ECOWAS: Gold Market 2025

Gold Market Size in ECOWAS

In 2021, the ECOWAS gold market increased by 2.3% to $X, rising for the second year in a row after three years of decline. In general, consumption, however, showed a deep slump. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Gold Production in ECOWAS

In value terms, gold production contracted to $X in 2021 estimated in export price. The total production indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +3.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +72.3% against 2015 indices. The most prominent rate of growth was recorded in 2020 when the production volume increased by 18% against the previous year. As a result, production attained the peak level of $X, and then reduced in the following year.

Gold Exports

Exports in ECOWAS

After four years of growth, overseas shipments of gold decreased by -13.3% to X tons in 2021. Overall, exports, however, showed a strong expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 34% against the previous year. As a result, the exports attained the peak of X tons, and then shrank in the following year.

In value terms, gold exports declined to $X in 2021. Over the period under review, exports, however, enjoyed buoyant growth. The pace of growth appeared the most rapid in 2020 when exports increased by 62%. As a result, the exports attained the peak of $X, and then fell in the following year.

Exports by Country

The biggest shipments were from Ghana (X tons), Guinea (X tons), Burkina Faso (X tons) and Mali (X tons), together accounting for 71% of total export. Niger (X tons) took an 8.5% share (based on physical terms) of total exports, which put it in second place, followed by Cote d'Ivoire (7.6%) and Benin (6.1%).

From 2012 to 2021, the biggest increases were recorded for Guinea (with a CAGR of +52.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Guinea ($X), Ghana ($X) and Burkina Faso ($X) appeared to be the countries with the highest levels of exports in 2021, together comprising 63% of total exports. Mali, Niger, Cote d'Ivoire and Benin lagged somewhat behind, together comprising a further 30%.

Niger, with a CAGR of +44.0%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ECOWAS stood at $X per kg in 2021, remaining constant against the previous year. Overall, the export price continues to indicate a pronounced downturn. The most prominent rate of growth was recorded in 2020 an increase of 21% against the previous year. Over the period under review, the export prices reached the maximum at $X per kg in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Guinea ($X per kg), while Benin ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mali (+3.9%), while the other leaders experienced mixed trends in the export price figures.

Gold Imports

Imports in ECOWAS

In 2021, supplies from abroad of gold increased by 44% to X tons for the first time since 2013, thus ending a seven-year declining trend. Over the period under review, imports, however, recorded a deep contraction. The most prominent rate of growth was recorded in 2013 with an increase of 149%. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, gold imports expanded sharply to $X in 2021. Overall, imports, however, continue to indicate a pronounced decrease. The most prominent rate of growth was recorded in 2013 with an increase of 65%. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Guinea dominates imports structure, resulting at X kg, which was approx. 80% of total imports in 2021. Nigeria (X kg) took the second position in the ranking, followed by Mali (X kg). All these countries together took approx. 16% share of total imports. Sierra Leone (X kg) held a minor share of total imports.

From 2012 to 2021, average annual rates of growth with regard to gold imports into Guinea stood at -7.5%. At the same time, Nigeria (+45.4%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +45.4% from 2012-2021. By contrast, Mali (-1.4%) and Sierra Leone (-8.3%) illustrated a downward trend over the same period. Nigeria (+8.1 p.p.) and Mali (+2.9 p.p.) significantly strengthened its position in terms of the total imports, while Guinea saw its share reduced by -8.9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Guinea ($X) constitutes the largest market for imported gold in ECOWAS, comprising 93% of total imports. The second position in the ranking was taken by Sierra Leone ($X), with a 2.4% share of total imports. It was followed by Mali, with a 1.6% share.

From 2012 to 2021, the average annual growth rate of value in Guinea totaled -4.1%. The remaining importing countries recorded the following average annual rates of imports growth: Sierra Leone (-5.8% per year) and Mali (+3.3% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per kg in 2021, dropping by -24.3% against the previous year. Import price indicated a measured expansion from 2012 to 2021: its price increased at an average annual rate of +2.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 an increase of 58%. Over the period under review, import prices reached the maximum at $X per kg in 2020, and then declined notably in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Guinea ($X per kg), while Nigeria ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mali (+4.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform