GoldBod rakes in $8bn from 81.72 tonnes of gold -

Ghana’s small-scale gold export sector has achieved a record-breaking performance this year, generating more than $8.06 billion between January and mid-October 2025.

The surge marks one of the strongest showings in recent years for the subsector, which continues to play an increasingly vital role in Ghana’s foreign exchange earnings.

According to the latest figures released by the Ghana Gold Board (Goldbod), total gold exports from small-scale miners during the ten-month period amounted to 81.72 metric tonnes, the equivalent of 81,719.22 kilogrammes (kg).

This represents a remarkable leap from 63.65 tonnes (63,647.22 kg) exported in 2024 and 37.45 tonnes (37,454.01 kg) in 2023.

Officials attribute the strong performance to enhanced regulation, stricter monitoring of exports, and renewed investor confidence in Ghana’s small-scale mining subsector, which is jointly supervised by Goldbod and the Precious Minerals Marketing Company (PMMC).

Consistent growth throughout the year

Data from Goldbod show steady month-on-month growth in both export weight and value since the beginning of the year.

In January 2025, exports stood at 6,178.69 kg, valued at $506.41 million—almost triple the $170.66 million recorded during the same month in 2024.

The performance peaked in May, when small-scale gold exports reached 11,068.55 kg, earning $1.17 billion, the highest monthly figure recorded so far.

The strong run continued through June ($957.90 million) and July ($829.84 million), reflecting a sustained surge in output and value.

By September 2025, exports were reported at 10,533.56 kg, valued at $1.16 billion, underscoring consistent performance in the third quarter of the year.

Year-on-year gains

The latest data underscore a sharp upward trend over the past three years.

Between 2023 and 2024, small-scale gold exports jumped by nearly 70% in weight and more than doubled in value, rising from $2.19 billion in 2023 to $4.61 billion in 2024.

In 2025, the sector has once again outperformed expectations, recording a 75% increase in export weight and nearly the same growth in export value within just one year.

Economic analysts link this performance to the introduction of traceability systems, improved documentation, and regulatory reforms that have curbed illegal exports and ensured fair pricing for small-scale miners.

Policy reforms drive results

Established to regulate and streamline small-scale gold exports, Goldbod has been widely credited for restoring discipline and transparency to the subsector.

Working closely with PMMC, the Board has rolled out a series of compliance and digital tracking measures that ensure all gold exports pass through official channels.

A senior Goldbod official told reporters that the reforms have “significantly reduced smuggling and restored confidence in Ghana’s small-scale mining ecosystem,” while allowing miners to receive fair compensation for their gold.

The new system enables real-time tracking of gold from source to export, providing accurate data for both fiscal monitoring and international trade purposes.

Additionally, community engagement initiatives have improved cooperation between local miners and regulatory agencies, helping to formalize operations and promote environmental compliance.

Strengthening the economy

Gold remains Ghana’s largest foreign exchange earner, and the robust performance of the small-scale subsector in 2025 is expected to boost the country’s external reserves.

The $8.06 billion earned so far this year provides much-needed fiscal support at a time when the economy is navigating post-crisis recovery and implementing debt restructuring measures.

Economists believe the rise in small-scale gold receipts will help stabilize the cedi, ease pressure on foreign exchange reserves, and reinforce the government’s fiscal consolidation agenda.

“The strong inflows from the small-scale gold export subsector are a lifeline for Ghana’s balance of payments,” one Accra-based economist noted.

“They are helping offset external shocks while promoting resilience within the mining value chain.”

A growing role for small-scale miners

Once seen primarily as informal operators, small-scale miners are now being recognized as key contributors to Ghana’s export performance.

Through regulatory reforms, digital oversight, and partnership with PMMC, the subsector has evolved into a structured and legitimate part of the national mining landscape.

With over 81 tonnes of gold exported in 2025, small-scale miners are expected to contribute a substantial portion of Ghana’s total gold export revenue for the year—further strengthening their influence in the global gold supply chain.

Industry observers predict that, if current trends continue, small-scale gold exports could exceed US$9 billion by the end of the year, consolidating Ghana’s position as one of Africa’s top gold-producing nations.