Ghana’s gold industry is delivering a major boost to the country’s economy, with export revenues climbing to $11.6bn in 2024. This marks an impressive 52.6 percent increase from the $7.6bn recorded in 2023, according to data released ahead of the Mining in Motion conference. Gold now accounts for 57 percent of Ghana’s total export revenue, further cementing its role as the country’s leading economic driver.
The sector’s growth is largely attributed to the contribution of small-scale miners, who generated $5bn in export revenue—nearly half of the total earnings. This upswing not only highlights Ghana’s continued dominance as Africa’s largest gold producer but also positions the nation as a key supplier to international markets.
Asia leads demand for Ghanaian gold
Asia emerged as the top importer of Ghanaian gold in 2024, receiving 65.4 percent of Ghana’s total gold exports. According to recent data, over half (53.1 percent) of these shipments went to the United Arab Emirates (UAE). China and India also ranked among Ghana’s most significant Asian trade partners for gold.
In Europe, Switzerland remained Ghana’s largest gold customer, accounting for 60.2 percent of the country’s exports to the region. Other European nations, including the Netherlands, Germany, Spain, Italy, and the United Kingdom, also played major roles in Ghana’s export trade.
On the African continent, South Africa imported 60.5 percent of Ghana’s gold exports, while Burkina Faso, Côte d’Ivoire, Togo, and Mali followed as top buyers. In North America, Canada took in 58.6 percent of Ghana’s gold shipments, while Brazil dominated the Latin American market, receiving 94.1 percent of exports to that region.
Mining in Motion conference to attract investors
Ghana’s thriving gold sector will take centre stage at the upcoming Mining in Motion conference from June 2–4. The event will gather global investors, industry leaders, and stakeholders to explore opportunities across Ghana’s gold value chain. Organisers say the conference will facilitate deal-making, strengthen trade ties, and highlight major projects aimed at expanding the sector.
The event comes at a pivotal time as countries like the UAE and India ramp up investments in Ghana’s mining industry. Emiral Resources, a UAE-based company, is currently the largest shareholder in Asante Gold Corporation, which is rolling out a $522 million expansion plan including the development of the Bibiani gold project.
India’s Rosy Royal Minerals has also strengthened its presence by acquiring an 80 percent stake in the Royal Ghana Gold Refinery—the nation’s first gold refinery. This move further integrates India into Ghana’s gold production and export chain.
Strong prospects for future growth
Looking ahead, analysts expect Ghana’s gold exports to continue their upward trajectory as production expands and more international players invest in the sector. As more countries look to diversify their gold sources, Ghana’s reputation as a reliable supplier positions it well for future growth.
The Mining in Motion conference is expected to reinforce Ghana’s standing on the global stage, providing a platform for high-level discussions, networking, and showcasing investment-ready projects. The country’s strong export performance and ongoing development projects signal a promising future for Ghana’s gold industry and its broader economy.
