Ghana is set to significantly increase its earnings from gold, projecting up to $12 billion annually from small-scale mining by next year, according to the Ghana Gold Board.

The country aims to double current output levels from artisanal and small-scale producers to capitalize on soaring global gold prices and strengthen its foreign exchange reserves.

Speaking from Accra, the Board’s Chief Executive Officer, Sammy Gyamfi, said the government’s goal is to ramp up weekly gold purchases to over 3 tonnes, up from just 1.5 tonnes in January 2025.

“We expect to bring in about $6 billion by the end of this year, and we are confident of hitting $12 billion annually starting next year,” Gyamfi noted.

The move comes as part of a broader national strategy to regulate the gold sector more effectively. A new gold market regulator was established earlier this year to centralize and monitor all gold buying and selling activities.

The aim is to clamp down on black-market operations and smuggling, which have long plagued the small-scale mining industry.

Gold exports surged over 50% in 2024, reaching $11.6 billion, thanks largely to high global prices and increased output from small-scale miners. Ghana remains Africa’s leading gold producer, and the artisanal mining sector contributes around a third of total output.

With bullion trading near $3,300 an ounce after a year of record-breaking highs, Ghana is strategically leveraging its top foreign-exchange earner—particularly critical after the country’s 2022 debt default, which effectively shut it out of global credit markets.

Gyamfi emphasized the broader economic benefits of the expected boost in gold revenue.

“This growth in gold earnings will positively impact inflation, GDP, and help reduce the foreign portion of our debt burden,” he said.