Ghana is positioning itself to take full advantage of what may be a once-in-a-generation opportunity, as global gold prices surge to unprecedented levels in 2025.
The World Bank forecasts a remarkable 36% year-on-year increase in gold prices by the end of the year, driven by geopolitical tensions, volatile financial markets, and a global flight to safe-haven assets.
But to fully reap the benefits of this boom, Ghana must address deep-rooted domestic issues, particularly inefficiencies in the gold purchasing sector and the country’s historically limited role in the gold value chain.
Recognizing this, the government has taken a bold step with the establishment of the Ghana Gold Board (GOLDBOD), a regulatory and purchasing body aimed at restoring order, curbing smuggling, and enhancing local value addition in the sector.
According to Finance Minister Cassiel Ato Forson, “Currently, the chaos in Ghana’s gold purchasing sector prevents the nation from fully benefiting from its gold resources. The time has come for Ghana to expand beyond royalties and taxes by harnessing the entire value chain of gold … from extraction to refinery, value addition and marketing, both locally and internationally.”
A Strategic Gold Rush
The formation of GOLDBOD marks a pivotal shift in Ghana’s gold strategy. Backed by a $279 million revolving fund to purchase gold directly from artisanal and small-scale miners, the Board aims to formalize a sector long dominated by informal trade and cross-border smuggling. With targets to buy at least three tonnes of gold per week, the initiative could significantly reduce leakage and increase official gold exports.
Ghana remains Africa’s top gold producer, and this reform could help it maintain that status while increasing earnings. Deloitte projects a 3% rise in gold production in 2025, reaching 136 tonnes. Combined with soaring global prices, this could deliver a record-breaking windfall. In 2024, Ghana earned approximately $11.64 billion from gold exports, a 53% jump over the previous year. That figure could rise even higher if the country executes its reforms effectively.
With strong global demand and elevated prices, Ghana has a narrow window to turn policy into profit.
