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Global sales from gold exports by country totaled US$310.7 billion in 2017. Overall the value of gold exports fell by an average -35% for all exporting countries since 2013 when gold shipments were valued at $477.9 billion. From 2016 to 2017, the value of global gold exports depreciated by -5.3%.
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Exports and Imports in Ghana are controlled by the Exports and Imports Act 1995 (503). Export procedures for purposes of export documentation; exports are classified into two broad categories namely traditional and non-traditional. Traditional exports are gold, diamonds, bauxite, manganese, cocao beans, coffee, timber and electricity.
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Ghana has twenty-three large scale mining companies and over three-hundred registered small-scale mining groups and ninety mine support service companies. Gold trading in Ghana began from ancient history in the Trans-Saharan gold trade and the country was once known as Gold Coast.
European exporters generated 32.7% worth of gold exports, while 12.1% was shipped from North America. Gold suppliers in Latin America (excluding Mexico) or the Caribbean came in at 6.2%, followed by Africa at 5.4% then Oceania at 5%. The 4-digit Harmonized Tariff System code prefix for unwrought or semi-manufactured gold is 7108.
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In 2014, total gold mined by small-scale miners was about 1.49 million ounces, which represent about 34.2 per cent of the total gold mined in Ghana. Largely, gold production in Ghana has fallen from 3.19 million ounces in 2013 to about 3.17 million ounces in 2014.