As Africa’s leading gold producer, Ghana launched a series of reforms in 2025 to better regulate and structure the sector. The effort is being driven in particular by the state-run Ghana Gold Board, whose early results in formalising artisanal gold trade appear encouraging.

Ghana’s export revenues rose to $31.1 billion in 2025 from $19.1 billion in 2024, according to data released by the central bank on Tuesday, Jan. 27. Gold generated $20.9 billion of that total, confirming its position as the West African nation’s leading export, far ahead of cocoa and oil.

During the past financial year, gold export earnings almost doubled from $10.3 billion a year earlier. That puts the metal’s revenues at nearly five times those of cocoa, which brought in $3.8 billion despite also roughly doubling year on year. Oil exports lagged behind, earning just $2.6 billion. Other exports accounted for an additional $3.6 billion over the period.

The figures underline gold’s dominant role in Ghana’s export earnings, as the country also maintained a trade surplus. While the central bank did not detail the drivers behind the sector’s strong growth, the surge comes amid a prolonged rally in gold prices, with prices up more than 70% over the past year. The gains have also coincided with reforms in the artisanal and small-scale mining (ASM) sector.

Artisanal mining in focus

Since May 2025, artisanal and small-scale gold mining has been regulated by the Ghana Gold Board (GoldBod). The state body oversees domestic gold trading by buying output from small-scale miners for export.

In its first year of operation, GoldBod said in late December 2025 that it exported a record 100 tonnes of gold, generating around $10 billion in revenue.

That figure represents roughly half of the $20 billion reported for Ghana’s total gold exports in 2025. National production data have yet to be published, making it difficult to assess the contribution of industrial mines, which fall outside GoldBod’s mandate. Even so, the ASM sector already appears to have played a central role in the export surge.

“The surge in gold revenues comes against the backdrop of ongoing reforms in Ghana’s gold trading and value chain management, including enhanced state oversight, formalisation of gold flows, and improved value retention through the Ghana Gold Board (GoldBod),” the board said in a statement responding to the Bank of Ghana’s publication.

Outlook for 2026

Gold is expected to remain central to Ghana’s economic policy in 2026. Alongside reforms led by GoldBod, authorities are also seeking tighter oversight of the industrial mining segment.

A mining audit launched in November 2025 aims to “confirm the accuracy of royalty and tax payments and strengthen transparency in the sector.” The audit covers 19 large mines, including operations run by Gold Fields, AngloGold Ashanti and Zijin Mining.

Meanwhile, the government has announced plans to abolish mining stability agreements, which were originally introduced to attract investment through tax incentives. It has also proposed raising gold royalties to 9-12% from the current 3-5%.

While these measures are intended to maximise state revenue, their implementation will need close monitoring, particularly in terms of relations with mining companies.

Similar reforms in Mali following the adoption of its 2023 Mining Code triggered a dispute with Canadian miner Barrick Mining, leading to the suspension of production at the Loulo-Gounkoto mine in 2025. The shutdown contributed to an expected 22.9% drop in industrial output, cutting production from the country’s largest gold operation.

For Ghana, where gold is becoming even more critical to export earnings, maintaining a stable business environment will remain essential.

Aurel Sèdjro Houenou