Ghana stands to generate up to $12 billion each year from small-scale gold mining if production doubles as planned, Sammy Gyamfi, CEO of the Ghana Gold Board, announced.
This potential increase builds on the country’s rising gold exports, driven mainly by artisanal and small-scale miners amid strong global gold prices.
The government has responded to this growth by creating a regulatory body tasked with overseeing all gold purchases and sales.
This new oversight aims to strengthen foreign currency reserves and reduce illegal gold trade.
“Our goal is to move above 3 tons a week” in gold purchases, Gyamfi said, up from about 1.5 tons per week at the beginning of the year.
Gyamfi further stated that while Ghana expects to earn around $6 billion in gold revenues by the end of this year, the country is confident that annual inflows will reach $12 billion starting next year.
Gold remains a critical pillar of Ghana’s economy.
Historically known as the Gold Coast, Ghana has become Africa’s leading gold producer, overtaking South Africa in 2019.
Following a debt default in 2022 that excluded Ghana from international capital markets, the nation is turning to gold, its most valuable export, to support economic stability.
With global gold prices nearing $3,300 an ounce after hitting record highs, Ghana is well-positioned to capitalize on the market.
Gold mining contributes roughly 7% to Ghana’s GDP, and exports surged over 50% to $11.6 billion in 2023.
About one-third of this output comes from small-scale and artisanal miners.
However, despite legal recognition of small-scale mining as a legitimate economic activity, over 85% of these operations remain informal and unregulated, often operating outside government supervision.
To combat smuggling and increase foreign exchange earnings, Ghana’s gold regulator has stepped up purchases from artisanal miners.
Gyamfi emphasized that this approach will help boost foreign reserves and contribute to economic stability as the country seeks to better manage its gold resources.
