U.S. Gold Miner Newmont eyes higher output in Ghana

Newmont expects to produce 755,000 ounces of gold in Ghana in 2026. Output at Ahafo South will decline, while Ahafo North ramps up. New fiscal measures could raise operating costs by about $310 per ounce. 

U.S. mining group Newmont expects to produce 755,000 ounces of gold in Ghana in 2026, according to projections in its financial report published on February 19. The target represents a slight increase from the 734,000 ounces produced in the country in 2025.

Originally operating only the Ahafo South mine, Newmont expanded its footprint with the commissioning of the adjacent Ahafo North site in September 2025. Together, the two assets are designed to form a gold complex capable of producing about 850,000 ounces per year at full capacity. That level will not be reached in 2026, however, as output at Ahafo South is expected to decline due to the depletion of reserves at the Subika open pit.

Between the anticipated drop in production at Ahafo South and the ramp-up at Ahafo North, 2026 is shaping up as a transition year for Newmont in Ghana. The operational shift comes alongside fiscal uncertainty, as the government in Accra seeks to capture a larger share of revenues from rising gold prices.