Ghana’s gold sector powered a dramatic surge in export earnings in 2025, reinforcing the metal’s central role in the country’s economy as new reforms began reshaping artisanal mining and formal trade flows.
Data released by the Bank of Ghana earlier this week, show that total export revenues climbed to $31.1bn in 2025, up sharply from $19.1bn in 2024. Gold accounted for $20.9bn of that total, confirming its position as Ghana’s most valuable export commodity by a wide margin.
The figures underscore how gold has become the backbone of Ghana’s external trade, far outperforming cocoa and oil, while highlighting early results from regulatory reforms introduced in 2025 to formalise artisanal mining and tighten state control over gold exports.
During the financial year, gold export earnings nearly doubled from $10.3bn a year earlier. Cocoa revenues also rose significantly but remained well behind, generating $3.8bn despite roughly doubling year on year. Oil exports lagged further, earning $2.6bn, while other exports contributed a combined $3.6bn.
The strong export performance helped Ghana maintain a trade surplus at a time when the government continues efforts to stabilise the economy following years of currency pressure and debt restructuring.
Although the central bank did not provide a detailed explanation for the surge, the gains coincided with a prolonged rally in global gold prices, which rose more than 70 percent over the past year. The price upswing has overlapped with sweeping domestic reforms targeting inefficiencies and leakages in Ghana’s gold trade.
Artisanal mining in focus
A major pillar of the reforms has been the regulation of artisanal and small-scale mining (ASM), a segment long associated with smuggling and lost foreign exchange.
Since May 2025, the sector has been overseen by the state-run Ghana Gold Board, known as GoldBod. The body was mandated to purchase gold directly from licensed small-scale miners and export it on behalf of the state, replacing informal trading networks.
In late December 2025, GoldBod announced that it had exported a record 100 tonnes of gold during its first year of full operations, generating approximately $10bn in revenue.
That figure represents around half of Ghana’s total gold export earnings for 2025. National production data have not yet been released, making it difficult to quantify the contribution of large-scale industrial mines, which operate outside GoldBod’s mandate. Even so, the ASM sector appears to have played a decisive role in the export surge.
‘The surge in gold revenues comes against the backdrop of ongoing reforms in Ghana’s gold trading and value chain management, including enhanced state oversight, formalisation of gold flows, and improved value retention through the Ghana Gold Board,’ the institution said in a statement responding to the Bank of Ghana data.
Policy momentum heading into 2026
Gold is expected to remain central to Ghana’s economic strategy in 2026 as authorities pursue additional measures aimed at boosting state revenues from the mining sector.
Beyond GoldBod’s activities, the government launched a nationwide mining audit in November 2025 covering 19 large-scale operations. The review includes mines operated by Gold Fields, AngloGold Ashanti and Zijin Mining.
Officials say the audit seeks to ‘confirm the accuracy of royalty and tax payments and strengthen transparency in the sector’.
At the same time, the government has announced plans to abolish mining stability agreements, which provide long-term fiscal guarantees to investors. It has also proposed raising gold royalty rates to between 9 and 12 percent, from the current range of 3 to 5 percent.
While policymakers argue the measures are necessary to improve value retention, analysts warn that execution will be critical to avoid undermining investor confidence.
Regional lessons and risks
Developments elsewhere in West Africa highlight the potential pitfalls of reform.
In Mali, the introduction of a new Mining Code in 2023 led to a dispute with Canadian miner Barrick Mining, culminating in the suspension of operations at the Loulo-Gounkoto complex in 2025. The shutdown contributed to an estimated 22.9 percent decline in industrial gold output.
For Ghana, where gold now accounts for more than two-thirds of export earnings, preserving a predictable operating environment will be essential.
As global prices remain elevated and reforms deepen, the country’s challenge in 2026 will be balancing revenue maximisation with stability — ensuring the gold boom delivers durable economic gains rather than short-term windfalls.
