Ghana’s gold export volumes declined marginally in the first half of 2026, with shipment disruptions linked to the Middle East conflict affecting the country’s key gold export value chain.

Data from the Bank of Ghana and the World Bank show that gold export earnings increased sharply despite a slight decline in volumes.

According to the Bank of Ghana, the value of gold exports rose by 49% to US$12.50 billion, from US$8.39 billion in the same period of 2025.

The increase was largely driven by a 49.7% rise in the average realised gold price to US$4,463.80 per fine ounce.

However, gold export volumes remained broadly flat at 2.80 million fine ounces, representing a 0.5% decline from the 2.81 million fine ounces recorded in the first half of 2025.

The Bank of Ghana attributed the marginal decline largely to shipment disruptions following the onset of the Middle East conflict.

The World Bank has also highlighted the impact of the tensions on Ghana’s gold export routes.

According to the World Bank, Ghana was forced to reroute some gold shipments through Shanghai and India after disruptions affected the traditional route through the United Arab Emirates.

“Ghana’s gold refining routes through the United Arab Emirates were disrupted, requiring costly rerouting to Shanghai and India and adding logistical delays to a key export value chain.”

The disruptions have therefore added costs and delays to an export sector that has become increasingly important to Ghana’s foreign exchange earnings.

Recent trade statistics from the Ghana Statistical Service show that the United Arab Emirates remains Ghana’s leading destination for gold exports.

The development raises questions about the resilience of Ghana’s gold export and refining routes amid continued geopolitical tensions in the Middle East.

It is not immediately clear whether new measures have been introduced to provide Ghana with alternative routes that are less costly and less vulnerable to regional disruptions.