Report Update Mar 1, 2025

ECOWAS - Gold, in Semi-Manufactured Forms - Market Analysis, Forecast, Size, Trends and Insights

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ECOWAS: Semi-Manufactured Gold Market 2025

Semi-Manufactured Gold Market Size in ECOWAS

After five years of decline, the ECOWAS semi-manufactured gold market increased by 73% to $X in 2022. Overall, consumption saw modest growth. Over the period under review, the market attained the maximum level at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Semi-Manufactured Gold Production in ECOWAS

In value terms, semi-manufactured gold production reduced slightly to $X in 2022 estimated in export price. The total production indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +89.8% against 2014 indices. The most prominent rate of growth was recorded in 2016 with an increase of 26%. The level of production peaked at $X in 2021, and then declined slightly in the following year.

Semi-Manufactured Gold Exports

Exports in ECOWAS

After five years of growth, overseas shipments of gold, in semi-manufactured forms decreased by -5.9% to X tons in 2022. Over the period under review, exports, however, showed a moderate expansion. The pace of growth appeared the most rapid in 2015 when exports increased by 111%. The volume of export peaked at X tons in 2021, and then declined in the following year.

In value terms, semi-manufactured gold exports fell to $X in 2022. Overall, exports, however, posted a perceptible expansion. The pace of growth appeared the most rapid in 2019 when exports increased by 134%. The level of export peaked at $X in 2021, and then reduced in the following year.

Exports by Country

In 2022, Ghana (X tons) represented the largest exporter of gold, in semi-manufactured forms, achieving 69% of total exports. It was distantly followed by Burkina Faso (X tons), constituting a 28% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to semi-manufactured gold exports from Ghana stood at +1.2%. At the same time, Burkina Faso (+5.4%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +5.4% from 2012-2022. From 2012 to 2022, the share of Burkina Faso increased by +6.8 percentage points.

In value terms, the largest semi-manufactured gold supplying countries in ECOWAS were Ghana ($X) and Burkina Faso ($X).

In terms of the main exporting countries, Burkina Faso, with a CAGR of +8.5%, saw the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per kg, remaining constant against the previous year. Export price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, semi-manufactured gold export price increased by +33.9% against 2018 indices. The pace of growth was the most pronounced in 2016 an increase of 23%. Over the period under review, the export prices hit record highs at $X per kg in 2021, and then declined slightly in the following year.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Burkina Faso ($X per kg), while Ghana totaled $X per kg.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (+2.9%).

Semi-Manufactured Gold Imports

Imports in ECOWAS

In 2022, supplies from abroad of gold, in semi-manufactured forms increased by 4,613% to X tons for the first time since 2019, thus ending a two-year declining trend. Overall, imports saw a significant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, semi-manufactured gold imports skyrocketed to $X in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Benin (X tons) represented roughly 98% of total imports in 2022.

Benin was also the fastest-growing in terms of the gold, in semi-manufactured forms imports, with a CAGR of +124.1% from 2012 to 2022. Benin (+97 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Benin ($X) constitutes the largest market for imported gold, in semi-manufactured forms in ECOWAS.

From 2012 to 2022, the average annual growth rate of value in Benin totaled +104.1%.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per kg, reducing by -89.2% against the previous year. Overall, the import price recorded a sharp decline. The pace of growth appeared the most rapid in 2017 when the import price increased by 11%. Over the period under review, import prices reached the peak figure at $X per kg in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

As there is only one major supplying country, the average price level is determined by prices for Benin.

From 2012 to 2022, the rate of growth in terms of prices for Benin amounted to -8.9% per year.

Source: IndexBox Platform

This report provides an in-depth analysis of the semi-manufactured gold market in ECOWAS. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 24412050 - Gold, in semi-manufactured forms for non-monetary use (including plated with platinum) (excluding unwrought or in powder form)

Country coverage:

Benin
Burkina Faso
Cabo Verde
Gambia
Ghana
Guinea
Guinea-Bissau
Liberia
Mali
Niger
Nigeria
Senegal
Sierra Leone
Togo
Cote d'Ivoire

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Production in ECOWAS, split by region and country
Trade (exports and imports) in ECOWAS
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. CONSUMPTION BY COUNTRY
3. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
2. PRODUCTION BY COUNTRY
8. IMPORTS
The Largest Importers on The Market and How They Succeed
1. IMPORTS FROM 2012–2024
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Exporters on The Market and How They Succeed
1. EXPORTS FROM 2012–2024
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
11. COUNTRY PROFILES

The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO
- Benin
- Burkina Faso
- Cabo Verde
- Gambia
- Ghana
- Guinea
- Guinea-Bissau
- Liberia
- Mali
- Niger
- Nigeria
- Senegal
- Sierra Leone
- Togo
- Cote d'Ivoire
LIST OF TABLES
1. Key Findings In 2024
2. Market Volume, In Physical Terms, 2012–2024
3. Market Value, 2012–2024
4. Per Capita Consumption, By Country, 2018–2024
5. Production, In Physical Terms, By Country, 2012–2024
6. Imports, In Physical Terms, By Country, 2012–2024
7. Imports, In Value Terms, By Country, 2012–2024
8. Import Prices, By Country Of Destination, 2012–2024
9. Exports, In Physical Terms, By Country, 2012–2024
10. Exports, In Value Terms, By Country, 2012–2024
11. Export Prices, By Country Of Origin, 2012–2024
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2024
2. Market Value, 2012–2024
3. Consumption, By Country, 2024
4. Market Volume Forecast to 2030
5. Market Value Forecast to 2030
6. Products: Market Size And Growth, By Type
7. Products: Average Per Capita Consumption, By Type
8. Products: Exports And Growth, By Type
9. Products: Export Prices And Growth, By Type
10. Production Volume And Growth
11. Exports And Growth
12. Export Prices And Growth
13. Market Size And Growth
14. Per Capita Consumption
15. Imports And Growth
16. Import Prices
17. Production, In Physical Terms, 2012–2024
18. Production, In Value Terms, 2012–2024
19. Production, By Country, 2024
20. Production, In Physical Terms, By Country, 2012–2024
21. Imports, In Physical Terms, 2012–2024
22. Imports, In Value Terms, 2012–2024
23. Imports, In Physical Terms, By Country, 2024
24. Imports, In Physical Terms, By Country, 2012–2024
25. Imports, In Value Terms, By Country, 2012–2024
26. Import Prices, By Country, 2012–2024
27. Exports, In Physical Terms, 2012–2024
28. Exports, In Value Terms, 2012–2024
29. Exports, In Physical Terms, By Country, 2024
30. Exports, In Physical Terms, By Country, 2012–2024
31. Exports, In Value Terms, By Country, 2012–2024
32. Export Prices, 2012–2024