Over 98% of Ghana’s small-scale gold exports head to Dubai and India

Data obtained by JoyNews Research through a Right to Information request to GoldBod indicates that Ghana’s small-scale gold exports in 2025 were heavily reliant on only two markets.

Out of the 103,804 kilograms of small-scale gold exported via GoldBod in 2025, more than 72 per cent was shipped to Dubai, making it the single largest destination. India ranked second, receiving about 25 per cent. Combined, these two countries accounted for approximately 98.8 per cent of Ghana’s total small-scale gold exports for the year. The remaining 1.2 per cent was distributed among eight other countries, with Switzerland and South Africa taking up most of that minor share.

Such a high level of market concentration leaves Ghana vulnerable to external shocks. Any disruption in trade with either Dubai or India could have immediate consequences for the country’s gold export revenues.

The nature of the trade largely explains this imbalance. A significant portion of Ghana’s small-scale gold is exported in unrefined form and without a robust traceability system. This excludes Ghana from accessing higher-value markets that require strict sourcing and refining standards. Consequently, exports are directed to markets that are more accepting of unrefined and weakly traceable gold, limiting Ghana’s negotiating power and often resulting in discounted prices.

In 2025, small-scale gold exports played a critical role in supporting the cedi, generating over $10 billion in export earnings and contributing to currency stability. However, the heavy reliance on just two destinations means that regulatory changes, policy shifts, or demand fluctuations in either Dubai or India could quickly affect Ghana’s foreign exchange inflows and the stability of the cedi. While this concentration has helped sustain the currency, it also poses a significant risk.