Ghana’s gold export earnings jumped to US$12.50 billion in the first half of 2026, despite a marginal decline in the volume of gold shipped out of the country.

The strong growth in earnings was driven mainly by higher international gold prices, even as geopolitical tensions in the Middle East disrupted some of Ghana’s traditional export routes.

Abossey Okai Dealers reject claims that spare parts prices drove 30% transport fare hike

Data from the Bank of Ghana and the World Bank show that gold export earnings increased by 49% from the US$8.39 billion recorded during the same period in 2025.

The Bank of Ghana attributed the increase largely to a rise in the average realised gold price, which went up by 49.7% to US$4,463.80 per fine ounce.

However, the volume of gold exported remained almost unchanged. Ghana shipped about 2.80 million fine ounces in the first half of 2026, representing a marginal 0.5% decline from the 2.81 million fine ounces recorded in the first half of 2025.

The Bank of Ghana said the slight fall in export volumes was largely linked to shipment disruptions following the outbreak of the conflict in the Middle East.

The World Bank also pointed to the impact of the conflict on Ghana’s gold export value chain, particularly the routes used to transport gold to international markets.

“Ghana’s gold refining routes through the United Arab Emirates were disrupted, requiring costly rerouting to Shanghai and India and adding logistical delays to a key export value chain,” the World Bank said.

The disruptions have increased the cost and time involved in moving Ghana’s gold to international markets. This is significant because gold has become one of the country’s major sources of foreign exchange earnings.

Recent trade data from the Ghana Statistical Service also show that the United Arab Emirates remains Ghana’s leading destination for gold exports.

The latest disruptions, however, have exposed the risks associated with relying heavily on a single major route.

The development is therefore raising concerns about the resilience of Ghana’s gold export and refining network, particularly if geopolitical tensions in the Middle East persist.

It remains unclear whether new alternative routes or measures have been introduced to reduce Ghana’s exposure to costly disruptions and ensure the smooth movement of gold to international markets.

ANAS/MA

Technology will be key to improving air traffic management – President Mahama