Ghana strengthened its position as Africa’s largest gold producer in 2025, with record output of six million ounces lifting gold export earnings to about $20.2 billion. Gold accounted for 63.1% of the country’s merchandise exports, driven by stronger small-scale production and high global prices.
According to the Ghana Statistical Service, gold’s share of merchandise exports rose from 39% in 2004 to 63.1% in 2025. Its $20.2 billion in export earnings was more than double the combined $7.9 billion generated by cocoa and crude oil.
Ghana’s 2025 production reached about 187 tonnes, compared with approximately 94 tonnes in Burkina Faso, 70 tonnes in Sudan and 48.2 tonnes in Mali.
Gold export earnings nearly doubled from $10.3 billion in 2024 to $20.2 billion in 2025, strengthening foreign exchange inflows and supporting Ghana’s economic recovery.
Ghana Tightens Gold Trade
A major driver was the creation of the Ghana Gold Board (GoldBod) in 2025. The agency centralised the buying, assaying and export of gold from artisanal and small-scale miners, while foreign traders were restricted from directly participating in the domestic market.
Tighter licensing also aimed to curb smuggling and ensure more export earnings flowed through official channels.
Small-scale production increased by more than 60% in 2025, with the sector surpassing large-scale miners in official exports. GoldBod channelled more than 100 tonnes of small-scale gold into formal exports, generating over $10 billion in foreign exchange.
From July 2026, large-scale mining companies were also required to sell 30% of their output domestically, up from 20%, as Ghana seeks to strengthen reserves and retain more value locally.
West Africa Takes Different Approaches
Mali and Burkina Faso have pursued different strategies to increase state benefits from gold.
Mali tightened its mining code, raised taxes and expanded state participation, recovering about $1.2 billion in mining-related arrears. However, disputes with operators contributed to weaker industrial production in 2025.
Burkina Faso has focused on greater state ownership, expanding the role of state miner SOPAMIB and taking control of several mining assets.
Ghana, meanwhile, has prioritised formalising gold trading, increasing foreign exchange inflows and strengthening central-bank gold purchases.
Gold Supports Ghana’s Recovery
Higher gold earnings have helped Ghana recover from its 2022 debt crisis. The country entered a $3 billion IMF programme in 2023 to restore fiscal stability, rebuild reserves and restructure its debt.
By 2026, reserves had improved, the cedi had recovered from earlier losses and Ghana completed the programme’s final review, unlocking about $371 million.
However, the country’s growing dependence on gold also creates risks. A sharp fall in global gold prices or the financial cost of large state purchasing programmes could weaken the gains made during the recovery.