BTA Admin Ghana’s small-scale gold miners are on track to deliver another record year of production, further cementing the country’s position as Africa’s largest gold producer and strengthening an industry that has become one of the country’s biggest sources of foreign exchange earnings.
The Ghana Gold Board (GoldBod) says it purchased between 50 and 54 metric tonnes of gold from artisanal and small-scale miners during the first six months of 2026, placing the country on course to match or even exceed last year’s historic output.
“We are around 50–54 metric tonnes this year. At this rate, we are likely to match or even surpass last year’s output,” GoldBod Chief Executive Officer Samuel Gyamfi told reporters.
The figures highlight the growing importance of Ghana’s artisanal mining sector, which has evolved from a largely informal industry into the country’s largest source of gold production following years of government efforts to formalise operations and curb illegal trade.
Small-scale miners now lead Ghana’s gold industry
For decades, Ghana’s gold industry was dominated by large multinational mining companies.
That changed in 2025 when artisanal and small-scale miners produced a record 104 metric tonnes of gold, overtaking large-scale mining firms for the first time.
The shift reflects reforms aimed at improving regulation, encouraging miners to sell through official channels and reducing gold smuggling that had deprived the country of export revenues.
By purchasing gold directly from licensed small-scale miners, GoldBod has sought to increase transparency within the sector while ensuring more of Ghana’s gold exports pass through formal markets.
Gold remains Ghana’s biggest export earner
The expansion of small-scale mining has also become a major driver of Ghana’s economic recovery.
According to GoldBod, artisanal miners generated nearly $11 billion in foreign exchange earnings in 2025, surpassing the roughly $9 billion contributed by the country’s large-scale mining sector.
Gold remains Ghana’s largest export and one of its most important sources of foreign exchange, helping to support government revenues, strengthen external reserves and stabilise the local currency.
The mining sector has taken on greater significance as Ghana continues implementing economic reforms under its International Monetary Fund programme following the country’s 2022 debt crisis.
Higher gold exports and elevated international bullion prices have helped ease pressure on Ghana’s external accounts while boosting investor confidence.
Lower gold prices pose some risks
Although international gold prices have retreated from recent record highs, GoldBod remains optimistic about the sector’s outlook.
Samuel Gyamfi acknowledged that lower prices have reduced revenue expectations compared with earlier projections.
However, he noted that average gold prices remain above 2025 levels, meaning export earnings are still expected to exceed last year’s performance if current production trends continue.
Model for resource-rich African economies
Ghana’s experience is increasingly attracting attention across Africa as governments seek to formalise artisanal mining and capture greater value from mineral resources.
Countries including Mali, Tanzania, Burkina Faso and the Democratic Republic of Congo are reviewing policies aimed at reducing illegal mining, improving transparency and increasing official mineral exports.
Analysts say Ghana’s reforms demonstrate how integrating small-scale miners into the formal economy can expand export earnings, improve tax collection and reduce gold smuggling while supporting rural livelihoods.
Ghana’s small-scale gold miners have become the country’s largest gold producers and are on course to deliver another record year of output in 2026.
With up to 54 metric tonnes already purchased in the first half of the year and artisanal mining generating nearly $11 billion in export earnings last year, the sector has become a critical pillar of Ghana’s economic recovery and a model for other African countries seeking to formalise informal mining and maximise returns from their mineral wealth.
