Gold’s role as the ultimate financial anchor—a hedge against inflation, a cornerstone of central bank reserves, and a barometer of geopolitical stability—has never been more critical. In 2024, this enduring demand is being met by a seismic shift in supply, with Africa not only solidifying its position as a global production powerhouse but also undergoing a dramatic internal rebalancing of power from the south to the west of the continent.
Ghana, the Leading Gold Producer ahead of Mali
In 2024, Ghana has decisively claimed the top spot as Africa’s leading gold producer, with an estimated output of 141 tonnes. This achievement is more than a statistical victory; it represents the culmination of a strategic, two-decade effort to attract foreign investment and formalize its mining sector. Ghana’s success is built on a dual-track model: world-class industrial mines operated by multinationals (like Newmont and AngloGold Ashanti) coexist with a regulated artisanal and small-scale mining (ASM) sector. This approach maximizes resource extraction while channeling revenue into state coffers. The result? Gold now accounts for over 90% of Ghana’s total mineral exports, providing a critical buffer for its economy against global commodity price swings and currency volatility.
Following closely, Mali secures second place with approximately 100 tonnes. Mali’s performance is a testament to resilience. Despite significant political and security challenges, its gold sector—centered on massive industrial complexes like Loulo-Gounkoto and Fekola—has remained largely insulated, functioning as the nation’s economic lifeline. Gold constitutes nearly 70% of Mali’s export earnings and 25% of its GDP, making it arguably the most gold-dependent major economy in the world. This reliance underscores both the sector’s strategic importance and the profound vulnerability it creates, highlighting the complex interplay between resource wealth and governance.
Relative Decline of South Africa
In third place, South Africa produces an estimated 99 tonnes, a figure that symbolizes a historic reversal. Once the unrivaled global leader, producing over 1,000 tonnes annually at its mid-20th century peak, South Africa’s decline is structural. Its gold fields, some of the deepest and most geologically complex on Earth, face crippling challenges: escalating depths (exceeding 4km), soaring energy and labor costs, and declining ore grades. While the country retains unparalleled technical expertise and a massive mining services industry, its future lies less in volume and more in high-value, technology-driven extraction and downstream refining. The baton of volume production has unequivocally passed to West Africa.
The continental total of roughly 1,010 tonnes in 2024 is a staggering figure. To contextualize, this means Africa alone produces more than double the gold of the entire Americas (~500 tonnes) and accounts for nearly one-quarter of global mine supply. This output is feeding a market driven by three powerful engines: central bank purchases (led by China, India, and Turkey diversifying away from traditional reserve currencies), retail investor demand for bars and coins amid economic uncertainty, and sustained industrial and jewelry use.
The 2024 rankings reveal a clear narrative: The African Gold Axis has pivoted. The future of African gold is increasingly West African, defined by shallower, higher-grade deposits that are more cost-effective to mine. However, this new dominance brings its own set of challenges, including ensuring that this wealth translates into broad-based development, managing environmental impacts, and navigating the increasing scrutiny of global supply chains under ESG (Environmental, Social, and Governance) principles. The gold is there, but the true test for these nations is mastering the alchemy of turning mineral wealth into sustainable prosperity.
Source: La Nouvelle Tribune, with additional context from World Gold Council and industry reports.