Data obtained by JoyNews Research from GoldBod through a Right to Information request shows that Ghana’s small scale gold exports in 2025 were overwhelmingly concentrated in just two markets.

Of the 103,804 kilograms of small-scale gold exported through GoldBod in 2025, Dubai accounted for more than 72%, making it by far the dominant destination. 

India followed with about 25%. 

Together, the two countries absorbed roughly 98.8% of Ghana’s small scale gold exports during the year.

The remaining 1.2% was spread across 8 other countries, with Switzerland and South Africa accounting for most of that small balance.

This level of concentration exposes Ghana to some external risks. Any disruption in either Dubai or India would have immediate implications for Ghana’s gold export earnings.

The structure of the trade explains the imbalance.

Much of Ghana’s small-scale gold is exported unrefined and without a comprehensive traceability framework. That effectively shuts Ghana out of more premium markets, where stricter sourcing and refining standards apply.

As a result, exports are channeled to destinations willing to accept unrefined and weakly traceable gold. This limits Ghana’s bargaining power and can force sellers to accept discounts on pricing.

Small scale gold exports have become a key support for the cedi in 2025, generating more than $10 billion in export earnings and helping stabilise the currency.

Heavy dependence on just two markets means that policy changes, regulatory tightening, or demand shocks in either Dubai or India would quickly transmit to Ghana’s foreign exchange inflows and currency stability.

In effect, the concentration that has helped support the cedi also leaves it exposed.