Middle East conflict disrupts Ghana’s gold exports as first-half volumes dip

Ghana's gold export volumes experienced a slight decline in the first half of 2026, according to data from the Bank of Ghana and the World Bank. Despite this marginal decrease, the value of gold exports surged by 49% to US$12.50 billion, compared to US$8.39 billion in the same period of 2025. The increase in export value was primarily attributed to a 49.7% rise in the average realized gold price to US$4,463.80 per fine ounce.

However, the volume of gold exports remained relatively stable at 2.80 million fine ounces, marking a 0.5% decline from the first half of 2025 when 2.81 million fine ounces were exported. The Bank of Ghana cited shipment disruptions caused by the Middle East conflict as the primary reason for the modest drop in export volumes. In response, the World Bank noted that Ghana had to reroute some gold shipments to Shanghai and India due to disruptions in the traditional route through the United Arab Emirates.

These disruptions have added costs and delays to Ghana's gold export value chain, which has become increasingly crucial for the country's foreign exchange earnings. The United Arab Emirates remains the top destination for Ghana's gold exports, as per recent trade statistics from the Ghana Statistical Service. This situation raises concerns about the resilience of Ghana's gold export and refining routes in the face of ongoing Middle Eastern geopolitical tensions.

It remains uncertain whether new measures have been implemented to provide Ghana with alternative routes that are less expensive and less susceptible to regional disruptions.