Ghana’s mining industry has performed well, as seen by the country’s substantial gold exports of $2.7 billion in the first four months of 2025. Some of the variables resulting from this stride include improved export mechanisms, higher global gold prices, and increasing production.
Ghana’s top export is still gold, which accounted for 55.3% of all export earnings in 2024. By the end of 2024, Ghana’s trade surplus had grown to $4.98 billion thanks in large part to the spike in gold exports.
The mining industry, especially gold mining, played a significant role in Ghana’s 5.7% GDP growth last year.
The UAE was the top destination for Ghana’s gold exports, accounting for around 40% of total exports. In other important markets, Ghana’s gold exports were received by South Africa (22.2%), India (6.8%), and Switzerland (30.1%), which together accounted for 99.2% of the total.
Ghana only keeps around 14% of the overall revenue from gold exports, with the majority going to foreign corporations despite the country’s strong export numbers.
On the other hand, uncontrolled small-scale mining operations result in financial losses and environmental damage. An estimated 50% of the gold produced by small-scale miners is exported illegally, resulting in large losses in revenue.
In an effort to legitimize the industry, the government has set aside $279 million to assist GOLDBOD in buying and exporting gold from small-scale miners to reduce smuggling.
The government-introduced Gold-for-Oil Program will enable Ghana to use gold that is produced domestically to pay for oil imports, preserving foreign exchange reserves and stabilizing the economy.
Even while Ghana’s economy still depends heavily on the gold industry, issues including smuggling, illegal mining, and tax retention must be addressed.
Although programs like GOLDBOD and the Gold-for-Oil initiative are positive advances, more work is required to guarantee that the money created from gold serves the larger goals.
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