West African gold sectors see major revenue and regulatory shifts

In West Africa, significant economic developments are unfolding in Ghana and Guinea regarding gold and infrastructure.

In Ghana, the Ghana Gold Board (GoldBod) generated US$1.871 billion in foreign exchange in September 2026 through artisanal and small-scale mining gold trading. This figure exceeded the monthly target of US$1.4 billion. Of this amount, US$701.3 million was sold to commercial banks to support market stability, while US$1.17 billion was provided to the Bank of Ghana to bolster foreign exchange reserves. GoldBod has set an October target of US$1.5 billion.

In Guinea, President Mamadi Doumbouya has implemented new regulations to control the export of refined gold and precious metals. A new decree establishes a single window for exports managed by the Office Guinéen d’Expertise de l’Or, du Diamant et autres Matières Précieuses (OGED). Under these rules, all gold must be processed in a licensed refinery within Guinea before export. The process involves strict oversight from the Central Bank of Guinea and Customs to ensure traceability and tax compliance.

Additionally, the ECOWAS Investment and Development Bank (EBID) has approved $390 million in funding for various regional projects, including a $230 million gold project in Ghana and $100 million for the Kano-Maradi railway connecting Nigeria and Niger.