Ghana Captures Historic Windfall as Gold Surges Past US$3,700.
Ghana is reaping unprecedented benefits from gold’s meteoric rise, with the precious metal trading above $3,700 per ounce as global investors pile into safe-haven assets amid monetary policy uncertainty and geopolitical tensions.
Gold futures have climbed nearly 40% this year, reaching record highs above $3,700, creating a perfect storm of opportunity for Ghana, Africa’s second-largest gold producer. The timing has proven exceptional for the West African nation, which has posted a trade surplus of $6.2 billion in the first eight months of 2025, driven by robust gold exports.
The rally gained momentum following the Federal Reserve’s first interest rate cut of the year, with J.P. Morgan Research predicting prices could average $3,675 per ounce by the fourth quarter of 2025 and climb toward $4,000 by mid-2026. This sustained bullish outlook has transformed Ghana’s economic landscape, positioning the country to capitalize on what analysts describe as a generational commodity cycle.
Ghana’s gold sector has delivered extraordinary results throughout 2025. Gold exports reached $8.3 billion in the first half of 2025, nearly double the figure recorded over the same period in 2024, while April alone saw exports hit a historic $897.6 million, the highest monthly value in over two years. Total export earnings reached $17 billion by August 2025, with gold contributing the lion’s share.
The surge has fundamentally altered Ghana’s trade dynamics. For the first time in a decade, gold exports have surpassed total imports, marking a structural shift that economists say could permanently strengthen the country’s external position. The Bank of Ghana (BoG) has capitalized on this momentum, with gross international reserves reaching $10.7 billion despite seasonal pressures on the local currency.
Central to Ghana’s gold success has been institutional reform under the current administration. The Ghana Gold Board (GoldBod) has streamlined operations, securing agreements with nine mining companies to purchase 20% of their output while dramatically improving small-scale mining integration. Small-scale gold exports alone reached a record 66.7 tons worth $6.3 billion, demonstrating the effectiveness of formalization efforts.
Source: Newsghana