Gold exports in 2023 surged to $7.60bn, but crude oil and cocoa exports tumble – BoG

Gold exports in 2023 amounted to $7.60 billion, representing a year-on-year increase of 15.0%.

This is mainly due to a 9.2% increase in the volume of exports and a 5.4% increase in the average realised price.

According to the 2024 Bank of Ghana Annual Report, the rise in the volume of exports was due to improved gold production attributed to the expansion of the Newmont Ahafo Mine, resumption of operations at Anglogold Ashanti Obuasi Mine, and increased volumes from small-scale miners.

The average realised price of gold in 2023 was $1,843.13 per fine ounce.