By Alex Ababio
From 1 January to 15 October 2025, Ghana’s small-scale gold export sector has delivered a remarkable performance: according to figures released by the Ghana Gold Board (GoldBod) in partnership with the Precious Minerals Marketing Company (PMMC), the country’s artisanal and small-scale miners exported 81,719.23 kilograms of gold, generating a total of US$8.06 billion in foreign exchange.
That sum — US$8.06 billion — marks a dramatic increase over previous years: in full-year 2024 small-scale gold exports brought in US$4.61 billion; in 2023 they were just US$2.19 billion.
This surge signals more than just strong commodity prices: it reflects structural reform of Ghana’s gold sector, improved oversight, and greater formalisation of the artisanal mining subsector. The implications for Ghana’s foreign-exchange reserves, macro-economic stability, and future value-chain prospects are profound.
A Closer Look at the Figures
According to GoldBod, the weight – 81,719.23 kg (≈ 81.7 tonnes) – exported through artisanal and small-scale channels in the ten-and-a-half-month period is unprecedented.
Earlier in the year:
In April 2025 alone, exports reached US$897.6 million.
By the end of Q1 (Jan–Mar) 2025, Ghana had already recorded growth from US$354.4 million in Q1 2023 to US$557.7 million in Q1 2024, and then to US$1.83 billion in Q1 2025.
By the end of H1 (first half) 2025, GoldBod reported exports had surpassed US$5 billion, already outdoing the 2024 full-year total.
In other words: the sector has achieved in ten months what previously required a full year or more.
GoldBod attributes this performance to several reform measures: stronger partnerships with PMMC, improved oversight of small-scale mining, a drive to bring exports into the formal banking system, and regulatory reform under the Ghana Gold Board Act.
One industry expert, in a report published in African Business, noted:
“Ghana is now trying to capture a greater share of gold revenues amid a global bull market.”
Why This Matters for Ghana’s Economy
Ghana is Africa’s second-largest gold producer (by many estimates) and the metal plays an outsized role in its economy. In 2024, some estimates placed Ghana’s total gold export earnings at US$11.6 billion — up about 52.6 % from the previous year — accounting for roughly 57 % of total export revenue.
With the small-scale segment alone now generating over US$8 billion in less than a year, Ghana is reclaiming control of a key foreign-exchange earner. The Bank of Ghana governor recently confirmed that reserves have risen to the equivalent of about four and a half months of import cover, crediting GoldBod’s centralising role.
For a country that in recent years spent heavily to defend its currency and manage debt restructuring, this injection of foreign currency carries significance: it boosts reserves, strengthens the cedi, and provides the State with fiscal room for manoeuvre.
Moreover, the formalisation of the small-scale mining segment — historically informal and opaque — improves transparency, reduces smuggling, and may open pathways to value-addition rather than raw export.
How Ghana Compares with Other African Gold Producers
To assess Ghana’s progress, it’s helpful to compare with peer countries. According to data compiled by TradeImeX for 2024-25:
South Africa: ~$8.17 billion in gold exports.
Ghana: ~$5.91 billion recorded for 2024-25 in that data set.
Burkina Faso: ~$4.64 billion
Tanzania: ~$3.41 billion
Uganda: ~$3.37 billion
Though datasets vary, the key takeaway: Ghana is among the top gold-exporting countries in Africa. With exports accelerating, the country may be closing the gap with South Africa. Crucially, Ghana’s reforms mean a greater share of export proceeds may stay on-shore rather than flowing offshore via informal channels.
The Reform Story Behind the Numbers
The sharp jump in export value is not simply down to higher gold prices (though they do help). It is driven by active reform of the sector:
In early 2025 Parliament passed the GoldBod Act (Act 1140) establishing the Ghana Gold Board as the exclusive buyer, assayer and exporter of gold from licensed artisanal and small-scale miners.
From 1 May 2025, under the new regime, foreigners were prohibited from purchasing small-scale mined gold in Ghana — a bid to curb smuggling and capture local value.
A national task-force to curb illegal gold trading (known locally as “galamsey”) was launched by President John Dramani Mahama in July 2025.
One report summarises the transformation:
“The chaos in Ghana’s gold-purchasing sector has prevented the nation from fully benefiting from its gold resources… The board will act as the sole buyer… shifting away from a fragmented, uncoordinated system.” — Finance Minister Cassiel Ato Forson
These reforms are paying off. As one article puts it:
“Ghana’s small-scale gold export sector has generated over US$8 billion in foreign exchange between January and 15th October 2025.”
