Goldbod Exports: Dubai in Comfortable Lead in List of Buyers of Ghana’s ASM Gold, China in Top 10
- Over 98% of Ghana's small-scale gold exports in 2025 went to Dubai and India, according to new data from the Ghana Gold Board
- Of the over 100,000 kilograms of small-scale gold exported through the Ghana Gold Board in 2025, Dubai accounted for over 70%
- There are concerns that any disruption in either country would have immediate implications for Ghana’s income from gold exports
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According to data from the Ghana Gold Board, 98.8% of Ghana's small-scale mining gold in 2025 went to Dubai in the UAE and India, contributing to forex revenue.
Joy News reported the GoldBod data that highlighted the concentration of the country's artisanally mined gold in just two markets.
Source: Getty Images
Of the 103,804 kilograms of small-scale gold exported through the Ghana Gold Board in 2025, Dubai accounted for more than 72%, making it by far the dominant destination, while India followed with about 25%.
Together, the two countries absorbed roughly 98.8% of Ghana’s small-scale gold exports during the year.
The remaining 1.2% was spread across eight other countries, namely:
- Switzerland
- South Africa
- Hong Kong
- USA
- China
- Austria
- Qatar
- Italy.
There are concerns that any disruption in either Dubai or India would have immediate implications for Ghana’s gold export earnings.
The structure of the trade explains the imbalance.
Much of the country's small-scale gold is exported unrefined and without a comprehensive traceability framework.
That effectively shuts Ghana out of more premium markets, where stricter sourcing and refining standards apply.
Small-scale gold exports generated over $10 billion in export earnings and helped stabilise the currency.
What is the Ghana Gold Board?
The Ghana Gold Board is one of the top priorities of the Mahama administration.
It is aimed at economic revitalisation and would, among other things, be responsible for the sustainable management and marketing of the country's gold resources.
It would also include formalising the small-scale gold mining sector and providing mining support services for the industry.
The Ghana Gold Board has been clamping down on the smuggling of gold and has coordinated multiple arrests.
In April, the government restructured Ghana’s gold trading framework following the passage of the Ghana Gold Board Act, 2025 (Act 1140).
Source: Facebook
The law revoked all licences previously issued by the Precious Minerals Marketing Company and the sector minister, except for those granted to large-scale mining companies.
Foreigners are no longer allowed to partake in the local gold value chain, and foreign nationals may still apply to purchase gold directly from the board.
Group raises alarm around Goldbod operations
YEN.com.gh also reported that a group calling itself Concerned Citizens of Ghana had petitioned state bodies to probe the alleged unlawful involvement of an unlicensed entity in the operations of the Ghana Gold Board.
The group filed a petition over the supposed activities of a man named Roger Frimpong Kwakye to the Office of the Attorney-General, the Office of the Special Prosecutor, and the Economic and Organised Crime Office.
Proofreading by Bruce Douglas, copy editor at YEN.com.gh.
Source: YEN.com.gh
