AFRICA GOLD & MINERAL LANDSCAPE 2024

In 2024, Africa's gold export landscape presented a remarkable yet challenging picture, achieving a significant total of $40.59 billion. However, this figure marked a 12% decline compared to the previous year, 2023. Despite the dip in export revenues, the continent remained a pivotal player in the global gold supply chain, contributing nearly 30% of the world’s total gold production.

Among the African nations, Ghana emerged as the frontrunner in terms of gold production volume. The country’s mining sector played a critical role in its economic framework, with gold exports reaching an impressive $11.6 billion. This sum represented an astonishing 57% of Ghana's total export revenue, underscoring the mineral's importance not just to the national economy but also to the livelihoods of many Ghanaians.

In contrast, while Ghana led in production, South Africa continued to be the dominant force in export earnings. This historical heavyweight in the gold mining sector maintained its status as a key player, illustrating the intricate dynamics within Africa’s gold market.

The variances in gold production and export strategies among African nations underscore a complex interplay of factors ranging from geological endowments to economic policies and international market dynamics. As the continent navigates these challenges, the importance of sustainability and responsible mining practices becomes ever more critical, particularly in regions heavily dependent on this precious metal.

Looking ahead, stakeholders in Africa's gold industry are likely to focus on innovative strategies to enhance efficiency and value within the entire gold production and export process. With global demand for gold continuing to evolve, there may be new opportunities for collaboration and investment that could rejuvenate the sector and mitigate against future declines in exports.

Courtesy of: The Gold Mercantile Company Limited. 2025