Dr. Johnson Pandit Asiama
Ghana’s small-scale gold export sector has generated over US$8 billion this year, a significant increase in revenue generated by the sector in previous years.
This impressive performance is fueled by various reforms in Ghana’s gold sector, with the introduction of the Ghana Gold Board (GoldBod) playing a key role.
It is also attributed to improved regulation, enhanced export monitoring, and renewed investor confidence in Ghana’s small-scale mining subsector, which is jointly managed by GoldBod and the Precious Minerals Marketing Company (PMMC).
Figures from the GoldBod and the PMMC show that Ghana earned a whopping US$8.06 billion between January and mid-October 2025.
The figures show that the total gold exported by small-scale miners during the period amounted to 81,719.22 kilogrammes (kg), representing a significant increase over the 63,647.22kg exported in 2024 and 37,454.01kg in 2023.
This significant improvement is also reflected in GoldBod’s monthly data which show steady growth in both weight and value from January to October 2025.
For instance, in January this year alone, exports reached 6,178.69kg, valued at US$506.41 million, almost triple the US$170.66 million recorded in the same month of 2024.
The performance peaked in May, when small-scale exports hit 11,068.55kg, earning Ghana US$1.17 billion—the highest monthly figure recorded so far.
This strong trend continued in June and July, which recorded values of US$957.90 million and US$829.84 million, respectively.
September 2025 recorded export of 10,533.56 kg, amounting to US$1.16 billion, indicating consistent performance in the third quarter.
The success chalked this year show a significant improvement over the last three years, as figures indicate that between 2023 and 2024, small-scale gold exports increased by about 70 per cent in weight and more than doubled in value, from US$2.19 billion in 2023 to US$4.61 billion in 2024.
In 2025, the sector has seen another leap, recording a 75 per cent increase in export weight and nearly 75 per cent growth in value within a year.
Economic analysts have linked this growth to enhanced traceability systems, improved documentation, and reforms.
GoldBod Impact
GoldBod, which was established in 2025 to regulate and streamline small-scale gold exports, has been credited with restoring confidence in the sector.
The Board, working with PMMC, has introduced strict compliance measures and to ensure that all gold exported passes through official channels.
Officials of GoldBod have attributed the impressive results to improved monitoring, digital tracking of gold movement, and increased community engagement.
These interventions have helped reduce smuggling and enabled small-scale miners to obtain fair value for their products.
Economic Impact
Gold remains Ghana’s top foreign exchange earner, and the rise in small-scale exports is expected to strengthen the country’s external reserves.
The US$8.06 billion earned so far this year comes at a crucial time when the economy is recovering from recent fiscal challenges.
Economists believe the growth in gold export receipts could help stabilise the cedi, reduce pressure on foreign reserves, and support the government’s fiscal consolidation efforts.
With small-scale miners now playing a key role in the official export chain, the subsector is increasingly viewed as a major contributor to Ghana’s economic resilience.
BY Gibril Abdul Razak