Analysis: Ghana’s gold exports surge in 2025, surpasses total imports for first time in a decade

1. A record‑breaking half‑year

• Ghana’s total exports hit approximately US $13.79 billion, largely driven by gold (61–64 % of exports)

• Gold had become Ghana’s dominant export sector, generating roughly $8.38–8.39 billion in the first six months

• Imports during the same period totalled around US $8.225 billion, meaning gold exports alone exceeded import costs by a narrow margin of US $160 million 

2. What drove the surge?

• Global gold prices remained high in early 2025, peaking near US $3,500 per ounce in April, and stabilizing around US $3,290/oz by mid‑year—well above 2024 averages (~$2,300/oz)

• Ghana mined approximately 4.8 million ounces in 2024, up 19 % from the previous year, translating to $11.6 billion in official gold export earnings in 2024—a substantial foundation under 2025’s performance 

• Artisanal and small-scale miners gained a larger share: they accounted for 27 % of output in 2023 and jumped to around 39 % in 2024. The Ghana Gold Board purchased US $5 billion in ASM gold in just H1 2025—roughly 1.5 million ounces 

3. Policy in motion: fighting smuggling and bolstering transparency

• Ghana established GoldBod (the Ghana Gold Board) in March 2025, centralizing gold trade from artisanal miners and officially purchasing gold to curb illicit exports Concurrently, President Mahama launched Ghana’s first coordinated anti‑smuggling task force, offering informants 10 % of seized gold value, and introducing a gold traceability system. These reforms immediately led to record official export figures (55.7 tonnes valued at US $5 billion in the first five months) 

4. What this means—for trade, reserves, and risk

• The trade surplus hit US $5.57 billion, a 307 % increase over the first half of 2024, bolstering Ghana’s gross reserves to about US $11.12 billion (~4.8 months of import cover) 

• Because GoldBod must surrender foreign exchange to the Bank of Ghana, these gold sales helped underpin a relatively strong cedi, even inflation-hit and amid external shocks.

• But the heavy reliance on raw gold exports leaves Ghana vulnerable. Central banks across Africa have significantly increased gold holdings, yet this brings risk: a price decline could sharply devalue reserves and reduce export income. Ghana already has nearly one-third of its reserves in gold—a double-edged sword

5. Challenges ahead

• Value capture remains low: Ghana continues exporting mostly unrefined gold. Plans for a modern refinery and enhanced traceability are underway but not yet operational 

• Environmental and governance issues persist: informal mining (“galamsey”) continues to threaten ecosystems, while debate continues over whether some previously smuggled gold is now being formally recorded. Reforms are ongoing—but slow

???? Outlook

• If gold prices remain elevated and policy reforms are successfully implemented, 2025 gold exports could reach or exceed US $16 billion—further enhancing trade and fiscal space.

• But Ghana’s window of opportunity to transform this windfall into sustained inclusive growth depends on value addition, stronger governance, environmental management, and diversification beyond raw commodity exports.

In Short

For the first time in nearly a decade, Ghana’s gold exports alone have outpaced total imports in a half‑year period. Fueled by strong global prices, record mining output, and institutional reforms (notably the creation of GoldBod), this surge delivered a historic trade surplus—but also highlighted risks tied to reliance on raw materials. The coming months will be pivotal: will Ghana simply ride the gold wave, or convert it into lasting economic resilience?