Ghana: Semi-Manufactured Gold Market 2024

Semi-Manufactured Gold Market Size in Ghana

In 2022, after five years of decline, there was significant growth in the Ghanian semi-manufactured gold market, when its value increased by 34% to $X. Over the period under review, consumption continues to indicate a buoyant increase. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Semi-Manufactured Gold Production in Ghana

In value terms, semi-manufactured gold production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.1% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 when the production volume increased by 8.3%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Semi-Manufactured Gold Exports

Exports from Ghana

In 2022, shipments abroad of gold, in semi-manufactured forms decreased by -2.3% to X tons for the first time since 2014, thus ending a seven-year rising trend. Over the period under review, exports, however, showed a mild expansion. The most prominent rate of growth was recorded in 2019 with an increase of 331% against the previous year. The exports peaked at X tons in 2021, and then contracted slightly in the following year.

In value terms, semi-manufactured gold exports fell to $X in 2022. Overall, exports, however, enjoyed a notable increase. The pace of growth appeared the most rapid in 2019 when exports increased by 347%. The exports peaked at $X in 2021, and then declined in the following year.

Exports by Country

Switzerland (X tons), the United Arab Emirates (X tons) and India (X tons) were the main destinations of semi-manufactured gold exports from Ghana, together accounting for 87% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by India (with a CAGR of +32.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for semi-manufactured gold exported from Ghana were Switzerland ($X), India ($X) and South Africa ($X), together accounting for 88% of total exports.

Among the main countries of destination, India, with a CAGR of +43.3%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average semi-manufactured gold export price amounted to $X per kg, reducing by -3.3% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the average export price increased by 32%. As a result, the export price attained the peak level of $X per kg. From 2017 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Africa ($X per kg), while the average price for exports to the United Arab Emirates ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (+8.1%), while the prices for the other major destinations experienced more modest paces of growth.

Semi-Manufactured Gold Imports

Imports into Ghana

In 2022, purchases abroad of gold, in semi-manufactured forms decreased by 0% to X kg for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports saw a abrupt contraction. The pace of growth was the most pronounced in 2019 when imports increased by 75% against the previous year. Imports peaked at X kg in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, semi-manufactured gold imports reached $X in 2022. In general, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 3,091% against the previous year. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Australia (X kg), Benin (X kg) and Switzerland (X kg) were the main suppliers of semi-manufactured gold imports to Ghana, together comprising 75% of total imports.

From 2012 to 2022, the biggest increases were recorded for Australia (with a CAGR of 0.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Benin ($X) constituted the largest supplier of gold, in semi-manufactured forms to Ghana, comprising 85% of total imports. The second position in the ranking was taken by the UK ($X), with a 7.1% share of total imports. It was followed by Australia, with a 4.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Benin stood at +1.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+6.6% per year) and Australia (+8.9% per year).

Import Prices by Country

In 2022, the average semi-manufactured gold import price amounted to $X per kg, surging by 10% against the previous year. Over the period under review, the import price saw buoyant growth. The growth pace was the most rapid in 2019 when the average import price increased by 1,724% against the previous year. As a result, import price attained the peak level of $X per kg. From 2020 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Benin ($X per kg), while the price for Switzerland ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Benin (+24.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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