Ghana gold sector drives economic growth and FX reserves

Ghana’s gold sector is providing significant economic support through both state-level foreign exchange generation and private mining operations. In September, GoldBod generated US$1.871 billion in foreign exchange from artisanal and small-scale mining, exceeding its US$1.4 billion target by approximately 33.6 percent.

Of these funds, US$701.3 million was sold to authorized commercial banks to support foreign-exchange market stability, while US$1.170 billion was allocated to the Bank of Ghana for reserve accumulation, surpassing the US$700 million target by roughly 67 percent. This represents a sharp increase from August flows and strengthens the country’s external-sector buffers.

Separately, Zijin Golden Ridge Limited, which operates the Akyem Gold Mine, reported a US$579.03 million (GH¢7.05 billion) economic contribution to Ghana in 2025. The company spent US$335.3 million on locally procured goods, services, power, and fuel. The mining operation also employed 1,235 people in 2025, with 597 workers sourced from host communities.