Ghana to rake in $12 billion a year from small-scale gold mining

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.

Small-scale mining Ghana’s exports rose more than 50% to $11.6 billion last year as small-scale mining underpinned an increase in output. The small-scale mining sector, which typically accounts for a third of annual output, increased its contribution to more than 40% last year, Gyamafi said, citing initial estimates. Total production rose to 151 tons in 2024, with 66 tons coming from the small-scale segment, which has also driven growth in black-market trading, he said. Gyamfi said in an interview in the capital, Accra, that the regulator has ramped up its gold purchases from artisanal miners to fight smuggling. The expected increase in earnings from small-mine output will “have a positive impact on inflation and gross domestic product, and on the foreign component of our debt profile,” he said.

Bloomberg