Middle East conflict disrupts Ghana’s gold exports despite earnings surge

Ghana recorded a slight decline in gold export volumes during the first half of 2026, as disruptions to shipping routes caused by the conflict in the Middle East affected a crucial part of the country’s gold export value chain.

Data from the Bank of Ghana and the World Bank, cited by Joy Business, indicate that while the quantity of gold exported fell marginally, earnings from the commodity increased significantly.

The Bank of Ghana reported that gold export revenues climbed by 49% to US$12.50 billion, up from US$8.39 billion during the corresponding period in 2025.

The sharp increase in earnings was largely attributed to a 49.7% rise in the average realised gold price, which reached US$4,463.80 per fine ounce.

Despite the higher prices, export volumes remained relatively stable at 2.80 million fine ounces, representing a marginal 0.5% decrease from the 2.81 million fine ounces exported in the first half of 2025.

The Bank of Ghana linked the slight drop in volumes mainly to shipping challenges that emerged following the outbreak of the Middle East conflict.

The World Bank has similarly drawn attention to the effect of the geopolitical tensions on Ghana’s gold export routes.

According to the institution, disruptions along the traditional route through the United Arab Emirates forced Ghana to redirect some gold shipments through Shanghai and India.

The World Bank noted that the disruption to Ghana’s gold refining routes via the UAE resulted in more expensive alternative shipping arrangements and additional delays within a key export value chain.

These challenges have increased both the cost and time involved in exporting gold, at a time when the sector is becoming increasingly important to Ghana’s foreign exchange earnings.

Trade data from the Ghana Statistical Service further indicate that the United Arab Emirates continues to be Ghana’s largest destination for gold exports.

The latest developments have raised concerns about the resilience of Ghana’s gold export and refining network as geopolitical tensions in the Middle East persist.

It remains unclear whether Ghana has introduced alternative export arrangements that could reduce costs and minimise the sector’s exposure to disruptions arising from regional conflicts.