Ghana’s small-scale gold export earnings surged to $8 billion between January and mid-October 2025, representing a 264% increase from $2.2 billion recorded in 2023, according to new data from the Ghana Gold Board (GoldBod).
The figure also represents a 74% rise from $4.61 billion in 2024.
Data shows that artisanal miners exported a record 81,719 kilograms of gold during the period, reflecting sustained growth in both output and export value.
GoldBod attributed the performance to strengthened oversight of small-scale exports and its continued collaboration with the Precious Minerals Marketing Company (PMMC), which has helped curb smuggling and improve repatriation of proceeds.
Officials said these reforms have improved transparency and compliance in a sector once dominated by informal operators.
Created under the GoldBod Act to replace PMMC, the regulator now centralises control over gold buying, assaying, and export licensing. The move is part of broader efforts to formalise artisanal mining and ensure Ghana captures full value from its resources.
Significant monthly gains were recorded in the second quarter of the year, led by shipments worth $1.17 billion in May.
The recent surge in small-scale exports is expected to boost Ghana’s foreign reserves and support economic recovery after years of macroeconomic strain.
The West African nation also stands to benefit from plans to launch a local refinery and fire assay testing plant this month, as the government moves to increase global demand and transition from doré to bullion exports.
Central bank data shows gross international reserves rose nearly tenfold to $11 billion—or 4.8 months of import cover—in the first half of the year. The proceeds far exceed the International Monetary Fund’s mid-year target of $493 million, helping to stabilise the cedi.
According to S&P Global, the local currency gained 15% against the dollar as of September, making it one of the continent’s best performers in 2025.
Gold surges to record high
The announcement coincides with a global rally in gold prices, which climbed past $4,300 an ounce on Friday — the highest on record — amid heightened geopolitical tensions and expectations of further US rate cuts.
Analysts say the metal is poised for an 8% weekly gain, its strongest since 2008, as investors turn to safe-haven assets.
“Rate-cut expectations, geopolitical risks, and lingering banking concerns have created a highly supportive environment for gold,” said Alexander Zumpfe, a trader at Heraeus Metals Germany.
Gold has now gained over 66% this year, driven by central bank purchases, de-dollarisation, and steady inflows into exchange-traded funds.
With global prices trending upwards, Ghana is poised to see stronger export receipts in the coming months, boosting recent gains in foreign reserves.
