The Ghana Chamber of Mines has emphasized that despite gold prices hitting record levels, the costs of inputs for mining firms have also surged significantly. President Michael Akafia highlighted this trend during an appearance on PM EXPRESS Business Edition on September 11, 2025, where he noted that the rising prices of supplies and increasing demands for worker benefits are impacting profitability. He stressed that the situation is not as favorable for all mining companies, with some even facing losses or struggling to remain viable.
To adapt, certain firms are expediting their exploration activities to take advantage of current market conditions. Addressing predictions that gold could reach $5,000 an ounce, Akafia advised caution, stating that such projections are not new and that not all companies can swiftly capitalize on high prices, particularly those committed to sustainable mining practices.
He reported that Ghana’s gold production reached 4.8 million ounces, with a notable portion stemming from small-scale mining. Furthermore, Akafia called for the government to reassess the fiscal framework affecting mining operations, arguing that Ghanaian firms face excessive taxation compared to regional counterparts. He indicated that this high tax burden drives companies to seek stability agreements when making investments. The Chamber is actively engaging with the government to address these taxation issues and advocate for a shift from taxing revenue to taxing profits.