Data obtained by JoyNews Research from GoldBod through a Right to Information request reveals that Ghana’s small-scale gold exports in 2025 were overwhelmingly directed to just two markets.
Of the 103,804 kilograms exported through GoldBod last year, Dubai accounted for more than 72%, making it the dominant destination by a wide margin. India followed with approximately 25%.
Together, these two countries absorbed roughly 98.8% of Ghana’s total small-scale gold exports in 2025.
The remaining 1.2% was distributed across eight other countries, with Switzerland and South Africa taking most of that small balance.
This extreme market concentration exposes Ghana to significant external risks. Any disruption—whether policy changes, regulatory tightening, economic slowdown, or demand shocks—in either Dubai or India would have immediate and severe implications for the country’s gold export earnings and foreign exchange inflows.
The structure of the trade largely explains this imbalance. Much of Ghana’s small-scale gold is exported unrefined and without a robust traceability framework. This effectively excludes Ghana from premium markets that demand strict sourcing standards, ethical certifications, and refined gold.
As a result, exports are channelled primarily to destinations willing to accept unrefined and weakly traceable material, limiting Ghana’s bargaining power and often forcing sellers to accept discounted prices.
Small-scale gold exports have become a vital pillar supporting the cedi in 2025, generating more than $10 billion in foreign exchange earnings and contributing significantly to currency stability.
However, the heavy reliance on just two markets means the same factor that has helped stabilise the cedi also leaves it highly vulnerable. Any adverse development in Dubai or India would transmit quickly to Ghana’s forex inflows and exchange rate.
Experts say diversifying export destinations, investing in local refining capacity, strengthening traceability systems, and aligning with global responsible sourcing standards are critical to reducing this exposure and maximising value from the small-scale gold sector going forward.
