Ghana: Silver Market 2025

Silver Market Size in Ghana

After two years of growth, the Ghanian silver market decreased by -1.8% to $X in 2021. Overall, consumption, however, continues to indicate a abrupt descent. Silver consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Silver Production in Ghana

In value terms, silver production dropped slightly to $X in 2021 estimated in export price. In general, production, however, continues to indicate a abrupt shrinkage. The pace of growth appeared the most rapid in 2019 when the production volume increased by 13%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Silver Exports

Exports from Ghana

In 2021, shipments abroad of silver including silver plated with gold or platinum decreased by -21.1% to X kg, falling for the second consecutive year after two years of growth. Over the period under review, exports faced a sharp setback. The pace of growth was the most pronounced in 2018 when exports increased by 408%. Over the period under review, the exports hit record highs at X kg in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, silver exports contracted remarkably to $X in 2021. In general, exports showed a abrupt slump. The pace of growth appeared the most rapid in 2015 with an increase of 220% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Mali (X kg) was the main destination for silver exports from Ghana, accounting for a 87% share of total exports. Moreover, silver exports to Mali exceeded the volume sent to the second major destination, Switzerland (X kg), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to Mali stood at -32.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (-11.5% per year) and Canada (0.0% per year).

In value terms, Burkina Faso ($X) remains the key foreign market for silver including silver plated with gold or platinum exports from Ghana, comprising 3.2% of total exports. The second position in the ranking was held by Mali ($X), with a 0.7% share of total exports. It was followed by Switzerland, with a 0.1% share.

From 2012 to 2021, the average annual growth rate of value to Burkina Faso stood at +50.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mali (-46.7% per year) and Switzerland (-45.8% per year).

Export Prices by Country

In 2021, the average silver export price amounted to $X per kg, with a decrease of -57.8% against the previous year. Overall, the export price, however, recorded a significant increase. The pace of growth was the most pronounced in 2020 an increase of 1,865%. As a result, the export price reached the peak level of $X per kg, and then shrank remarkably in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Burkina Faso ($X per kg), while the average price for exports to Canada ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Burkina Faso (+68.0%), while the prices for the other major destinations experienced a decline.

Silver Imports

Imports into Ghana

In 2021, after three years of growth, there was significant decline in supplies from abroad of silver including silver plated with gold or platinum, when their volume decreased by -80% to X kg. Over the period under review, imports faced a abrupt decrease. The pace of growth was the most pronounced in 2014 when imports increased by 1,278% against the previous year. As a result, imports attained the peak of X kg. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, silver imports dropped markedly to $X in 2021. In general, imports recorded a pronounced shrinkage. The most prominent rate of growth was recorded in 2014 when imports increased by 1,322% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Germany (X kg), South Africa (X kg) and Canada (X kg) were the main suppliers of silver imports to Ghana, together accounting for 77% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +37.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), South Africa ($X) and Australia ($X) appeared to be the largest silver suppliers to Ghana, with a combined 62% share of total imports. These countries were followed by Canada, Austria, China, Morocco and Belgium, which together accounted for a further 13%.

Morocco, with a CAGR of +43.5%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average silver import price amounted to $X per ton, jumping by 161% against the previous year. Overall, the import price saw a strong expansion. The import price peaked at $X per ton in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Australia ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guinea (+57.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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