Mine restarts support West Africa’s gold recovery in 2026

GlobalData

Thu, May 14, 2026 astatine 10:47 AM CDT 4 min read

West Africa’s golden assemblage is entering 2026 with a betterment outlook, but not a azygous maturation story. After a weaker 2025, erstwhile accumulation crossed large markets specified arsenic Ghana, Mali, Guinea and Burkina Faso declined by 2.4%, output is expected to rebound by 8.0% successful 2026. This betterment volition beryllium driven chiefly by excavation restarts, caller task ramp-ups and improved operating performance, portion risks from information issues, mature excavation declines, permitting delays, and argumentation involution proceed to measurement connected the sector.

Ghana remains the anchor of West African golden accumulation and continues to beryllium Africa’s largest golden shaper successful 2025. However, output was broadly flat, up lone 0.5% implicit 2024, arsenic little grades and operational issues affected cardinal mines specified arsenic Ahafo South, Tarkwa and Iduapriem. These pressures were partially offset by stronger output from Obuasi and Akyem, on with the ramp-up of Shandong Gold’s Namdini project. In 2026, Ghana’s accumulation is expected to retrieve marginally, supported by Newmont’s Ahafo North, which commenced accumulation successful October 2025, continued maturation from Namdini, higher output from Asante Gold’s Bibiani, and operational improvements astatine Obuasi.

However, Ghana’s outlook is progressively shaped by argumentation tightening. The government’s determination successful April 2026 not to renew Gold Fields’ Damang lease and to instrumentality power of the excavation signals a stronger absorption connected home worth seizure and authorities oversight. The instauration of a sliding-scale royalty authorities besides reflects the government’s effort to payment much from elevated golden prices. At the aforesaid time, Ghana’s determination to formalise artisanal and small-scale mining done a centralised golden buying and processing exemplary could amended traceability, trim illicit trading and fortify liable accumulation practices. Despite these reforms, Ghana’s longer-term accumulation outlook remains constrained by declining output from mature assets, including Ahafo South.

Mali is expected to beryllium 1 of the strongest contributors to the region’s 2026 recovery, mostly owed to the restart and ramp-up of Loulo-Gounkoto. The mine’s disruption successful 2025, linked to the quality implicit mining conventions and provisional administration, sharply reduced Mali’s output. With operations restarting aft the quality was resolved, Mali’s golden accumulation is forecast to emergence importantly by 28% successful 2026. Additional enactment is expected from the Syama Phase I and Fekola Regional projects. However, Mali’s dependence connected golden remains a structural risk, arsenic the assemblage accounts for a large stock of GDP, exports and taxation revenue. Security risks besides stay high, arsenic shown by the January 2026 onslaught connected the Morila golden mine, highlighting the challenges of reviving accumulation successful unstable areas.