Small-Scale Gold Exports Hit $8bn in October
Ghana’s small-scale gold export sector has generated over US$8 billion in foreign exchange between January and October 15, 2025, underscoring the sector’s growing contribution to the country’s balance of payments and economic recovery efforts.
Fresh data jointly released by the Ghana Gold Board (GoldBod) and the Precious Minerals Marketing Company (PMMC) reveal that small-scale miners exported 81,719.23 kilograms of gold during the period, valued at US$8.06 billion.
The latest figure represents a significant jump from US$4.61 billion in 2024 and nearly four times the US$2.19 billion recorded in 2023, highlighting consistent growth in both gold volumes and export value over the past three years.
According to the report, strong monthly performances were recorded in April (US$897.6 million), May (US$1.17 billion), and June (US$957.9 million), reflecting robust activity in the second quarter of the year.
GoldBod attributed the surge in earnings to improved regulatory oversight, strengthened collaboration with the PMMC, and enhanced compliance measures aimed at sanitising Ghana’s small-scale mining sector.
“Our partnership with PMMC has been instrumental in curbing illicit trade and ensuring that proceeds from gold sales are properly repatriated into the Ghanaian economy,” GoldBod stated.
The agency added that the stronger enforcement regime has fostered transparency and increased investor confidence in the small-scale export system, which for years had been fraught with smuggling and under-declaration challenges.
Economists say the record-high export receipts will significantly support Ghana’s foreign exchange reserves, providing relief for the cedi amid ongoing efforts by the government and the Bank of Ghana (BoG) to stabilise the economy under the US$3 billion IMF-supported reform programme.
Meanwhile, the BoG has expanded its gold reserves to a historic 37.06 tonnes as of end-September 2025 — up from just under 9 tonnes in May 2023 — signalling an aggressive accumulation strategy under its “Gold for Reserves” initiative.
Central bank data show that monthly gold purchases have averaged over one tonne since mid-2024, reflecting a deliberate policy to diversify reserve assets away from the US dollar and mitigate exposure to exchange rate volatility.
“The rapid build-up of gold holdings demonstrates a strategic pivot toward commodity-backed resilience,” analysts told NorvanReports, noting that the initiative has bolstered market confidence in the cedi and strengthened Ghana’s reserve adequacy metrics.
The surge in Ghana’s gold holdings coincides with a bullish global gold market. Gold futures breached the US$4,000-an-ounce mark for the first time, reaching an intraday high of US$4,014.60 before settling at US$3,987.50, while spot gold set a new record at US$3,991 per ounce.
The rally has been fuelled by rising geopolitical risks, persistent inflation, and expectations of U.S. interest rate cuts, all of which have spurred safe-haven demand for the precious metal.
With both small-scale exports and central bank reserves at record highs, Ghana’s gold sector continues to play a pivotal role in fortifying the economy against external shocks and enhancing foreign exchange liquidity.
