Ghana's Small Scale Gold Exports: Heavy Reliance on Dubai and India Raises Economic Concerns

Data from JoyNews Research reveals that in 2025, Ghana's small-scale gold exports were predominantly directed to two markets: Dubai and India. Specifically, Dubai accounted for over 72% of the total 103,804 kilograms exported, while India represented approximately 25%, together constituting a staggering 98.8% of the total exports. This heavy reliance on just two countries poses significant risks to Ghana's export earnings, as any disruptions in these markets could adversely affect the economy and currency stability.

The majority of the gold exported is unrefined, which limits Ghana's access to higher-value markets and reduces its bargaining power, forcing sellers to accept lower prices. Despite generating over $10 billion in export earnings and providing critical support for the Ghanaian cedi, this concentration in Dubai and India exposes the country to vulnerabilities from external market fluctuations and regulatory changes. The current export structure highlights the need for diversification to mitigate potential economic risks.