Sammy Gyamfi
Right to Information request on Ghana Gold Board (GoldBod) shows that Dubai accounted for more than 72 percent of small-scale gold exported followed by India with 25 percent in 2025.
According to data obtained by Joynews research team, out of the 103,804 kilograms of small-scale gold exported, the two countries absorbed about 98.8 percent of Ghana’s small-scale gold exports in 2025.
The remaining 1.2 percent was spread across eight other countries, with Switzerland and South Africa accounting for most of that small balance.
But analysts have indicated that such level of concentration in the two dominant countries exposes Ghana to some external risks, causing implications for the country’s gold export earnings.
Studies have also shown that much of Ghana’s small-scale gold is exported in unrefined form and without a robust traceability framework, which excludes the country from higher-value markets that require stricter sourcing and refining standards.
Industry experts  have also said exports largely directed to destinations willing to accept gold with limited traceability, weakens Ghana’s bargaining position, often forcing sellers to accept discounted prices.
Despite these constraints, small-scale gold exports have become a critical support for the cedi in 2025, generating more than $10 billion in export earnings and helping to stabilise the currency.
Industry experts however believe that the heavy concentration of exports in just two markets means that any policy shifts, regulatory tightening, or demand shocks in Dubai or India would quickly feed through to Ghana’s foreign-exchange inflows and currency stability, leaving the cedi vulnerable.
A recent report presented to GoldBod by economists from the University of Ghana and the University of Ghana Business School, stated that artisanal and small-scale mining (ASM) gold exports increased from 63.6 tons in 2024 to 103 tons in 2025.
It said the additional 39.4 tons may represent gold previously lost to smuggling, which may now be accounted in the formal system with a total value of US$96.5 million per ton.
The report further revealed that the formalised gold translates to approximately US$3.8 billion in foreign exchange, demonstrating a benefit cost ratio of 18:1 when compared with the Bank of Ghana’s (BoG) reported trading loss of US$214 million.
One of the authors of the report, Prof. Festus Ebo Turkson, mentioned that GoldBod has helped convert illicit gold flows into formal forex, strengthening Ghana’s external position as well as macroeconomic stability.
The Chief Executive of GoldBod, Sammy Gyamfi, has indicated that the establishment of GoldBod has promoted the formalisation of small-scale mining through responsible sourcing, supply chain sustainability, traceability of gold, and adherence to international best practices in its mandate under Section 3(1)(f) of Act 1140 of the GoldBod Act.
 By Ebenezer K. Amponsah