Fresh export figures from the Ghana Gold Board reveal that Ghana’s small-scale gold sector remains overwhelmingly dependent on two markets, raising both opportunities and risks for the economy.

According to the Goldbod data, Ghana exported a total of 103,804 kilograms of small-scale gold through the national aggregation system in 2025.

Of this volume, Dubai alone absorbed more than 72 percent, confirming its status as Ghana’s most dominant gold-trading destination. India accounted for roughly 25 percent, placing it firmly in second position.

Combined, the two countries received 98.8 percent of all small-scale gold exports routed through Goldbod in 2025, leaving less than two percent spread thinly across eight other jurisdictions. Switzerland and South Africa represented the largest share of that remainder, with the rest distributed among smaller niche buyers.

Sector analysts note that such concentration is not unusual in markets where gold is exported largely in unrefined form.

Ghana’s current production structure which is dominated by raw gold purchases from artisanal and small-scale miners means that most exports fall short of the refinery standards and traceability requirements demanded by high-value markets in Europe, North America and parts of Asia.

As a result, trade is naturally channelled toward markets that accept unrefined gold and offer fewer compliance hurdles.

The downside, however, is that exporters often face reduced bargaining leverage and may take lower margins than they would command in more regulated jurisdictions with premium pricing.

Despite these commercial constraints, small-scale gold exports remain one of Ghana’s strongest sources of foreign exchange.

In 2025 alone, ASM-linked exports generated over US$10 billion, providing essential liquidity for the economy and helping stabilise the cedi during periods of market stress.

However, the same reliance that has sustained the currency also represents critical exposure.

Any regulatory changes, import restrictions, or sudden demand shifts in Dubai or India would immediately ripple through Ghana’s foreign exchange earnings and, by extension, currency stability.

Economic observers warn that Ghana’s resilience would be tested if either or both major markets introduced new compliance thresholds, altered refinery requirements, or imposed sanctions on uncertified gold.

For now, the concentration is working in Ghana’s favour but it leaves the export economy heavily reliant on decisions made outside the country.