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By Newz.Africa Africa Business Desk | Accra, Ghana | Published: 20 January 2026 | Ghana small‑scale gold exports India.
Ghana’s small‑scale gold sector remained heavily concentrated in 2025 as new data confirms that India absorbed roughly a quarter of all small‑scale gold exports. Additionally, Dubai took more than 72%. The two markets accounted for nearly the entire export volume. This information is based on data obtained through a Right to Information (RTI) request to Ghana’s GoldBod.
Heavy reliance on two buyers
The figures show that 103,804 kilograms of small‑scale gold left Ghana in 2025. Of that, India received about 25%. This cements its role as the second‑largest destination for Ghana’s artisanal gold. Dubai continues to have the dominant share.
Industry analysts warn that this concentration leaves Ghana’s foreign‑exchange earnings vulnerable. Any regulatory, political, or demand disruption in India or Dubai would have immediate consequences for export revenues and cedi stability.
Lack of refining capacity limits market options
Much of Ghana’s small-scale gold is exported unrefined. This restricts access to premium markets. These markets require stronger traceability and higher purity standards. This structural limitation directs sellers to destinations that accept gold with minimal documentation. These destinations have limited visibility across the supply chain.
Traders often accept discounted prices to secure quick sales, reducing the value Ghana can extract from its mineral resources.
Small‑scale exports remain crucial to the cedi
Small‑scale gold exports generated over US$10 billion in 2025 despite the risks. This provided critical support to Ghana’s foreign‑exchange reserves. It also contributed to the cedi’s relative stability during the year.
Government officials and sector economists argue that the gold‑for‑reserves strategy has brought short‑term benefits. However, the structural imbalance in export markets remains a long‑term threat.
ORIGINAL REPORTING
Newz.Africa verified the data independently. They cross‑checked multiple RTI‑based reports from Ghana’s GoldBod. They also reviewed corroborating analyses from reputable Ghanaian business publications.
Primary artefact:
Data tables published by JoyNews Research based on RTI disclosures from the Ghana Gold Board.
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