Ghana, Africa's top gold producer, is embarking on significant reforms to integrate its artisanal and small-scale mining (ASM) sector into official trade channels. The nation aims to channel approximately 127 metric tons of gold from ASM annually, a move designed to enhance foreign exchange earnings and mitigate losses from smuggling. These reforms encompass environmental, enforcement, and fiscal changes, with the state-run GoldBod agency tasked with managing price risk and sales of ASM gold. African countries collectively lose billions in revenue each year due to undeclared gold being smuggled through porous borders to international hubs like Dubai. In 2025 alone, Ghana forfeited an estimated $11.4 billion due to such illicit activities.
In a parallel effort to retain more value from its gold industry, Ghana has mandated that certain gold exporters must refine gold dore locally before it can be shipped abroad. Effective September 1, GoldBod prohibited Self-Financing Aggregators (SFAs) from exporting dore unless it undergoes local refining. This semi-refined gold requires further processing to become bullion. Ghana's local refining capacity is expanding, with Gold Coast Refinery, opened in 2016, able to process up to two tonnes per week, and Royal Ghana Gold Refinery, commissioned in August 2024, having a daily capacity of 400 kilograms. The country produced nearly six million ounces (about 185 tonnes) of gold in 2025, with ASM contributing roughly 3.1 million ounces (96 tonnes).
Gold export earnings in Ghana reached approximately $20 billion in 2025, nearly double the $10.3 billion recorded in 2024, contributing significantly to total merchandise exports of about $31.1 billion. While local refining improves purity, a major concern remains the traceability of gold to satisfy stringent responsible sourcing rules from international buyers, such as those set by the London Bullion Market Association. GoldBod is addressing this with a gold traceability program, starting with a pilot covering up to 600 mines. Industry sources indicate that countries with weak traceability, like Ghana, often face compliance discounts, higher insurance costs, and limited buyer options. Currently, almost all of Ghana's small-scale gold, about 98.8%, is sold to markets like Dubai and India, where buyers are often less stringent on sourcing rules and accept discounted prices.
Ghana's reliance on Dubai for refining approximately 80% of its ASM gold output is also being re-evaluated. Geopolitical tensions, such as the Iran conflict causing flight disruptions, have prompted GoldBod to explore alternative refining hubs like Shanghai and India, although these options could be more costly. Meanwhile, neighboring Ivory Coast plans to launch its own gold refinery in the first half of the following year, with ambitions to become Africa's largest gold producer by 2035.
