Goldbod Export Data Shows Heavy Market Dependence on Dubai and India

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

According to 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 position as Ghana’s most dominant gold-trading destination. India accounted for approximately 25 percent, placing it as the second-largest destination for Ghana’s small-scale gold exports.

Combined, the two countries received 98.8 percent of all small-scale gold exports channelled through GoldBod in 2025, leaving less than two percent distributed across eight other jurisdictions. Switzerland and South Africa represented the largest share of the remaining markets, with smaller volumes exported to other niche buyers.

Sector analysts note that such market concentration is not unusual in gold markets where exports are largely dominated by unrefined gold.

Ghana’s current production structure, which relies heavily on raw gold purchases from artisanal and small-scale miners, means that a significant portion of exports does not yet meet the refinery standards and traceability requirements demanded by premium markets in Europe, North America and parts of Asia.

As a result, trade naturally gravitates toward markets that accept unrefined gold and operate with fewer compliance barriers.

The downside, however, is that exporters may have reduced bargaining power and could earn lower margins compared to what they might achieve in highly regulated markets that offer premium pricing for certified and refined gold.

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

In 2025 alone, artisanal and small-scale mining (ASM) gold exports generated more than US$10 billion, providing critical liquidity for the economy and supporting efforts to stabilise the cedi during periods of external pressure.

However, the same dependence that has supported foreign exchange inflows also creates significant exposure.

Any regulatory changes, import restrictions, or sudden shifts in demand from Dubai or India could directly affect Ghana’s foreign exchange earnings and, consequently, currency stability.

Economic observers have cautioned that Ghana’s resilience could be tested if either of the two major markets introduces stricter compliance requirements, changes refinery standards, or imposes restrictions on gold that does not meet international certification benchmarks.

For now, the concentration remains commercially beneficial for Ghana, but it highlights the need to diversify export destinations, strengthen local refining capacity, and improve traceability systems to ensure greater value retention across the gold supply chain.