Welcome back to Gold Bank Insider. Today we’re looking at Ghana’s record gold output in 2025 and why a proposed royalty change could matter for metal prices and mining stocks watched by UK investors.

Main news

Ghana produced a record 6 million ounces of gold in 2025. Large-scale mines delivered 2.9 million ounces (flat year-on-year), while artisanal and small-scale mining (ASM) rose to about 3.1 million ounces.

The industry warns the projected 6.5 million ounces in 2026 is at risk because the government plans to replace a fixed royalty with a sliding scale of 5% to 12% linked to gold prices, potentially taking effect this month unless amended or withdrawn.

Large-scale output was helped by ramp-ups at Shandong Mining’s Cardinal Namdini and Newmont’s Ahafo North, offset by declining grades at older mines including Gol ...