Ghana Gold Price, Market & Key factors influencing gold price 2024
Ghana Gold price, like elsewhere, is influenced by global market trends. Gold prices are usually quoted in ounces but can also be found in smaller weights such as grams, kilograms, and troy ounces.
The price of gold in Ghana fluctuates in response to international demand and supply, currency fluctuations, and other factors, as we will discuss below.
A table showing Present Ghana Gold Price by Different weights
Here’s a table showing the approximate gold price in Ghana based on different weights. Gold prices fluctuate daily, so these are just estimates based on current market trends.
Weight | Price (GHS) | Price (USD) |
|---|---|---|
1g | 1,506.82 | 108.11 |
5g | 7,534.10 | 540.55 |
10g | 15,068.20 | 1,081.10 |
20g | 30,136.40 | 2,162.20 |
50g | 75,341.00 | 5,405.50 |
100g | 150,682.00 | 10,811.00 |
250g | 376,705.00 | 27,027.50 |
500g | 753,410.00 | 54,055.00 |
1kg | 1,506,820.00 | 108,110.00 |
Note: Prices are approximate and can change depending on market conditions
Factors Influencing Gold Prices in Ghana
Several key factors impact the price of gold in Ghana. These factors align with global gold market trends but can also be influenced by local economic and regulatory dynamics. Here are some of the primary influences:
Global Gold Market
The global price of gold is the single most significant factor influencing the gold price in Ghana. Gold is traded on the global commodities market, and prices are primarily determined by:
Supply and Demand: Increased demand from investors, central banks, and industries can drive up prices. Conversely, a surplus in gold supply can lower the price.
Geopolitical Uncertainty: Events such as wars, economic crises, and political instability typically drive up the price of gold, as it is considered a “safe haven” investment.
Inflation and Currency Fluctuations: When inflation rates are high or when currencies weaken (such as the Ghanaian Cedi), the demand for gold typically rises, pushing up prices.
Exchange Rate of Ghanaian Cedi
Gold in Ghana is traded in the local currency, the Ghanaian Cedi (GHS). When the Cedi weakens against stronger currencies like the US Dollar (USD), gold becomes more expensive for local buyers and investors. Conversely, a strong Cedi can lower local gold prices even if international prices remain stable.
Local Gold Production and Mining Costs
Ghana’s gold supply heavily influences local prices. As one of the world’s largest gold producers, fluctuations in mining production levels can affect the supply and price of gold.
Factors such as mining labor costs, government policies, taxes, and environmental regulations also contribute to the final price of gold in the country.
Best Places to Buy Gold in Ghana
Precious Minerals Marketing Company (PMMC)
PMMC is Ghana’s state-owned agency that handles assaying, purchasing, and exporting gold. It offers certified gold with assay certificates, guaranteeing authenticity and compliance with international standards. Located in Accra, PMMC is a reliable choice for buyers.
Buy Gold Bars Africa Limited
A trusted gold trading company in Ghana, Buy Gold Bars Africa Limited specializes in physical gold bars. We offer local pickup and international shipping, ensuring safe, convenient access to certified gold for investors and collectors.
Trade Panel International Ltd
Trade Panel is a reputable company providing competitive pricing on gold bars. They facilitate both local and international transactions with transparent processes, making it easy for buyers to purchase certified gold confidently.
Emma Gold Ghana
Emma Gold Ghana specializes in mining and selling gold and diamonds. They offer direct sales to buyers, guaranteeing authenticity, quality, and ethical sourcing, making them a preferred option for those seeking raw or refined gold in Ghana.
Types of Gold Available for Sale in Ghana
Gold Bars
Gold bars, also called bullion, are highly valued by investors for their purity and stability. Typically 22–24 karat, they come in various sizes from 1 gram to 1 kilogram, and are easily tradable internationally.
Gold Coins
Gold coins are perfect for collectors and smaller investors. Usually 22 karat or higher, they include internationally recognized options like the South African Krugerrand, Canadian Maple Leaf, and American Gold Eagle, combining investment and collectible value.
Gold Nuggets
Gold nuggets are raw, unrefined gold sourced from artisanal miners in Ghana. Purity varies and is generally lower than refined gold, making them popular among refiners, traders, and buyers seeking authentic, natural gold pieces.
Gold Jewelry
Gold jewelry includes rings, necklaces, bracelets, and other crafted pieces. Purity ranges from 18 to 24 karat, and it is widely available in local markets and jewelry stores throughout Ghana for both personal use and investment.
Gold Market Demand in Ghana
Local demand for gold in Ghana, whether for investment, jewelry, or industrial purposes, also affects pricing. Ghana’s burgeoning middle class, increased investment interest, and the demand for gold as a store of value all contribute to local price fluctuations.
Government Policies and Regulations
Government policies regarding taxes on gold exports, mining licenses, and corporate regulations can influence the price of gold. Ghana has stringent regulations on the sale and export of gold, which can either add costs to the process or stabilize market conditions.
Ghana Gold Market Overview
The Ghana gold market is an intricate network of local miners, large-scale mining companies, refineries, and buyers. Most of the gold in Ghana comes from large-scale mining operations, though artisanal and small-scale mining (ASM) remains a significant source of employment and gold production. ASM gold is often sold on the local market, and much of it is exported.
Large Mining Companies
Major players like Newmont, AngloGold Ashanti, and Gold Fields dominate the large-scale mining sector. They adhere to strict regulations and often sell gold through international markets, helping to stabilize the local economy and provide jobs.
Artisanal and Small-Scale Mining (ASM)
ASM contributes significantly to Ghana’s gold output but often operates in the informal economy. Many artisanal miners sell their gold to local dealers or refineries, which is later exported. Though regulations on ASM are tightening, it still plays a critical role in the Ghanaian gold market.
