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Ghana expects to rake in $12 billion a year from small-scale gold production if output doubles as planned. Gold exports from the country have surged as international prices have soared, and much of that expansion is down to small-mine and artisanal production. The government this year set up a regulator
to handle all gold buying and selling, hoping to boost foreign-currency reserves and curb black-market trading.
“Our goal is to move above 3 tons a week” in purchases, up from about 1.5 tons a week in January, said Sammy Gyamfi, the Ghana Gold Board’s chief executive officer. “We expect to be able to bring in about $6 billion by the end of this year, but we are confident that we will reach the $12 billion in annual inflows from next year.”
Africa’s top gold producer, which has been locked out of international capital markets following a debt default in 2022, is taking advantage of its largest foreign exchange earner as gold prices climb. Bullion is trading near $3,300 an ounce after reaching successive records during the past year.