Ghana’s gold industry made a significant contribution to the country’s Gross Domestic Product (GDP), recording GH¢88 billion in 2024, according to Vice President Professor Naana Jane Opoku-Agyemang.

She made this revelation during the inauguration of the Newmont Ahafo North Mine on Thursday, October 30. According to her, Ghana’s gold exports stood at US$11.2 billion as of August 2025.

“The opening of the Ahafo North Mine is an act of partnership and progress, and the fruit of mutual respect and collaboration. Last year, Ghana’s gold industry contributed GH¢88.1 billion to our GDP. Also, this year, our gold exports reached a record of US$11.2 billion. These figures demonstrate and encourage more confidence in our economy, governance, and national potential,” she added.

Small-scale gold exports carried out by the Ghana Gold Board (GoldBod) and the Bank of Ghana between January and August 2025 totaled 66.7 tonnes, with an estimated export value of approximately US$6.3 billion. This was revealed by the Chief Executive Officer (CEO) of GoldBod, Sammy Gyamfi, while delivering a speech at the Mining and Minerals Convention on Tuesday, September 9.

“Since January up to the end of August 2025, small-scale gold exports undertaken by or through the GoldBod, working closely with the BoG, have hit a record high of 66.7 tonnes with an export value of approximately US$6.3 billion.”

“What this means is that the volume and value of small-scale gold exports from January to August 2025 alone have exceeded the total small-scale exports outturn for the whole of 2024 — which stood at 63 tonnes with a value of about US$4.6 billion,” he added.

Additionally, Sammy Gyamfi disclosed that effective October, the Ghana Gold Board will process raw gold within Ghana instead of exporting it in its unrefined form. He explained that the move is part of a new collaboration with the Bank of Ghana and local refineries.

“It is a national shame that, as a long-standing continental leader in production, Ghana continues to export doré, that is, raw gold, instead of bullion. The Ghana Gold Board, which I lead, is determined to change this narrative as a matter of urgency.

“As part of the reset agenda of President Mahama, the GoldBod, in conjunction with the BoG, is partnering with local refineries such as the Gold Coast Refinery to begin the local refining of gold purchased and exported by the GoldBod, and this will begin next month, October 2025,” he added.

In August this year, GoldBod offered a special temporary bonus scheme to miners operating under valid mining licenses. In its announcement, GoldBod emphasised that licensed miners would enjoy an additional GH¢832 per pound of gold sold through the Ghana Gold Board. This information was contained in a statement issued by GoldBod on Wednesday, August 27.

“This novelty is in response to legitimate complaints from licensed miners about the significant reduction in the local price of gold in the last few months due to the continuous appreciation of the Ghana cedi.

“The special bonus will ensure that licensed miners who have contributed immensely to the country’s increased gold output and foreign exchange earnings do not indirectly suffer as a result of the significant appreciation of the Ghana cedi that they have helped the country achieve,” the statement read.

According to GoldBod, the recent development has been made possible due to the continuous appreciation of the Ghana cedi. On July 7, a task force was inaugurated with a special mandate and specific powers as police officers to combat smuggling and all forms of illegal gold trading activities in the country. Sammy Gyamfi noted that this will save the government from revenue leakages in the sector, helping to generate and invest revenue for economic development.

“(This will) help the state combat and defeat the phenomenon of gold smuggling, the canker of illegal gold trading, and price disruptions that deprive the state of the needed revenue, profit, and foreign exchange for our economy and the development of our country,” he announced.

Earlier this month, GoldBod reported significant revenue accrued from small-scale gold exports between January and October 15. The sector earned US$8 billion in foreign exchange within ten months, according to data from the Ghana Gold Board (GoldBod) and the Precious Minerals Marketing Company (PMMC).

The data shows that small-scale miners exported 81,719.23 kilograms of gold during the period, valued at US$8.06 billion. This marks a sharp increase from US$4.61 billion recorded in 2024 and nearly quadruples the US$2.19 billion achieved in 2023.

Additionally, the data shows that gold exports increased by 29% between 2024 and 2025, rising from 63,647 kilograms to 81,719 kilograms. When compared to 2023, GoldBod’s earnings have grown more than threefold.

The data highlights a consistent upward trend in both gold volume and export value over the three years, reflecting improved regulation, transparency, and compliance within Ghana’s small-scale mining sector.

It also shows robust month-on-month growth in the second quarter of the year, with revenue of US$1.17 billion recorded in May, US$957.9 million in June, and US$897.6 million in April.

The country’s official gold buying and distribution authority has linked its significant gains to its partnership with PMMC and strengthened oversight of small-scale gold exports and other related gold-purchasing regulations. The GoldBod-PMMC collaboration has proved efficient since mid-April 2025, when GoldBod began absorbing the functions of PMMC.

The collaboration has been instrumental in curbing illicit trade and ensuring that proceeds from gold sales are properly repatriated into the Ghanaian economy.