GHANA’S ambitious plan to double small-scale gold production could deliver annual revenues of $12bn, offering a boost for the debt-strapped nation as it seeks to rebuild its economy, said Bloomberg News.
The West African country has seen a remarkable transformation in its gold sector, with artisanal and small-scale operations now contributing over 40% of total output — a significant jump from the one-third contribution previously. This shift is related to record-breaking gold prices, which have reached nearly $3,300 per ounce.
Sammy Gyamfi, who heads the newly formed Ghana Gold Board, told the newswire the government’s strategy is to triple weekly gold purchases from current levels. “We’re targeting more than 3 tons per week, compared to around 1.5 tons in January,” he said.
Ghana defaulted on its external debt in 2022 and remains locked out of global capital markets. However, last year’s export figures paint a promising picture, with total gold sales jumping 50% to reach $11.6bn, largely driven by the smaller mining operations.
The government’s decision to establish a centralised gold regulator seeks to capture more value from the sector whilst tackling gold smuggling. As the primary buyer for artisanal miners, it hopes to direct more foreign currency through official channels. Ghana produced 151 tons of gold in 2024, with small-scale miners accounting for 66 tons.
Gyamfi said enhanced gold revenues will provide multiple economic benefits. “This will positively influence our inflation rates, boost GDP growth, and help address the foreign currency component of our debt obligations.”
