…As Export Earnings Rise By 52.6% In 2023
Ghana is capitalizing on its gold exports to drive economic growth, with revenues increasing to $11.6 billion in 2024 – a 52.6% increase from the $7.6 billion recorded in 2023.
A news report on the mining sector performance from the African Press Organisation (APO) Group circulated on behalf of Energy Capital and Power showed that gold exports accounted for 57% of the country’s total export revenue, solidifying the industry’s role as a key contributor to Ghana’s Gros Domestic Product (GDP) expansion.
The report indicated that notably, small-scale miners contributed $5 billion to the sector’s export revenue.
The news report hinted that as Ghana continued to enhance gold production and exports, the upcoming Mining in Motion conference, scheduled for 2 – 4 June this year, would connect global investors with opportunities in Ghana’s gold value chain, and facilitate deal signings and strengthen trade relations with Ghana’s leading gold export markets.
It further clarified: “While Ghana has maintained its position as Africa’s largest gold producer, it has also emerged as a key supplier to international markets. Asia ranks as the primary importer of Ghanaian gold, followed by Europe and Africa. In 2024, gold accounted for 65.4% of Ghana’s total exports to Asia, 60.2% of exports to Europe and 49.4% of exports across Africa.
“More than half of Ghanaian gold exports to each continent were concentrated in a single country; 53.1% of exports to Asia went to the United Arab Emirates (UAE), 60.2% of exports to Europe were directed to Switzerland and 60.5% of African exports were received by South Africa.
“Asia strengthened its gold trading with Ghana, with countries such as China and India ranking amongst top export markets for Ghana. In Europe, the Netherlands, Spain, Italy, Germany, the United Kingdom, Belgium, France, Bulgaria, Portugal, Poland, Gibraltar and Estonia accounted for a significant share of Ghana’s gold exports. In Africa, Burkina Faso, the Ivory Coast, Togo and Mali rank as the top importers of Ghanaian gold.
“Beyond these regions, Canada accounted for 58.6% of Ghana’s gold exports to North America, while Brazil received 94.1% of the country’s gold exports to Latin America”, the APO Group added.
The news report projected that looking ahead, Ghana’s expanding gold production was expected to further strengthen trade with its top export markets, as these nations continue to invest in the country’s mining sector.
Available information on Ghana’s gold sector indicated that the UAE’s Emiral Resources remained the largest shareholder in Asante Gold Corporation, which is executing a $522 million expansion strategy, including the development of the Bibiani project.
Meanwhile, India’s Rosy Royal Minerals holds an 80% stake in the Royal Ghana Gold Refinery, the country’s first gold refinery, positioning India as a key player in Ghana’s gold value chain.
Amid these developments, Mining in Motion conference is expected to feature high-level discussions, networking sessions, and project showcases, reinforcing Ghana’s role as a key gold supplier to global markets.
