Ghana anticipates generating $12 billion annually from small-scale gold production if output doubles as planned.
Bloomberg reports that the country’s gold exports have surged alongside rising international prices, with much of the growth driven by small-scale and artisanal mining.
To strengthen foreign-currency reserves and reduce black-market trading, the government established a regulator this year to oversee all gold transactions.
“Our goal is to move above 3 t a week” in purchases, up from about 1.5 t 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.”
Ghana, locked out of international capital markets since its 2022 debt default, is leveraging its top foreign exchange earner as gold prices soar. Bullion is trading near $3,300 an ounce after hitting record highs over the past year.
The country’s gold exports jumped more than 50% to $11.6 billion last year.
While Ghana remains Africa’s leading gold producer, small-scale mining—contributing roughly a third of output—has fueled black-market activity.
Gyamfi said the regulator has increased gold purchases from artisanal miners to combat smuggling.
He said the projected revenue boost from small-scale mining will “have a positive impact on inflation and gross domestic product, and on the foreign component of our debt profile”.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
