exceeding production expectations. The multi-deposit complex includes four main open-pit mining areas and several satellite deposits. Since its launch in 2016, Asanko has been Galiano’s flagship asset in Ghana. Asanko plays a pivotal role in Galiano’s strategic growth and its continued success within Ghana’s competitive gold mining industry.
