Africa’s top 10 gold-producing nations as prices hit record high

Gold prices surged past $5,000 an ounce for the first time on Monday, extending a historic rally fuelled by geopolitical tensions, monetary policy uncertainty and strong safe-haven demand. The price shock is set to deliver windfall gains for gold-producing economies, particularly across Africa, where bullion remains a critical export and foreign exchange earner.

Gold has long been central to Africa’s economic story. From the ancient empires of West Africa that traded gold across trans-Saharan routes to today’s industrial mining operations supplying global markets, the metal has shaped the continent’s wealth, diplomacy and global relevance.

Today, gold exports generate billions of dollars annually, support national currencies and bolster foreign reserves for several African states.

Below are Africa’s 10 largest gold-producing nations by output, based on World Gold Council 2024 data.

1. Ghana — 140.0 tonnes

Ghana remains Africa’s largest gold producer, a position that reflects centuries of mining history. Once known as the Gold Coast, the country has extracted gold since the 15th century. Today, gold accounts for 40 percent of Ghana’s export earnings.

Elevated bullion prices helped support the cedi’s performance in recent years, underscoring gold’s role as a macroeconomic stabiliser. Ghana’s production comes largely from large-scale industrial mines, alongside a sizeable artisanal sector.

Read also:  Gold breaks $5,000 mark for first time, raising gains for Ghana, Uganda others

2. Mali — 100.0 tonnes

Mali’s gold industry is deeply rooted in history, tracing back to the ancient Mali Empire, which dominated trans-Saharan gold trade in the medieval era. In the modern economy, gold is Mali’s single most important export.
The government has sought to increase state revenues through reforms, including a new mining code introduced in 2023, aimed at capturing more value from foreign-owned operations amid rising global prices.

3. South Africa — 98.1 tonnes

Once the world’s largest gold producer, South Africa’s output has declined sharply from its peak of over 600 tonnes in the early 1990s. Nevertheless, the country remains a major global player.

South Africa’s gold mines are among the deepest and most labour-intensive in the world, and the industry played a foundational role in the rise of Johannesburg, known as eGoli — the City of Gold.

Read also: Gold blasts past $5,000/oz for first time ever

4. Burkina Faso — 94.4 tonnes

Burkina Faso has emerged as a major gold producer over the past two decades, driven by discoveries and foreign investment. Gold is now the backbone of the country’s export economy.

However, the sector faces persistent challenges, including security risks, illegal mining, and political instability

5. Sudan — 73.8 tonnes

Gold has become Sudan’s most important source of foreign exchange, particularly after the loss of oil revenues following South Sudan’s secession.

Much of Sudan’s gold output comes from artisanal and small-scale miners, creating income opportunities for local communities but also posing regulatory, environmental and smuggling challenges.

6. Guinea — 68.0 tonnes

Better known for its vast bauxite reserves, Guinea has quietly built a significant gold sector. Production is concentrated mainly in the Siguiri region, home to one of the country’s largest industrial gold mines.
Gold contributes meaningfully to export revenues and remains a growing focus of foreign investment.

Read also: Africa’s biggest nation currency strengthens to 3-year high on gold surge

7. Côte d’Ivoire — 58.0 tonnes

Côte d’Ivoire’s gold output has expanded rapidly over the past decade, transforming the sector into a key pillar of economic diversification.

The country’s relatively stable investment climate has attracted multinational mining firms, positioning gold as a long-term growth driver alongside cocoa and hydrocarbons.

8. Tanzania — 51.8 tonnes

Gold is Tanzania’s most valuable mineral export and contributes more than 4 perecnt of GDP. The country hosts several large-scale mines, including the Geita Gold Mine, one of Africa’s biggest.

9. Zimbabwe — 50.9 tonnes

Zimbabwe’s gold mining history dates back to the pre-colonial era, and the metal remains vital to the economy today.
Gold plays a crucial role in generating foreign currency, particularly amid chronic balance-of-payments pressures. Both industrial producers and small-scale miners contribute significantly to output.

10. Democratic Republic of the Congo — 42.3 tonnes

The Democratic Republic of the Congo is better known for copper and cobalt, but gold remains an important part of its mineral wealth.

Production is concentrated in the eastern regions, where both industrial operations and artisanal mining coexist. Persistent conflict and illegal mining continue to undermine the sector’s full economic potential.