Expert Views and Industry Voices
From the industry side, the head of the Ghana Chamber of Mines, Michael Edem Akafia, has emphasised the role of small-scale miners and called for value-addition:
“For projections we are looking at in excess of 5 million ounces in 2025.”
He has also noted that converting mined gold into refined products, and building local manufacturing, remains a priority.
An analysis in African Business observes:
“Ghana is now trying to capture a greater share of gold revenues amid a global bull market.”
And a commentary on regulatory reform states:
“Despite its importance, chaos reigns. Illegal mining … thrives on child labour, rapid land-degradation, and tax losses.”
These voices point to the twin challenges Ghana faces: maximising export revenue and addressing sustainability, legality and long-term value-creation.
Risks and Next Steps
While the headline figures are impressive, several risks remain:
Smuggling and informal trade: Although the new GoldBod regime aims to reduce leakages, previous estimates suggested that illegal gold trading cost Ghana around US$2 billion annually.
Environmental and social impacts: The small-scale mining sector — especially artisanal operations — is known for environmental degradation, deforestation and water contamination. For example, illegal “galamsey” activity remains entrenched and damaging.
Dependence on commodity prices: Higher gold export revenue is partly a function of robust global gold prices; any slump would reduce the windfall effect.
Lack of value-addition: Exporting raw gold rather than refined or finished products means Ghana may still be missing out on downstream value.
Governance and capacity: Ensuring that export proceeds boost local development requires strong institutions, transparency and accountability.
Given these realities, the following actions are critical:
Scale-up formalisation of artisanal mining (licensing, traceability, support services).
Invest in refining infrastructure and encourage local value-addition (e.g., jewellery manufacturing, alloys).
Strengthen environmental safeguards and ensure mining contributes to sustainable development.
Expand the entire gold value-chain so that more benefits remain in Ghana rather than exported as raw gold.
Monitor and report export flows transparently so citizens can track how much foreign-exchange enters the banking system.
What This Means for Ghana’s Broader Economy
The US$8.06 billion from small-scale gold exports between January and 15 October 2025 is more than just a statistic. It signals a potentially structural shift in Ghana’s economic fortunes:
1. Foreign-exchange boost: The inflow helps shore up the cedi, supports reserves and strengthens macro-economic stability. Governor Johnson Asiama has explicitly credited the surge in exports with rebuilding reserves.
2. Export concentration: With gold accounting for over 57 % of total export revenue in recent years, Ghana remains heavily dependent on one commodity. That concentration is risky—but rising formal export earnings enable policy space to diversify.
3. Employment & livelihoods: The small-scale mining sector, though informal in many cases, employs large numbers of Ghanaians. Bringing more of that activity into the formal economy can increase revenues and improve worker protections.
4. Budget and fiscal implications: Increased foreign-exchange inflows create scope for capital investment, debt servicing, and reform. But only if properly managed.
5. Signal to investors: The success of formalisation may attract further investment into mining and downstream industries — especially if Ghana can show a reliable pipeline of export revenue and stability.
Comparison: Opportunity and Challenge
When viewed alongside other major African gold-exporting nations, Ghana’s story presents both opportunity and caveat.
Compared to South Africa (export value ~US$8.17 billion in 2024-25) Ghana is now breathing down its neck.
Countries like Burkina Faso and Tanzania still lag significantly; Ghana’s reforms provide a model for how smaller producers can leverage artisanal mining more effectively.
However, Ghana’s heavy reliance on gold means that it must simultaneously work on diversification. Producing raw gold is one thing; capturing value from refining, manufacturing and brand development is the next frontier.
Final Thoughts
Ghana’s gold sector in 2025 is telling a story of transformation. With US$8.06 billion in small-scale gold exports between January and mid-October, the country is reaping the rewards of regulatory reform, improved oversight, and better integration of informal mining into the formal economy. The establishment of GoldBod, the push to eliminate illicit trade, and the surge in export volumes all suggest something more than a cyclical upswing — potentially a structural shift.
But the journey is far from done. Capturing raw export value is just the beginning. The real challenge lies in turning gold from a raw commodity into a value-added asset for Ghana: refining the ore, manufacturing goods, employing Ghanaians at higher levels of the value chain, protecting the environment, and ensuring revenues translate into broad-based development.
For Ghana to truly “strike gold,” it must not simply export tonnes of metal—it must build a gold industry that enriches its people, sustains its land, and powers its future.