Gold export revenues double in 2025

Ghana’s gold export revenues doubled in 2025, reaching nearly 21 billion USD. This significant increase was driven by reforms in the artisanal and small-scale gold mining sector, as well as higher international gold prices.

GoldBod targets 1.2 billion USD in November

On Monday, November 2, GoldBod, a Ghanaian public institution, announced its goal of generating 1.2 billion USD in foreign exchange through its gold trading operations in November. GoldBod has exclusive rights to buy, sell, and export gold in Ghana.

2026 revenues surpass 2025 totals

For the first ten months of 2026, total revenues from Ghana’s gold exports have already surpassed those recorded for the entire year of 2025. This suggests continued strong performance in the gold sector.

GoldBod’s first year generates 10 billion USD

GoldBod was established in 2025 and generated approximately 10 billion USD in its first year of operation. This was largely due to reforms aimed at better collecting gold from the artisanal and small-scale mining sector.

Export revenues from ASM and industrial mines

According to data provided by Sammy Gyamfi, the general director of GoldBod, 11.6 billion USD in export revenues were recorded from artisanal and small-scale gold, and 11.1 billion USD from industrial mine shipments from January to October 2026.

Factors behind the revenue growth

The increase in revenues in 2025 was partly due to higher gold production, better capture of artisanal gold in official channels, and rising international gold prices. In 2026, GoldBod continues to formalize small-scale mining activities and develop local refining.

Efforts to refine gold locally

GoldBod is working to refine gold locally, aiming to export high-purity gold bars instead of less value-added gold doré. This shift could increase the economic value of Ghana’s gold exports.

Measuring the economic impact

Beyond the exported amounts, it is important to assess the actual economic benefits of the revenue growth. This includes how much foreign exchange is available to the local banking system, contributes to tax revenues, and supports productive investments.

GoldBod sells foreign exchange to banks

GoldBod has sold a large part of the foreign exchange from its trading activities to licensed commercial banks in recent months. This helps integrate the revenue into the local financial system.