Ghana is set to generate $12 billion annually from small-scale gold mining if it successfully doubles output, riding on the wave of record-high global gold prices and strategic reforms aimed at formalising the artisanal mining sector.
“Our goal is to move above three tonnes a week in purchases, up from about 1.5 tonnes in January. We expect to be able to bring in about $6 billion by the end of this year, but we are confident that we will reach the $12 billion in annual inflows from next year,” said Sammy Gyamfi, CEO of the Ghana Gold Board.
The government’s intensified focus on small-scale gold production comes as Ghana, in 2022, was locked out of the international capital markets after debt default. The Gold Board has been tasked with regulating all gold buying and selling activities, providing a centralized structure to combat smuggling and improve transparency.
Gold exports soared over 50% to $11.6 billion in 2024, positioning Ghana as Africa’s top gold producer. While small-scale mining accounts for about one-third of total output, it has historically driven much of the black-market activity due to a lack of oversight.
Now, with bullion trading near $3,300 per ounce and the Gold Board ramping up its purchases from artisanal miners, authorities are optimistic. Gyamfi noted that the anticipated surge in small-mine output “will have a positive impact on inflation and gross domestic product, and on the foreign component of our debt profile.”
The strategy marks a broader push to integrate the informal mining sector into Ghana’s formal economy while leveraging high gold prices to accelerate economic recovery, stabilise the cedi, and reduce external debt pressure.
