African Governments See Opportunity in Surging Gold Prices

African governments are seeing opportunity in the gold sector as the metal’s prices soar to record highs, driven by global investor uncertainty and US trade tensions. With gold currently trading at over $3,344 an ounce and forecasts predicting it could surpass $4,000 by mid-2026, countries across the continent are pursuing different strategies to capitalize on the surge. Ghana is ramping up production, which is projected to expand by 6.25% this year. Both artisanal miners and new large-scale projects are fueling this surge. Meanwhile, other governments are asserting more control over their resources: Guinea revoked permits from the UK-headquartered Endeavour Mining, while Canada’s Barrick Mining faces legal tensions in Mali. As prices climb, countries are rethinking mining policies to maximize benefits, signaling a pivotal moment for Africa’s gold sector.

SEMAFOR