Keypoints:
- Ghana targets $12bn yearly from artisanal gold by 2026
- Gold regulator tackles black market and boosts reserves
- Small-scale mining now makes up over 40% of output
GHANA expects to generate as much as $12bn annually from small-scale gold production starting next year, as the country doubles down on formalising and expanding artisanal mining. The move comes amid soaring global bullion prices and renewed efforts by the government to crack down on black-market activity and boost foreign reserves.
According to Sammy Gyamfi, Chief Executive Officer of the newly established Ghana Gold Board, the country plans to double its weekly gold purchases from small miners — from 1.5 tonnes in January to more than 3 tonnes in the coming months.
‘We expect to bring in around $6 billion by the end of this year,’ Gyamfi told Bloomberg in Accra. ‘But by next year, we are confident we will be realising $12bn annually.’
Small miners power Ghana’s gold economy
Ghana, Africa’s leading gold producer, has increasingly relied on small-scale and artisanal miners to boost exports. In 2024, total gold production rose to 151 tonnes, with 66 tonnes — more than 40 percent — coming from small-scale operations. That’s a sharp rise from previous years, when the sector accounted for roughly a third of output.
The surge has helped the country’s overall exports grow more than 50 percent to $11.6bn in 2024, with gold taking the lead as Ghana’s top foreign-exchange earner. With bullion prices hovering near $3,300 an ounce after a year of record-breaking highs, officials are eager to capitalise.
Regulator aims to end gold smuggling
To rein in smuggling and ensure more of the gold trade flows through official channels, the government launched the Ghana Gold Board earlier this year. The new body is tasked with regulating all gold buying and selling in the country.
‘The Board’s increased purchasing from artisanal miners is part of a broader effort to tackle black-market trading,’ Gyamfi said. He added that greater formalisation will help stabilise the economy: ‘The expected revenue from small-scale gold will positively impact inflation, GDP, and reduce the foreign component of our debt profile.’
Hard currency lifeline amid debt crisis
Ghana’s push to maximise its gold revenues is especially urgent following the country’s 2022 default on international debt, which has cut it off from global capital markets. By boosting gold-related earnings, the government aims to shore up foreign reserves and reduce pressure on the cedi, Ghana’s currency.
With global investors still wary and debt restructuring ongoing, the gold sector — particularly its small-scale segment — is now a central pillar in Ghana’s economic recovery strategy.
