Gold has come to stay as a major commodity amid its rising significance as a safe haven asset with prices skyrocketing globally, climbing to US$2,468.40 per troy ounce in June 2024.
According to the World Gold Council (WGC), the volume of gold produced globally has steadily increased in the last four years, rising by 12%. The US Geological Survey put the volume of global gold production at 3,000 metric tons (MT) last year (2023) with a contribution of about US$38.0bn directly and indirectly to host nations.
Africa is not left out of the global gold production venture as West Africa is said to be one of the world's fastest-growing regions in terms of gold production and is currently the source of around half the gold produced in Africa.
Top 10 gold-producing countries in Africa
Data from the WGC council highlights the African countries that have produced the most gold from 2010 till date:
| SN | Country | Tonnes |
|---|---|---|
| 1 | Ghana | 135.1 |
| 2 | Mali | 105 |
| 3 | South Africa | 104.3 |
| 4 | Burkina Faso | 98.6 |
| 5 | Sudan | 72.5 |
| 6 | Guinea | 64.9 |
| 7 | Tanzania | 52 |
| 8 | Côte d'Ivoire | 51.5 |
| 9 | Zimbabwe | 46.6 |
| 10 | Dem. Rep. of the Congo | 45.4 |
After oil, gold is Africa’s second-largest export and the role the continent plays in global gold production is very significant as evident in the input the region made between 2010 and 2018 when gold production increased by 22%.
The Social and Economic Contribution of Gold Mining report published by the WGC says the growth witnessed during the period was primarily a result of the production growth in Africa and the Commonwealth of Independent States (CIS).
The absence of Nigeria (with a share of about 0.5% of global gold production) from the list is a fallout of the government's late entrance into the regulated mining market. According to Agusto Research, the Nigerian government started major developments in the gold mining industry in 2009.
With Nigeria’s gold reserves estimated at 757,000 oz, and worth up to $1.4 billion, there are hopes of revitalising the industry and increasing the global production market share as the government moves to increase investment in the Industry.