Western Africa: Semi-Manufactured Gold Market 2024

Semi-Manufactured Gold Market Size in Western Africa

In 2022, the West African semi-manufactured gold market increased by 38% to $X for the first time since 2016, thus ending a five-year declining trend. In general, consumption posted a modest expansion. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Semi-Manufactured Gold Production in Western Africa

In value terms, semi-manufactured gold production declined to $X in 2022 estimated in export price. The total production indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +3.3% 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 +80.8% against 2014 indices. The pace of growth was the most pronounced in 2016 with an increase of 23% against the previous year. The level of production peaked at $X in 2021, and then fell in the following year.

Join Us at HANNOVER MESSE 2024

Don’t miss your chance to connect with us directly. Schedule a personal meeting to dive deeper into how solutions.
Hall 002, Stand C10. 22 - 26 April 2024 | Hannover, Germany

Book Your Meeting

Semi-Manufactured Gold Exports

Exports in Western Africa

In 2022, shipments abroad of gold, in semi-manufactured forms decreased by -4.9% to X tons for the first time since 2016, thus ending a five-year rising trend. Over the period under review, exports, however, enjoyed tangible growth. The pace of growth was the most pronounced in 2019 when exports increased by 101%. Over the period under review, the exports attained the peak figure at X tons in 2021, and then reduced in the following year.

In value terms, semi-manufactured gold exports reduced to $X in 2022. In general, exports, however, continue to indicate temperate growth. The pace of growth appeared the most rapid in 2019 with an increase of 129% against the previous year. Over the period under review, the exports reached the maximum at $X in 2021, and then declined in the following year.

Exports by Country

Ghana represented the major exporting country with an export of about X tons, which reached 67% of total exports. It was distantly followed by Burkina Faso (X tons), comprising a 27% share of total exports. Mauritania (X tons) took a relatively small share of total exports.

Exports from Ghana increased at an average annual rate of +1.2% from 2012 to 2022. At the same time, Burkina Faso (+5.4%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +5.4% from 2012-2022. Mauritania experienced a relatively flat trend pattern. While the share of Burkina Faso (+6.8 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Ghana (-8.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X), Burkina Faso ($X) and Mauritania ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 98% share of total exports.

Burkina Faso, with a CAGR of +8.5%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per kg, approximately mirroring the previous year. Export price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.3% 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 +34.2% against 2018 indices. The most prominent rate of growth was recorded in 2016 an increase of 20%. The level of export peaked 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 ($X per kg), while Mauritania ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (+2.9%), while the other leaders experienced mixed trends in the export price figures.

Semi-Manufactured Gold Imports

Imports in Western Africa

In 2022, imports of gold, in semi-manufactured forms in Western Africa fell dramatically to X tons, shrinking by -39.8% against 2021 figures. Overall, imports, however, showed a significant increase. The pace of growth appeared the most rapid in 2021 when imports increased by 6,457% against the previous year. As a result, imports attained the peak of X tons, and then shrank dramatically in the following year.

In value terms, semi-manufactured gold imports shrank remarkably to $X in 2022. In general, imports saw a mild decrease. The pace of growth appeared the most rapid in 2021 when imports increased by 14,601%. As a result, imports attained the peak of $X, and then reduced notably in the following year.

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. While the share of Benin (+97 p.p.) increased significantly, 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 Western Africa.

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

Import Prices by Country

The import price in Western Africa stood at $X per kg in 2022, with a decrease of -96.3% against the previous year. In general, the import price saw a sharp reduction. The growth pace was the most rapid in 2021 when the import price increased by 124% against the previous year. As a result, import price attained the peak level of $X per kg, and then fell sharply in the following year.

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

Frequently Asked Questions (FAQ) :