Ivory Coast Ambitions to Become Top Gold Producer Amidst Gold Reaching Record Price

In 2024, Cote d’Ivoire produced 58 tonnes of gold and targets 62 tonnes for 2025. Ghana is the top producer in West Africa with 125 tonnes (4 millions troy ounces) in 2024 and Cote d’Ivoire ambitions to catch up with Ghana by 2030.

In fact, the Ivorian Minister of Mines Mamadou Coulibaly declared that Cote d’Ivoire should be able to produce at least 100 tonnes in the near future. To reach this goal, Cote d’Ivoire will fast-track the operationalization of new large gold mines.

Montage Gold is developing the Kone gold mine which is scheduled to start production in 2027 and will rank as the largest gold mine in Cote d’Ivoire with a production of 250,000 ounces per annum over the 15-year lifetime. Other mines in Lafigue, Abujar and Seguela are also in the pipeline.

However, the official figures do not take into account the amount of gold extracted by artisanal miners. According to non-profit organization SWISSAID, it is estimated that between up that between 30 to 50 tonnes of gold in some countries are not accounted for officially.

On 14 March 2025, the price of gold crossed the USD 3000 per ounce price bar. According to Macquarie Group, gold price will continue its upward climb to reach USD 3500 per ounce by 3Q25.

The increase in gold price can be explained by a sustained interest from investors into so-called ‘refuge assets’ such as gold and silver as geo-economic tensions rise with the tariff-happy policy of the USA. Expecting some economic headwinds ahead, several central banks thus plan to beef up their reserves in gold.

Regionally, the other large gold producers in West Africa are Burkina Faso, Mali, Guinea. With its declared ambition in gold mining, Cote d’Ivoire plans to close the gap with the leader, Ghana.