Ghana’s gold sector is experiencing an unprecedented surge, with exports reaching historic levels in 2025. Data from the Bank of Ghana indicates that gold shipments brought in $8.3 billion in the first half of the year—almost double the figure for the same period in 2024 and the highest half-year performance in nearly a decade.
Gold dominated Ghana’s trade in the first six months of the year, accounting for 64% of total exports valued at $13 billion. This marks a significant milestone, as gold export revenues surpassed the country’s total imports for the first time since at least 2016. Imports over the same period stood at $8.2 billion.
Strong global market dynamics have underpinned this windfall. Gold prices have hovered around $3,290 per ounce for much of the year, well above the 2024 average of $2,300, and just shy of the April peak of $3,500. Analysts attribute the sustained rally to global economic uncertainty, amplified by Donald Trump’s return to the White House in January, which has driven investors and central banks to stockpile gold as a safe haven.
Ghana, Africa’s largest gold producer, mined 4.8 million ounces in 2024—a 19% increase from the previous year—earning $11.6 billion in exports. If current trends continue, 2025 could close with gold export revenues exceeding $16 billion.
A significant factor behind this surge is the growing role of small-scale mining. According to the Finance Ministry, the Ghana Gold Board purchased $5 billion worth of gold from small-scale miners in the first half of 2025 alone, representing about 1.5 million ounces at an average price of $3,200 per ounce. By comparison, small-scale operators produced 1.8 million ounces in the entire year of 2024.
This sharp rise raises questions: Is output growing this fast, or is previously smuggled gold now entering official channels? Some industry watchers suggest a mix of both, while warning that gaps in traceability still leave room for illicit practices.
Despite the revenue boost, Ghana continues to export raw gold, exposing the economy to price volatility on the global market. Experts are calling for a national strategy to leverage the current windfall through value addition, such as refining and jewelry manufacturing, as well as enforcing strict environmental and traceability standards.
The gold boom presents Ghana with a rare economic opportunity. Properly managed, it could bolster foreign exchange reserves, stabilize the cedi, and drive job creation. Mismanaged, however, it risks perpetuating a cycle of dependency on raw commodity exports at the expense of long-term economic resilience.
For now, Ghana is riding high on gold. The challenge lies in turning today’s gains into lasting growth.
Source: TheDotNews