Ghana eyes $12bn annual windfall from small-scale gold

Ghana’s ambitious plan to double small-scale gold production could deliver annual revenues of $12bn, offering a boost for the debt-strapped nation as it seeks to rebuild its economy. The West African country has seen a remarkable transformation in its gold sector, with artisanal and small-scale operations now contributing over 40% of total output, a significant jump from the one-third contribution previously. This shift is related to record-breaking gold prices, which have reached nearly $3,300 per ounce.

Sammy Gyamfi, who heads the newly formed Ghana Gold Board, told the newswire the government’s strategy is to triple weekly gold purchases from current levels. “We’re targeting more than 3 tons per week, compared to around 1.5 tons in January,” he said.

Ghana defaulted on its external debt in 2022 and remains locked out of global capital markets. However, last year’s export figures paint a promising picture, with total gold sales jumping 50% to reach $11.6bn, largely driven by the smaller mining operations.