Gold Refineries
Refineries in Ghana, such as Gold Coast Refinery and Asanska Jewellery Limited, refine both locally sourced gold and gold from other regions. The refined gold is then sold locally or exported to international markets.
Documents Required to Import Gold from Ghana
If you are planning to import gold from Ghana, you will need to adhere to several regulatory requirements. Below are the key documents and steps required to import gold legally:
Gold Export License
Any company or individual wishing to export gold from Ghana must obtain a gold export license from the Minerals Commission of Ghana. This ensures that the export is legal and the gold being exported is sourced responsibly.
Proforma Invoice
This document details the gold’s quantity, quality, and price, serving as a record for the transaction between the exporter and importer.
Assay Certificate
An assay certificate verifies the purity and weight of the gold being exported. The certificate is usually issued by a recognized assay laboratory in Ghana.
Customs Declaration Form (CDF)
This form is required by the Ghana Revenue Authority (GRA) for the gold export process. It must include all details of the gold being exported, as well as the exporter’s credentials.
Bank of Ghana Certificate
For any gold export, a certificate from the Bank of Ghana is required, especially if the payment for the transaction is going to be remitted into the country. This certificate also ensures that the transaction follows financial and banking regulations.
Other Documents
Depending on the buyer’s country, other specific documents might be required for import, such as a Certificate of Origin, Packing List, and Bill of Lading for sea transport.
Ghana Gold Export Regulations
Exporting gold from Ghana requires strict compliance with government regulations to ensure legality and transparency. All gold exports must be licensed through the Precious Minerals Marketing Company (PMMC), the state agency responsible for assaying, purchasing, and exporting gold.
Exporters must provide proof of origin, ownership, and authenticity, often including assay certificates. Only licensed exporters can sell gold bars, gold nuggets, or raw gold internationally.
Additionally, exporters must comply with Ghana Revenue Authority (GRA) requirements, including tax clearance and payment of applicable export levies.
Unlicensed export or illegal sourcing is strictly prohibited and carries heavy penalties. Adhering to these regulations ensures secure, legal trade and protects investors in the Ghanaian gold market.
Steps to Obtain a Gold Export License in Ghana
Establish a Registered Company
Form a limited liability company in Ghana with a business object that permits the purchase and export of gold.Apply to the Ghana Gold Board (GoldBod)
Submit an application to GoldBod, providing necessary documentation and information about your company’s operations.Submit Required Documents
Prepare and submit the following documents:Company registration documents
Taxpayer Identification Number (TIN)
Environmental and safety compliance certificates (for large-scale exporters)
Proof of financial capability
Business plan detailing operations and compliance measures .
Undergo Due Diligence
GoldBod will conduct due diligence to assess your company’s compliance with legal and regulatory requirements.Await Approval
Upon successful evaluation, GoldBod will issue a gold export license authorizing your company to legally export gold from Ghana.
⚠️ Important Considerations
Foreign Participation: As of May 1, 2025, foreign entities are prohibited from purchasing or trading artisanal gold in Ghana. Only licensed local entities are authorized to engage in gold export activities.
Regulatory Compliance: Ensure adherence to all regulations set forth by GoldBod and other relevant authorities to avoid legal complications.
Documentation Accuracy: Accurate and complete documentation is crucial for the approval of your application.
How to Safely Buy Gold in Ghana with us
Buying gold in Ghana can be highly profitable if done safely and transparently. Trade Panel Int. Ltd offers a secure platform to purchase gold bars, gold nuggets, and raw gold directly from trusted sources.
All gold comes with verified assay certificates, guaranteeing purity and authenticity.
Our team ensures compliance with Ghana’s regulatory requirements, including proper licensing and documentation.
We provide secure payment options, transparent pricing based on current market rates, and guidance on storage or shipment. Whether you are a first-time investor or an experienced trader, partnering with us ensures a risk-free, professional, and seamless gold buying experience in Ghana, protecting both your investment and peace of mind.
Here’s a simple 4-step guide to safely buy gold in Ghana:
Contact Us
Reach out via email or WhatsApp to express your interest. Our team will provide detailed information on available gold products, pricing, and the buying process.Select Your Gold
Choose from gold bars, gold nuggets, or raw gold based on your investment goals. We provide verified assay certificates to guarantee purity and authenticity.Secure Payment & Documentation
Make payment through our safe and transparent channels. We handle all necessary documentation, ensuring compliance with Ghanaian regulations for a smooth transaction.Delivery or Pickup: Receive your gold through secure shipment or local pickup. Tracking and insurance options are provided for complete peace of mind
Other services we offer:
If you’re looking to import gold from Ghana, we provide a comprehensive service to assist in navigating the complexities of the Ghanaian gold market. Our services include:
Gold Sourcing: We work with licensed mining companies and refineries to source high-quality gold.
Documentation and Compliance: We assist with obtaining all the necessary documents, such as gold export licenses, assay certificates, and customs documentation, ensuring compliance with Ghana’s strict export regulations.
Logistics and Shipping: We arrange secure logistics for the safe transport of gold, whether by air or sea.
Consultation Services: Our expert team provides consultation to help you understand the Ghanaian gold market, negotiate fair prices, and ensure your investment is secure.
In conclusion:
Gold remains a vital part of Ghana’s economy, and understanding the factors influencing the price of gold, as well as the requirements for importing gold, is crucial for anyone interested in engaging with the market.
From global economic trends to local mining production and exchange rates, many variables come into play. By partnering with a knowledgeable company, you can navigate this complex market with confidence and secure profitable deals.
Contact us today to buy gold in Ghana.