Ghana’s gold export volumes slipped 0.5 % in the first half of 2026, falling to 2.80 million fine ounces from 2.81 million in the same period last year, according to data from the Bank of Ghana and the World Bank.
Despite the modest drop in quantity, the country’s gold‑export earnings surged 49 % to US$12.50 billion, up from US$8.39 billion in H1 2025. The jump was largely driven by a 49.7 % rise in the average realised price, which climbed to US$4,463.80 per fine ounce.
Bank of Ghana officials attributed the slight volume decline to shipment disruptions following the outbreak of conflict in the Middle East. The traditional export route through the United Arab Emirates was disrupted, forcing Ghana to reroute some gold shipments through Shanghai and India, adding logistical delays and costs.
The World Bank echoed this assessment, noting that the rerouting to Shanghai and India was “costly” and added delays to a key export value chain. These disruptions have increased the cost burden on an export sector that is vital to Ghana’s foreign‑exchange earnings.
Trade statistics from the Ghana Statistical Service confirm that the United Arab Emirates remains Ghana’s leading destination for gold exports, underscoring the impact of the Middle East tensions on the country’s export network.
It is not yet clear whether Ghana has introduced new measures to secure alternative routes that are less costly and less vulnerable to regional disruptions. The situation highlights the need for a resilient export infrastructure amid ongoing geopolitical tensions.
