Ghana earns US$8 billion from small-scale gold exports between January - October 2025

Ghana’s small-scale gold mining sector has delivered an extraordinary performance this year, generating more than US$8 billion in foreign exchange earnings between January and 15th October 2025, according to new data released by the Ghana Gold Board (GoldBod).

The figures, compiled from exports certified by GoldBod and the Precious Minerals Marketing Company (PMMC), reveal that small-scale gold exports reached 81,719.23 kilogrammes, valued at US$8.06 billion, within the first nine and a half months of the year. This marks a record-breaking surge in both volume and value compared to previous years.

In 2024, Ghana exported 63,647.22 kilogrammes of gold worth US$4.62 billion, while 2023 recorded 37,454.01 kilogrammes, valued at US$2.19 billion. The 2025 figures therefore represent a 75 percent increase in volume and a near-doubling of export earnings over the entire 2024 total, achieved in less than ten (10) months.

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Month-by-month data show that exports have remained strong throughout the year. January 2025 began with 6,178.69 kilogrammes of gold worth US$506.41 million, and volumes continued to rise steadily through the first quarter, peaking at 8,328.46 kilogrammes (US$742.65 million)

in March. The upward trend persisted in subsequent months, with May emerging as the best-performing month so far, recording 11,068.55 kilogrammes valued at US$1.17 billion.

By September, exports had once again crossed the 10,000-kilogramme threshold, bringing in US$1.17 billion, while preliminary October data show 4,392.83 kilogrammes valued at US$532.17 million within just half a month.

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Industry analysts attribute the impressive growth to a combination of strong international gold prices, improved export monitoring, and increased formalisation within Ghana’s small-scale mining sector. The enhanced coordination between GoldBod and PMMC has also been credited with tightening oversight and ensuring accurate valuation and reporting of exports.

Officials say the performance underscores the growing contribution of small-scale miners to Ghana’s economy and its balance of payments. The sector, once viewed as largely informal, now plays a critical role in generating foreign exchange, creating employment, and supporting local economies across mining communities.

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With more than two months remaining in the year, GoldBod projects that small-scale gold exports could exceed 100,000 kilogrammes and US$10 billion by the end of 2025, setting a new benchmark for Ghana’s gold industry and further solidifying the country’s position as one of Africa’s leading gold producers.