Dubai’s Gold Souq contributes over $70 billion annually in trade volume. India’s gold Souq contributes around $34 billion to GDP through exports, refining, and retail. Turkey’s gold market contributes over $30 billion with its Grand Bazaar Gold Souq being a major hub.
Dr. Williams Anarfi proposes the establishment of a Ghana Gold Souq, which could generate between $2 billion and $10 billion annually through gold sales, refining, tourism, and related activities. Drawing inspiration from successful gold markets in Dubai, India, and Turkey, the initiative aims to position Ghana as Africa’s premier gold trading hub.
The project, envisioned as a transformative economic driver, would capitalize on Ghana’s status as Africa’s top gold producer and the sixth-largest globally. By integrating refining, jewellery manufacturing, wholesale and retail trade, and gold-backed financial instruments, the Gold Souq could generate $10 billion to $13 billion in revenue within five years.
Dr. Anarfi emphasizes the potential to reduce reliance on raw gold exports, promote value-added processing, and increase tax revenues while attracting tourism and investment. The initiative seeks to leverage Ghana’s historical legacy as the Gold Coast to establish it as a global leader in gold trade and a top destination for luxury shopping and gold-backed finance.
The proposal highlights the economic and strategic importance of formalizing Ghana’s gold sector, capturing a larger share of global gold trade, and transforming the nation into a regional and global gold trading powerhouse.
