The world commodities market had a historic milestone on Tuesday, October 7, 2025, when gold prices soared to an all-time high of $4,000 per ounce.
The surge, which has had a significant impact on gold-producing countries like Ghana, has sent shockwaves across financial markets due to growing geopolitical unpredictability, a declining dollar, and robust investment demand.
Because of strong inflows into gold-backed exchange-traded funds (ETFs), significant central bank purchases, and ordinary investors seeking protection from inflation and slowing global growth, the price of gold has risen 51% so far this year.
Since markets are still pricing in additional monetary easing through late 2025, analysts partially attribute the uptick to expectations of interest rate cuts by the US Federal Reserve.
Goldman Sachs predicts that the price of an ounce of gold might reach $4,900 in 2026.
The rise presents both chances and difficulties for Ghana, the top exporter of gold worldwide and the largest producer of gold in Africa. The price spike may increase export earnings, fortify foreign reserves, and draw in fresh capital for the mining industry.
But the nation’s protracted battle with gold smuggling could undo these advantages.
Illegal gold exports cost Ghana more than $11.4 billion in income between 2019 and 2023, according to a new Swissaid analysis.
More than 229 tonnes of gold have reportedly left Ghana illegally, routed through neighbouring states before reaching Dubai and other trade centres, a new study has found.
Despite reforms like the scrapped ASM export tax, smuggling persists, fuelled by corruption and lax border control.
Experts warn Ghana could lose billions in potential revenue if stronger oversight isn’t enforced — especially as the country battles rising debt and unemployment.
