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Ghana's formalized gold mining boosted exports and earned $3.8B in forex, despite central bank losses.
A new report by the University of Ghana Business School finds Ghana’s Gold Board (GoldBod) generated an estimated $3.8 billion in foreign exchange by formalizing artisanal and small-scale gold mining, increasing exports from 63.3 to 103 metric tons between 2024 and 2025.
Despite Bank of Ghana reporting GH¢5.66 billion in 2024 losses from its gold purchase program, the study argues the macroeconomic benefits—such as strengthened reserves, reduced smuggling, and lower debt dependence—far outweigh costs.
The Bank defended the program as essential for stabilizing the cedi and restoring confidence during economic stress, noting reforms like ending the Gold-for-Oil scheme and improving governance.
A joint government-WGC initiative aims to create a traceable, sustainable gold supply chain.
Final 2025 financial results remain pending audit, with conflicting figures reported.
La minería de oro formalizada de Ghana impulsó las exportaciones y obtuvo $ 3.8B en divisas, a pesar de las pérdidas del banco central.