Ghana's Gold Board bought up to 54 metric tons of gold from artisanal and small-scale mining in the first half of 2026, and the state entity's CEO says output is on track to match or surpass last year's record. Weaker gold prices have trimmed earnings expectations, yet Ghana is still set to earn more from gold exports than in 2025.
Ghana's state Gold Board bought up to 54 metric tons of gold from artisanal and small-scale mining in the first half of 2026, and CEO Samuel Gyamfi said on Tuesday that output is likely to match or surpass last year's record. The figures point to another strong year for the country's biggest export and foreign exchange earner.
Reforms drive a mining surge
Africa's largest gold producer has seen small-scale output surge after sector reforms aimed at curbing smuggling losses and boosting foreign exchange earnings. Artisanal and small-scale production reached a record 104 metric tons last year, overtaking large-scale mining output for the first time.
The board says the momentum has carried into this year. According to Reuters: "At this rate, we are likely to match or even surpass last year's output." The board generated nearly $11 billion in foreign exchange earnings from the small-scale sector last year, while large-scale miners contributed about $9 billion.
Weaker prices trim the forecast
The recent decline in gold prices has reduced earnings expectations, Gyamfi said. GoldBod had built its 2026 forecasts on an average gold price of about $5,000 per ounce and weekly purchases of around 2.5 metric tons.
Despite the softer prices, Gyamfi said Ghana is still on course to earn more from gold exports than last year, because average bullion prices remain above 2025 levels, though below the board's initial projections.
Source: Reuters
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