Who Owns Gold in Ghana? The Legacy of Unbalanced Exchange

Léonce Ndikumana () and William Godfred Cantah
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Léonce Ndikumana: University of Massachusetts Amherst, Department of Economics and Political Economy Research Institute (PERI)
William Godfred Cantah: University of Cape Coast, Department of Data Science and Economic Policy

Chapter 3 in Capital Flight from Cameroon, Ghana, and Zambia, 2026, pp 39-79 from Springer

Abstract: Abstract This chapter is part of a project that investigates domestic and global drivers and enablers of capital flight from Cameroon, Ghana, and Zambia. This chapter presents the historical and institutional context of the development of the gold sector in Ghana, which sets the stage for examining the contribution of the sector to the economy and its exposure to capital flight. The analysis sheds light on the important role that the regulatory framework and the fiscal regime that govern the gold sector have played in perpetuating a system of unequal distribution of gains from gold exploitation in terms of tax revenue and foreign exchange earnings in favor of foreign gold companies. Statistical analysis reveals substantial discrepancies between Ghana’s gold exports and the value of imports recorded by its trading partners. These differences point to export underinvoicing as a conduit of capital flight, while also exhibiting a systematic lack of transparency and inconsistencies vis-a-vis established international conventions governing the recording of trade transactions, especially in the case of gold destined for South Africa which does not show up in the latter’s import statistics. Overall, the evidence suggests that the gains from the gold sector remain much below potential, but that appropriate reforms can improve the benefits from gold exploitation for the country.

Date: 2026
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DOI: 10.1007/978-3-032-22770-6_3

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