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Gold Became Ghana’s Biggest Export Driver Under BoG Domestic Gold Purchase Programme – IMF Report
The report states that the DGPP, introduced in 2021 and largely phased out by the end of June 2026, played a significant role in boosting gold exports, strengthening Ghana’s external position, and supporting macroeconomic stability. In 2025 alone, the programme facilitated the export of US$10.9 billion worth of artisanal gold, representing approximately 9.5% of Ghana’s Gross Domestic Product (GDP).
According to the paper, rising global gold prices, coupled with increased domestic production, pushed gold to account for more than half of Ghana’s total exports in 2025, up from just a fifth in 2021. This surge significantly improved the country’s current account balance, supported the appreciation of the cedi, and enhanced debt sustainability.
The report also highlights Ghana’s position as Africa’s leading gold producer and one of the world’s major gold-producing nations. It explains that the country’s gold industry consists of both large-scale mining companies and artisanal and small-scale mining (ASM) operations.
Major large-scale producers include multinational companies such as Newmont, AngloGold Ashanti and Gold Fields. The report notes that Newmont’s Ahafo South Mine alone has produced more than 10 million ounces of gold since it began operations in 2006.
However, the paper points out that while large-scale mining has traditionally dominated Ghana’s exports, artisanal and small-scale mining overtook it in export performance in 2025. The ASM sector includes licensed operators as well as informal and illegal miners, with many activities benefiting from tax exemptions that do not apply to large-scale mining companies.
Despite the programme’s economic gains, the report estimates that the DGPP also resulted in losses of approximately US$1.7 billion, equivalent to 1.5% of Ghana’s GDP in 2025. It recommends that the lessons from the initiative should guide future gold sector policies, particularly as GoldBod assumed full operational responsibility for the programme in July 2026