Gold remains one of the world’s most valuable and sought-after resources, fueling industries from jewellery and investment to technology and central bank reserves.
- Gold is a critical global resource driving various industries, from jewellery and investment to technology.
- Africa is the top region for gold production, producing over 1,000 tonnes annually, with significant contributions from Ghana, Mali, and South Africa.
- Gold plays a strategic role in African economies as both a financial safeguard and a driver of government revenues.
- Many African central banks are increasing their gold reserves to stabilize their economies against external economic shocks.
Global production continues to be concentrated in a handful of key regions, each with major contributors shaping the global supply chain.
According to 2024 production data from the World Gold Council, Africa leads with over 1,000 tonnes, largely driven by Ghana, Mali, and South Africa, while Asia, North America, and the Commonwealth of Independent States (CIS) also maintain significant outputs.
This article highlights the seven regions powering global gold production and the countries at the heart of their mining industries.
Global gold production data
Data visualizations by Voronoi illustrate both the scale and concentration of global gold production across regions.
Africa tops the list with 1,010 tonnes, supported by Ghana (141 tonnes), Mali (100 tonnes), and South Africa (99 tonnes).
Asia follows with 665 tonnes, dominated by China (380) and Indonesia (140). The CIS contributes 584 tonnes, led by Russia (330) and Uzbekistan (129).
North America produces 500 tonnes, with Canada (202), the U.S. (158), and Mexico (140). Central and South America yield 519 tonnes, primarily from Peru (137), Brazil (84), and Colombia (66).
Oceania delivers 346 tonnes, with Australia (284) and Papua New Guinea (50). Europe has the smallest share at 36 tonnes, attributed entirely to “Other Europe.”
This table shows the distribution of gold output across seven major regions, with Africa emerging as the world’s largest contributor.
Why gold is becoming Africa’s financial safety net
Gold has long been a cornerstone of African economies, not only as a major export but also as a financial safeguard in times of crisis.
From Ghana and South Africa to Mali and Tanzania, gold revenues underpin government budgets, foreign exchange earnings, and employment. Increasingly, African central banks are turning to the precious metal as a strategic reserve asset to protect their economies from global shocks.
Recent data reveals a decisive shift. Ghana, for example, has tripled its gold reserves since 2022, using domestic purchases to boost confidence in the cedi.
Similar programs are underway in Nigeria, Tanzania, and Burkina Faso, where central banks are buying gold directly from local miners to capture more value at home.
The motivation is clear. With many African currencies under pressure from inflation and rising external debt, gold provides a stable hedge against volatility. It diversifies reserves away from heavy reliance on foreign currencies like the U.S. dollar and reduces vulnerability to global financial turbulence.
While risks remain such as price fluctuations and limited liquidity, gold accumulation is strengthening Africa’s economic resilience. For many governments, it represents not just a symbol of wealth but also a shield of stability in an uncertain global economy.
