Ghana is set to double its small-scale and artisanal gold mining output, a move the government expects will generate US$12 billion (GHS 139.41 billion) in annual revenue starting next year, according to a Bloomberg report.

The surge in gold exports, driven by record international prices, has been largely attributed to the rapid growth of small-mine and artisanal production, which now accounts for over 40 per cent of the country’s total gold output.

The government’s ambitious plan comes as Ghana seeks to boost foreign-currency reserves and strengthen its economic position after being excluded from international capital markets following a debt default in 2022.

Last year, Ghana’s gold exports soared by more than 50 per cent to US$11.6 billion, reinforcing its status as Africa’s leading gold producer.

To streamline the sector and combat illicit trade, the Ghana Gold Board was established earlier this year to oversee all gold transactions.

The Board’s CEO, Sammy Gyamfi, outlined the strategy to increase official gold purchases from small-scale miners, stating: “Our goal is to move above three tonnes a week in purchases, up from about 1.5 tonnes a week in January.

“We expect to be able to bring in about US$6bn by the end of this year, but we are confident that we will reach the $12bn in annual inflows from next year.”

Gyamfi emphasised that the anticipated revenue growth from small-mine production would have broad economic benefits, specifically that it would positively influence inflation, gross domestic product and the foreign component of Ghana’s debt profile.

The Ghana Gold Board has also intensified gold acquisitions from artisanal miners to reduce black market trading and ensure more gold sales are routed through official channels.

In addition, the Board recently secured agreements with nine more large-scale mining companies to procure 20 per cent of their gold output, expanding the Bank of Ghana’s domestic gold purchase programme and further bolstering national reserves.

With gold prices currently trading near US$3,300 per ounce, Ghana is capitalising on its primary foreign exchange earner to drive economic recovery and growth.

The government’s focus on formalising and expanding small-scale mining is expected to cement Ghana’s position as a key player in the global gold market, while delivering substantial fiscal benefits in the years ahead.