Ghana’s gold export receipts reach record levels this year

Ghana’s gold export receipts have surged to record levels in 2025, with total earnings for the first half of the year reaching approximately US$8.3 billion and an estimated US$11.2 billion by the end of the year.

The strong performance has made gold Ghana’s dominant export commodity and a major source of foreign exchange for the country.

However, despite the significant increase in export earnings, Ghana does not rank first globally in terms of the dollar value of gold exports.

Ghana’s Performance

Record Earnings: In the first half of 2025, Ghana’s gold exports, covering both large-scale and small-scale mining, reached approximately US$8.3 billion, nearly double the figure recorded during the same period in 2024.

Small-Scale Contribution: The small-scale mining sector alone generated more than US$8 billion between January and October 2025. The significant increase has been attributed partly to the implementation of the Ghana Gold Board (GoldBod) Act and stronger regulatory oversight, which have helped reduce smuggling and increase formal gold exports.

Economic Impact: The increased foreign exchange inflows have contributed to strengthening the Bank of Ghana’s reserves and supporting the stability of the Ghanaian cedi.

African Leader: Ghana remains Africa’s leading gold producer and a major global producer, often ranking around sixth worldwide in terms of production volume.

Global Context

While Ghana’s performance is significant for its national economy, the country does not lead the world in total gold export value.

Global gold trade includes major re-export, refining, and trading hubs, which can record substantially higher export values than gold-producing countries.

For context, based on 2023 data, which is among the most recent complete global datasets available, the leading gold-exporting countries in dollar terms included Switzerland with approximately US$108.7 billion, the United Arab Emirates with US$46.8 billion, and the United Kingdom with about US$33 billion.

Ghana’s gold exports in 2023 were valued at approximately US$15.6 billion.

The significant increase in Ghana’s gold export earnings in 2025 further strengthens the country’s position as a major player in the global gold industry. However, in terms of total export value, Ghana remains behind major international re-export and refining hubs.