Ghana’s small-scale gold exports were overwhelmingly concentrated in two destinations last year, according to data obtained by JoyNews Research from the Ghana Gold Board (GoldBod) through a Right to Information request.
The data shows that of the 103,804 kilograms of small-scale gold exported in 2025, more than 72% was shipped to Dubai, making it the dominant market, while India absorbed about 25%, together accounting for nearly 99% of total exports.
Only about 1.2% of the gold was exported to eight other countries combined, with Switzerland and South Africa taking the largest share of that residual volume.
Analysts say the heavy concentration reflects the structure of Ghana’s small-scale gold trade, where much of the output is exported unrefined and without a robust traceability system.
This limits access to premium markets with stricter sourcing and refining standards, forcing exporters to rely on destinations willing to accept less traceable gold, often at discounted prices.
The pattern has helped Ghana generate more than $10 billion in export earnings in 2025, making small-scale gold a key pillar supporting the cedi.
However, officials warn that reliance on Dubai and India leaves Ghana exposed to policy shifts, regulatory changes or demand shocks in either market.
Any disruption could quickly affect export revenues, foreign exchange inflows and currency stability.
In effect, the same concentration that has bolstered the cedi has also increased Ghana’s vulnerability to external shocks.