The News
African economies could be in for a bumper year with gold prices hitting record highs, a prospect that is driving some governments to shore up their control of mines.
Gold prices have risen in recent months as investors have flocked to the metal amid uncertainty around US trade policies.
The price of gold stood at $3,344.49 an ounce during early trading on Monday. “If these concerns intensify, private investors could drive gold prices well beyond our current forecast of $3,700/toz by year-end and $4,000/toz by mid-2026,” Goldman Sachs said in a recent note.
In Ghana, Africa’s top gold producer, production could increase by around 6.25% year-on-year to approximately 5.1 million ounces in 2025, a Chamber of Mines representative told reporters on Friday. High output is being driven by strong production from artisanal mines and the launch of new large-scale operations.
Meanwhile, Canada’s Barrick Mining has asked the World Bank’s arbitration tribunal to intervene in legal proceedings in Mali, where it faces the possibility of its Loulo-Gounkoto mine falling under the military government’s control. And Guinea last week revoked four gold exploration permits from the UK-based Endeavour Mining in a drive to reclaim operations that are inactive or do not comply with its mining regulations.
