Source: Africa Publicity
A new report put together by economists from the University of Ghana and the University of Ghana Business School has revealed the Ghana Gold Board (GoldBod) has generated significant macroeconomic benefits for Ghana, adding $3.8 billion to the country’s economy through formal gold exports.
The report has been presented to GoldBod. It says Artisanal and Small-scale Mining (ASM) gold exports increased from 63.6 tons in 2024 to 103 tons in 2025.
According to the report, the additional 39.4 tons apparently represent gold once lost through smuggling, but now entering the formal system.
It says valued at $96.5 million per ton, the formalised gold translates to approximately $3.8 billion in foreign exchange, demonstrating a benefit-cost ratio of 18.1 when compared with the Bank of Ghana’s reported trading loss of $214 million.
The report says formalising just 2.2 tons of gold would offset reported loss.
It said GoldBod’s operations reduce Ghana’s costly reliance on external borrowing.
It added that ASM exports facilitated by GoldBod in 2025 raised $10.8 billion in foreign exchange inflows, saying had Ghana borrowed equivalent funds externally at interest rates of 7-10%, it would have incurred annual interest costs of $756 million to $1.08 billion.
It says considering just the reduction in smuggling, the avoided annual interest costs range from $266-380 million, creating a recurring economic benefit.
