(Ecofin Agency) - In 2023, Ghana solidified its position as Africa's leading gold exporter with $7.6 billion in gold shipments. The momentum carried into 2024, where a notable 30% increase in gold prices contributed to rising export revenues, bolstering the nation's economic landscape.

Ghana earned $11.6 billion from gold exports last year, up 52.6% compared to 2023. The Bank of Ghana disclosed the figure in a report dated January 24, 2025. The same source indicates that gold accounted for an impressive 57% of the country’s total export revenue in 2024.

Accra initially forecast gold exports at $11.64 billion in 2024, against $7.6 billion in 2023. This increase was driven by a significant rise in production and gold prices; prices climbed by 15% in 2023 and 30% in 2024. Martin Ayisi, CEO of the Ghana Minerals Commission, had predicted gold exports would hit $10 billion last year. The actual performance reflects a strong dynamism in the mining sector.

Artisanal and small-scale mining (ASM) is vital for Ghana's gold exports, making up about 36% and generating $1.7 billion in revenue by mid-2024, according to Ayisi. He noted that ASM exports could exceed $3 billion for the whole year For now, ASM and industrial gold production and export data are unavailable. Neither are forecasts for 2025. However, some indicators suggest that the figures will keep rising.

The upcoming Namdini and Ahafo North industrial mines, expected to start production in late 2024 and mid-2025, could add over 600,000 ounces to Ghana's annual output. This growth may boost export volumes if ASM and industrial production remain stable.

Gold prices should stay high due to easing central bank policies and ongoing geopolitical tensions. Heraeus Precious Metals predicts prices between $2,450 and $2,950 per troy ounce in 2025. According to the World Gold Council, gold has been trading above $2,700 an ounce since January 20.

This article was initially published in French by Emiliano Tossou

Edited in English by Ola Schad Akinocho