Ghana’s small-scale gold sector has made an unprecedented leap, with its exports surpassing those of the large-scale sector in both volume and value for the first time in the nation’s history, according to the 2026 Budget Statement.
The budget, presented to Parliament by the Finance Minister, Dr. Cassiel Ato Forson, reveals that between January and October 2025, small-scale gold exports surged to a record 81.7 tonnes, valued at approximately US$8.1 billion.
During the same period, large-scale gold exports amounted to 74.1 tonnes, with an estimated value of US$6.6 billion.
The report attributes this remarkable performance to the work of the Ghana Gold Board and sweeping licensing reforms implemented to promote responsible sourcing and strengthen regulatory oversight across the gold supply chain. The budget also cites the removal of the 1.5 percent withholding tax on unprocessed small-scale gold in the 2025 Budget as a key factor.
The Ghana Gold Board has also partnered with the Bank of Ghana to support reserve accumulation. The budget notes that 137.7 kilograms of gold from large-scale producers have so far been purchased and added to Ghana’s official reserves.
Looking ahead, the government has tasked the Ghana Gold Board to spearhead a transition from the export of raw gold to refined gold. The Board is developing partnerships with local refineries to expand domestic refining capacity, according to the budget.
