West Africa Pushes for Bigger Slice of Gold Boom Amid Rising Prices and Resource Nationalism

As global gold prices soar to record highs—driven by geopolitical uncertainty and erratic trade policies from the U.S.—West African countries are intensifying demands for a greater share of their mineral wealth.

- By Gilbert Da Costa

From revised mining codes to state takeovers of industrial gold operations, a new era of resource nationalism is reshaping one of the world’s most prolific gold-producing regions.

With Ghana, Mali, and Burkina Faso accounting for more than 10% of global gold output in 2024, and prices up more than 25% this year, governments and local stakeholders are increasingly asking: Who really benefits?

Calls for Localisation and Equity

Adama Soro, president of the West African Federation of Chambers of Mines, says the mining landscape is shifting as military-led regimes and civilian authorities alike call for deeper localisation. Speaking to Reuters, he urged international miners to partner more closely with local entities and consider dual listings on regional stock exchanges to align with evolving expectations.

“We're pushing at the regional level to get dual listing on the regional stock market ... so that the local investor can also benefit,” said Soro. “The big companies are open, they know this is the reality—and you can't go against the winds.”

He added that mining in Africa remains more profitable than in many other regions, despite heightened risks. “Other regions have stability but are less profitable,” he explained, reinforcing the case for global firms to share more of the upside.