Small-Scale Mining Gold exports hit record high, surpassing large-scale sector – Finance Minister
Ghana’s small-scale mining sector exported 51.5 tonnes of gold valued at approximately US$5 billion in the first half of 2025—nearly doubling the 26.4 tonnes exported during the same period in 2024. This milestone marks a historic shift in the country’s gold export dynamics, Finance Minister Dr. Cassiel Ato Forson has announced.
Presenting the 2025 Mid-Year Fiscal Policy Review in Parliament, Dr. Forson attributed the 100% increase in gold export volume and 180% rise in value to recent reforms spearheaded by the newly established Gold Board (GOLDBOD). The Board was created to formalise and regulate the small-scale mining sector and improve oversight of local gold production and trade.
“For the first time in Ghana’s history, gold exports from the small-scale mining sector have exceeded those from the large-scale sector,” the Minister stated.
He explained that the foreign exchange earnings from the small-scale mining sector have significantly boosted Ghana’s international reserves, strengthened the balance of payments, and offered critical support to the local currency.
“This tells a story,” Dr. Forson remarked. “A story of a country that, for far too long, has been denied the full benefits of its gold wealth—where illegal gold trade and smuggling were allowed to thrive to the detriment of national development.”
To address these challenges, GOLDBOD has implemented key reforms, including a streamlined licensing regime and a new gold aggregation system designed to efficiently collect gold from artisanal and small-scale miners nationwide. These measures have brought previously informal activities into the formal economy, enabling accurate tracking and enhanced state revenues.
Ghana, traditionally dependent on large-scale mining for foreign exchange, is now witnessing a structural shift as contributions from small-scale miners gain prominence. Dr. Forson emphasized that this change signals a new era of inclusiveness and better resource management.
He also warned that the government will take strong action against anyone found engaging in illegal gold trade and smuggling. “These are nation-wrecking activities, and we will not hesitate to act decisively against them,” he stated.
Reviewing Ghana’s broader economic performance for the first half of 2025, the Minister highlighted a substantial increase in trade surplus—from US$1.37 billion in June 2024 to US$5.57 billion in June 2025—representing a 306.6% surge. He attributed this growth to strong gold and cocoa exports combined with disciplined import controls.
Additionally, the country’s current account surplus rose to a provisional US$3.44 billion in June 2025, compared to US$283.11 million a year earlier. Net capital and financial inflows also climbed to US$937.58 million, reflecting a renewed sense of investor confidence in Ghana’s economic outlook.
“These gains are not coincidental,” Dr. Forson noted. “They are the result of bold reforms, better resource governance, and an unrelenting commitment to economic recovery and transformation.”
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