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 114 tonnes (4 millions ounces) in 2023 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 is expected o become 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.

Regionally, Cote d’Ivoire has surpassed Burkina Faso (48 tonnes in 2024) and Mali (52 tonnes in 2024) to become the second largest gold producer in West Africa.

However, the official figures do not take into account the amount of gold extracted by artisanal miners. According to SWISSAID, it is estimated that between 30 and 40 tonnes of gold in each of the above 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 in 2025.

The increase in gold price can be explained by a sustained interest by investor into so-called ‘refuge assets’ such as gold as geo-economic rivalries are being exacerbated by the tariff wars initiated by Trump. In particular, several central banks plan to beef up their reserves in gold during the year.