By Kwame Menson, African CEO Magazine
Ghana’s gold industry delivered a historic performance in 2025, with export earnings soaring to US$20.9 billion, nearly double the previous year’s figure, according to fresh data from the Bank of Ghana. The surge underscores the growing dominance of gold in the country’s economic landscape as bold state-led reforms reshape the sector.
Gold Takes Center Stage in Ghana’s Economy
Total export revenues climbed to US$31.1 billion in 2025, up from US$19.1 billion in 2024. Gold accounted for more than two-thirds of the total, eclipsing cocoa and oil—long considered Ghana’s traditional foreign exchange anchors.
The jump from US$10.3 billion in 2024 reflects both soaring international prices—up more than 70 percent over the year—and regulatory changes, particularly in the artisanal and small-scale mining (ASM) sector.
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Cocoa exports: US$3.8 billion (double the previous year)
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Oil exports: US$2.6 billion (lagging behind expectations)
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Other exports: US$3.6 billion
The strong gold performance helped Ghana maintain a trade surplus, reinforcing its position as Africa’s leading gold producer.
GoldBod: A New Era of Oversight
At the heart of the reforms is the Ghana Gold Board (GoldBod), a state-owned entity established to regulate domestic gold trading and purchase ASM output for export. Since May 2025, GoldBod has become the sole buyer of gold produced by licensed small-scale miners, curbing informal trading and revenue leakages.
By December, GoldBod reported exporting a record 100 tonnes of gold, generating approximately US$10 billion—nearly half of Ghana’s total gold export earnings for the year. Analysts say this formalisation of artisanal mining has already transformed the sector’s contribution to national revenues.
Looking Ahead: Balancing Reform and Investment
While comprehensive national production figures are pending, the government is pressing ahead with deeper reforms. In November 2025, authorities launched audits of 19 large-scale mining operations—including Gold Fields, AngloGold Ashanti, and Zijin Mining—to verify royalty and tax compliance.
Key policy shifts include:
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Abolishing mining stability agreements that guarantee fixed tax terms for investors.
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Raising gold royalties to between 9–12 percent, up from the current 3–5 percent.
Officials argue these measures will ensure Ghana captures a greater share of mining revenues, especially with gold prices at elevated levels. Yet industry groups caution that abrupt changes could unsettle investor confidence if not carefully managed.
Regional Lessons and Risks
Ghana’s reforms echo similar moves in Mali, where a new mining code triggered disputes with Barrick Mining, leading to the suspension of production at the Loulo-Gounkoto complex in 2025. That shutdown caused a sharp decline in Mali’s industrial gold output, serving as a cautionary tale for Ghana’s policymakers.
Conclusion
With gold now firmly entrenched as Ghana’s top export earner, the challenge for 2026 lies in striking a delicate balance: maximizing state revenues while maintaining a stable and predictable investment climate. Analysts agree that the success of Ghana’s reforms will hinge on how effectively the government manages this equilibrium in the years ahead.
