Mine restarts support West Africa’s gold recovery in 2026
Key takeaways
- Mine restarts support West Africa’s gold recovery in 2026 Global Data Thu, May 14, 2026 at 10:47 PM GMT+7 4 min read West Africa’s gold sector is entering 2026 with a recovery outlook, but not a uniform growth story.
- Ghana remains the anchor of West African gold production and continues to be Africa’s largest gold producer in 2025.
- However, Ghana’s outlook is increasingly shaped by policy tightening.
Mine restarts support West Africa’s gold recovery in 2026 Global Data Thu, May 14, 2026 at 10:47 PM GMT+7 4 min read West Africa’s gold sector is entering 2026 with a recovery outlook, but not a uniform growth story. After a weaker 2025, when production across major markets such as Ghana, Mali, Guinea and Burkina Faso declined by 2.4%, output is expected to rebound by 8.0% in 2026. This recovery will be driven mainly by mine restarts, new project ramp-ups and improved operating performance, while risks from security issues, mature mine declines, permitting delays, and policy intervention continue to weigh on the sector.
Ghana remains the anchor of West African gold production and continues to be Africa’s largest gold producer in 2025. However, output was broadly flat, up only 0.5% over 2024, as lower grades and operational issues affected key mines such as Ahafo South, Tarkwa and Iduapriem. These pressures were partly offset by stronger output from Obuasi and Akyem, along with the ramp-up of Shandong Gold’s Namdini project. In 2026, Ghana’s production is expected to recover marginally, supported by Newmont’s Ahafo North, which commenced production in October 2025, continued growth from Namdini, higher output from Asante Gold’s Bibiani, and operational improvements at Obuasi.
However, Ghana’s outlook is increasingly shaped by policy tightening. The government’s decision in April 2026 not to renew Gold Fields’ Damang lease and to take control of the mine signals a stronger focus on domestic value capture and state oversight. The introduction of a sliding-scale royalty regime also reflects the government’s attempt to benefit more from elevated gold prices. At the same time, Ghana’s move to formalise artisanal and small-scale mining through a centralised gold buying and processing model could improve traceability, reduce illicit trading and strengthen responsible production practices. Despite these reforms, Ghana’s longer-term production outlook remains constrained by declining output from mature assets, including Ahafo South.