Ghana’s Small-Scale Gold Exports Heavily Dependent on Dubai and India

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

Out of the 103,804 kilograms of small-scale gold exported through GoldBod in 2025, more than 72 percent was shipped to Dubai, making it the single largest destination by a wide margin. India followed as the second-largest market, absorbing approximately 25 percent.

Combined, Dubai and India accounted for about 98.8 percent of Ghana’s small-scale gold exports for the year. The remaining 1.2 percent was distributed among eight other countries, with Switzerland and South Africa taking the largest shares of that marginal volume.

This high level of market concentration exposes Ghana to significant external risks, as any disruption in either Dubai or India could have immediate consequences for the country’s gold export revenues.

The imbalance is largely explained by the structure of the trade. A substantial portion of Ghana’s small-scale gold is exported in unrefined form and without a robust traceability system. This effectively excludes Ghana from higher-value markets that require stricter refining and sourcing standards.

As a result, exports are directed to destinations that accept unrefined and weakly traceable gold, reducing Ghana’s negotiating leverage and often compelling sellers to accept discounted prices.

Small-scale gold exports played a crucial role in supporting the cedi in 2025, generating over $10 billion in export earnings and contributing to currency stability. However, the heavy reliance on just two markets means that policy shifts, regulatory changes, or demand shocks in either Dubai or India could quickly affect Ghana’s foreign exchange inflows and exchange rate stability.

In essence, the same concentration that has helped stabilise the cedi also represents a significant vulnerability.