Officials at the Ghana Gold Board (GoldBod), the state-backed organization responsible for purchasing and exporting artisanal and small-scale mining (ASM) gold, said in anonymity that contingency measures have already been put in place in case flight disruptions intensify.
The United Arab Emirates has long been an important center for Ghanaian gold shipments, but the region’s rising instability may disrupt transportation linkages.
A senior GoldBod official, speaking anonymously because they were not authorized to talk publicly, stated that the agency has discovered other export routes outside of the UAE, albeit no shipments have been disrupted thus far.
“There is always a market for gold. We have people lined up who have been knocking for years, some even ready to pay a premium,” the official stated.
“A no-fly zone declaration would affect us big time, with no trade and no foreign exchange. The local currency may be affected with its economic consequences,” said a source at a Ghanaian ASM gold miner, who did not wish to be named, as seen on Reuters.
Traders acquainted with the issue believe that potential fallback destinations could include gold trade and refining hubs in China and India, notably in places like Shanghai.
However, these solutions are projected to incur additional transportation and processing expenses.
In recent years, a considerable amount of Africa’s poorly regulated artisanal gold production has been allegedly trafficked to the United Arab Emirates, forcing Ghanaian and Emirati officials to strengthen monitoring and reduce illegal commerce.
Ghana’s plan to tackle illegal mining
Rising global gold prices have increased incentives for illegal mining, which has been connected to environmental degradation in Ghana, such as contaminated rivers and dangers to cocoa farms, a vital industry for the country’s agricultural economy.
As a result, the Ghanaian government, earlier this year, announced plans to channel approximately 127 metric tons of ASM gold into formal commerce networks each year in an effort to reduce smuggling and boost foreign-exchange profits.
Speaking before Parliament, Ghana’s finance minister, Cassiel Ato Forson, stated that the reforms would require GoldBod to purchase at least 2.45 metric tons of artisanal gold per week.
The move aims to incorporate small-scale industry into a structured export system capable of generating over $20 billion in yearly inflows.
Under the new arrangement, GoldBod will be solely responsible for negotiating off-take agreements and selling any artisanal gold it buys.
The agency also intends to keep reserves equivalent to three to four weeks of gold purchases while employing derivative and hedging mechanisms to mitigate price volatility in the global market.
In 2025, GoldBod’s CEO predicted that small-scale gold production alone might earn up to $12 billion per year for the country if properly controlled and channeled through formal export routes.
Last year, official ASM gold output increased by 63% to almost 96 metric tons, accounting for roughly 52% of the country’s total gold production and worth approximately $15.8 billion in current prices.
Despite the problems Ghana faces in its gold sector, the centralisation of gold trade via GoldBod, as well as the rise in bullion prices, has greatly increased Ghana’s official production estimates.
