Ghana could generate up to $12 billion annually from small-scale gold production if output doubles as planned, according to Sammy Gyamfi, CEO of the Ghana Gold Board.
- Ghana’s small-scale gold production is projected to generate $12 billion annually with planned output doubling.
- The government has established a regulatory body to oversee gold trade, aiming to curb illegal activities and boost foreign reserves.
- Gold contributes approximately 7% to Ghana’s GDP and remains a crucial economic commodity.
Ghana could generate up to $12 billion annually from small-scale gold production if output doubles as planned, according to Sammy Gyamfi, CEO of the Ghana Gold Board.
The country’s gold exports have surged alongside rising global prices, driven largely by growth in artisanal and small-scale mining.
To capitalize on this growth, the government has established a regulatory body to oversee all gold purchases and sales. The goal is to boost foreign currency reserves and curb illegal trade, Bloomberg reported.
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“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.
He added that while Ghana expects to generate around $6 billion by the end of this year, the country is confident it will achieve $12 billion in annual inflows starting next year.
Gold remains a cornerstone of Ghana’s economy
Gold has long been central to Ghana’s economy. Once known as the Gold Coast during colonial times, the country remains one of the world’s largest gold producers. In 2019, Ghana overtook South Africa to become the continent’s leading gold producer.
Now, following a 2022 debt default that locked Ghana out of international capital markets, the country is turning to gold, its most valuable export, to stabilize its economy. With gold prices nearing $3,300 an ounce after record-breaking highs, Ghana is well-positioned to benefit.
Gold mining contributes about 7% to the country’s GDP. In 2023, Ghana’s gold exports soared by more than 50% to $11.6 billion, with roughly one-third of output coming from small-scale and artisanal miners.
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As Africa’s leading gold producer, the nation has seen a major share of this growth come from small-scale and artisanal mining, which accounts for roughly a third of national output.
However, in recent years, artisanal and small-scale mining, often unregulated, has become increasingly prevalent.
While the law recognises small-scale mining as a legitimate economic activity, studies indicate that over 85% of operations remain informal and unregulated, occurring outside state oversight.
To curb smuggling and capture more foreign exchange, Ghana’s recently established gold regulator has increased its purchases from artisanal miners. Speaking in Accra, the regulator’s head, Gyamfi, said the move will help boost foreign reserves and stabilize the economy.
