The mining and quarrying sector in Ghana recorded an impressive growth rate of 14.8% in the second quarter of 2024, according to Deloitte’s latest West Africa in Focus report.
This performance highlights the sector’s critical role in driving the country’s economic recovery amidst ongoing fiscal consolidation efforts.
Deloitte further projected a positive trajectory for Ghana’s economy, with gold and cocoa, two of its largest exports, estimated to grow by 5.1% in 2025.
The report attributed this anticipated growth to government-led debt restructuring initiatives, a more stable local currency, and decelerating inflation rates.
“Ghana is slowly retracing its steps back to a path of macroeconomic stability, as the government’s fiscal consolidation and debt restructuring activities are bearing fruit,” Deloitte stated.
The deceleration in inflation, according to the report, is expected to trigger further interest rate cuts, leading to reduced borrowing costs and increased private consumption and investment. These factors are anticipated to collectively bolster economic expansion.
In terms of gold production, the report projected a marginal increase of 3%, rising to 136 tonnes in 2025 from 132 tonnes in 2024, supported by a USD 525 million production expansion plan at Asante Gold’s Bibiani and Chirano mines and the commencement of production at the Ahafo North mine.
Gold prices are also expected to climb due to declining interest rates in developed economies like the United States and the United Kingdom, which typically increase the appeal of safe-haven assets.
