Ghana is aiming to generate $12 billion annually from its small-scale gold mining sector, following a strategic push to double production levels starting in 2025.
Driven by record global gold prices,now hovering near $3,300 per ounce, the West African country is leveraging its position as Africa’s top gold producer to strengthen foreign-currency reserves and reduce debt pressure.
The newly established Ghana Gold Board, created in 2024, is spearheading gold purchases from artisanal and small-scale miners, targeting 3 tons per week, up from 1.5 tons in January.
The initiative is expected to bring in $6 billion by year-end, with the full $12 billion target projected from next year, according to Sammy Gyamfi, CEO of the Ghana Gold Board.
Last year, Ghana’s gold exports jumped over 50% to $11.6 billion, largely due to increased output from small-scale and artisanal mining operations.
These smaller mines, while boosting revenue, have also fueled a rise in black-market trading, prompting tighter regulation and direct state purchases.
By formalizing the sector, the government aims to curb smuggling, stabilize inflation, and improve its foreign debt profile after being shut out of capital markets following a 2022 debt default.
The move is also intended to reduce economic vulnerability and increase transparency in the country’s most valuable export sector.
Authorities say improved oversight of artisanal mining can have a broad positive impact on GDP and inflation, positioning gold as a key pillar of Ghana’s economic recovery.
The program, centered in Accra, reflects Ghana’s urgent push to convert gold into sustainable fiscal gains amid global economic uncertainty.