Quarterly official gold reserves in Ghana 2015-2023

Ghana's official gold reserves have remained steady at 8.74 metric tons from the first quarter of 2015 through the second quarter of 2023. This consistency in reserves contrasts with the country's dynamic role in global gold production. As Africa's leading gold producer, Ghana's mine output reached 117.6 metric tons in 2021, marking a significant increase from 87.6 metric tons in 2011.

Revenue and exports

Gold plays a crucial role in Ghana's economy, generating substantial revenue. In 2023, the country's income from gold reached approximately 7.6 billion U.S. dollars, up from 6.6 billion U.S. dollars the previous year. This upward trend in revenue is reflected in Ghana's export figures, with gold exports valued at over 9.5 billion U.S. dollars in 2022, a notable increase from 5.3 billion U.S. dollars in 2021. Gold's importance to Ghana's economy is further underscored by the fact that it accounted for 39 percent of the country's total exports in 2022.

Mining operations and reserves

Ghana's gold mining sector is anchored by major operations such as AngloGold Ashanti's Obuasi and Iduapriem mines. Between 2019 and 2020, the Obuasi mine boasted mineral resources of over 29 million oz, while Iduapriem held approximately 6.7 million oz. These substantial reserves contribute to Ghana's position as a key player in the global gold market, supporting the country's consistent official gold reserves and its significant export revenues.