Ghana’s gold industry is enjoying a historic boom.

New data from the Bank of Ghana show that gold exports reached $8.3 billion in the first half of 2025, almost double the figure recorded over the same period in 2024, and the highest half-year total since at least 2016.

Gold accounted for 64% of Ghana’s total exports of $13 billion between January and June, underscoring its dominance in the country’s trade.

Global market conditions have helped. Gold prices have remained elevated throughout the year, currently hovering around $3,290 per ounce. That is slightly below the April peak of $3,500, but well above the 2024 average of $2,300.

The rally has been driven in part by global uncertainty following the return of Donald Trump to the White House in January. Concerns over his erratic trade and fiscal policies have pushed investors to seek safety in gold. Central banks, too, are adding to their stockpiles.

By the end of 2024, gold had overtaken the euro as the second-largest reserve asset globally, according to the European Union.

This global appetite is paying off for Ghana, Africa’s largest gold producer. The country mined 4.8 million ounces of gold in 2024, up 19% from 4 million ounces in 2023.

That gold alone brought in $11.6 billion in export earnings last year. If current trends hold, Ghana could end 2025 with more than $16 billion in gold exports.

Behind the record numbers lies a structural shift. Small-scale miners are driving a growing share of Ghana’s gold production. In 2023, they accounted for 27% of total gold output. By 2024, their share had jumped to 39%.

According to the Finance Ministry, the Ghana Gold Board (formerly the PMMC) purchased $5 billion worth of gold from small-scale miners in just the first half of 2025. At an average price of $3,200 per ounce, that translates to roughly 1.5 million ounces.

For context, small-scale miners produced 1.8 million ounces in all of 2024.

The numbers raise questions. Has production increased that sharply? Or is previously smuggled gold now being captured in official statistics? Another possibility is that unregulated “galamsey” gold is being laundered into the system. The truth may be a mix of all three.

Whatever the case, the Gold Board’s lack of a robust gold tracing system leaves the door open to abuse.

One milestone stands out. Ghana’s gold exports in the first half of 2025 exceeded total imports for the same period.

Gold earned $8.3 billion, while imports amounted to $8.2 billion. This is the first time since at least 2016 that gold exports alone have outpaced imports.

It also matters where the money goes. Because the Gold Board is mandated to surrender its foreign exchange earnings to the Bank of Ghana, the entire $5 billion from its purchases ends up with the central bank. That is a major reason the cedi has remained strong this year.

But there are risks. Ghana still exports raw gold, leaving the economy vulnerable to swings in international prices.

A hedging strategy is reportedly being developed by the central bank, but more needs to be done. Chief among them is establishing a modern gold refinery and enforcing traceability mechanisms across the supply chain.

The current gold windfall offers a rare opportunity. It could be used to strengthen the currency, create jobs, and build economic resilience. But that will require moving beyond exporting unrefined gold ore.

It will also require environmental responsibility and proper oversight. There is no justification for economic growth while destroying forests and polluting rivers.

Ghana is riding high on gold. But what matters now is what we do with the gains.