Western Africa: Gold Market 2024

Gold Market Size in Western Africa

In 2021, the West African gold market increased by 0.9% to $X, rising for the second year in a row after three years of decline. In general, consumption, however, recorded a deep contraction. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Gold Production in Western Africa

In value terms, gold production fell 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 +3.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +72.8% 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 shrank in the following year.

Gold Exports

Exports in Western Africa

After four years of growth, overseas shipments of gold decreased by -13.5% to X tons in 2021. In general, exports, however, showed a prominent increase. The most prominent rate of growth was recorded in 2020 with an increase of 32% against the previous year. As a result, the exports attained the peak of X tons, and then dropped in the following year.

In value terms, gold exports shrank to $X in 2021. Overall, exports, however, showed a resilient expansion. The most prominent rate of growth was recorded in 2020 with an increase of 60%. As a result, the exports attained the peak of $X, and then shrank in the following year.

Exports by Country

The shipments of the four major exporters of gold, namely Ghana, Guinea, Burkina Faso and Mali, represented more than two-thirds of total export. It was distantly followed by Niger (X tons), Cote d'Ivoire (X tons) and Benin (X tons), together comprising a 22% share of total exports.

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) were the countries with the highest levels of exports in 2021, together comprising 62% of total exports. Mali, Niger, Cote d'Ivoire and Benin lagged somewhat behind, together accounting for a further 29%.

Niger, with a CAGR of +44.0%, saw the highest rates of growth with regard to the value of exports, among 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 Western Africa stood at $X per kg in 2021, leveling off at the previous year. Overall, the export price recorded a noticeable descent. The most prominent rate of growth was recorded in 2020 when the export price increased by 21%. The level of export peaked 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 Western Africa

In 2021, after two years of decline, there was significant growth in overseas purchases of gold, when their volume increased by 17% to X tons. In general, imports, however, recorded a mild decrease. The pace of growth appeared the most rapid in 2013 with an increase of 144%. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, gold imports expanded slightly to $X in 2021. Total imports indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +2.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -6.3% against 2019 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 65% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Guinea (X kg) and Mauritania (X kg) dominates imports structure, together constituting 88% of total imports. It was distantly followed by Nigeria (X kg) and Mali (X kg), together comprising a 9.7% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Nigeria (with a CAGR of +45.4%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, Guinea ($X), Mauritania ($X) and Mali ($X) constituted the countries with the highest levels of imports in 2021, together accounting for 97% of total imports.

In terms of the main importing countries, Mauritania, with a CAGR of +39.0%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Western Africa stood at $X per kg in 2021, falling by -13.1% against the previous year. In general, the import price, however, continues to indicate temperate growth. The most prominent rate of growth was recorded in 2019 an increase of 69% against the previous year. The level of import peaked at $X per kg in 2020, and then dropped in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mauritania ($X per kg), while Nigeria ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mauritania (+14.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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