Ghana’s gold export earnings more than doubled in 2025, reaching $20.9 billion, as sweeping reforms in the mining sector helped channel more production into formal export markets, according to official data.
The sharp rise marks a significant increase from $10.3 billion in 2024, reinforcing gold’s position as Ghana’s leading export commodity, far ahead of cocoa and crude oil. Overall export revenues climbed to $31.1 billion during the year, largely driven by the surge in gold shipments.
Authorities credit the performance to regulatory changes introduced to improve oversight, transparency, and traceability in the gold trade, particularly within the artisanal and small-scale mining (ASM) segment, which has long been associated with smuggling and underreporting.
A key pillar of the reforms was the expanded role of the Ghana Gold Board (GoldBod), which was mandated to centralize the purchase and export of gold from small-scale miners. Since becoming operational, GoldBod has helped redirect large volumes of gold into official export channels, significantly boosting recorded export earnings and foreign exchange inflows.
GoldBod alone exported an estimated 100 tonnes of gold during its first year of operation, generating close to $10 billion in revenue. Officials say the initiative has reduced leakages, improved compliance, and strengthened the state’s ability to capture value from the sector.
The rise in export earnings was also supported by strong global gold prices, which remained elevated throughout 2025 amid geopolitical uncertainty and sustained investor demand for safe-haven assets.
The surge in gold exports helped Ghana post a trade surplus for the year, easing pressure on foreign reserves and supporting macroeconomic stabilization efforts following recent fiscal challenges.
Looking ahead, the government plans to deepen reforms in the mining sector, including audits of large-scale operators and proposals to increase local value addition. Authorities have also signaled intentions to gradually shift from exporting raw gold to refined bullion, a move aimed at retaining more value within the domestic economy.
While officials remain optimistic, they acknowledge that sustaining growth will depend on consistent policy implementation and maintaining investor confidence in one of Ghana’s most strategic industries.
