Gold

A bunch of green macadamia nuts hanging from a tree.

The export of gold from Africa is a significant economic activity, driven by the continent’s vast reserves and global demand for gold as a safe-haven asset, jewelry component, and industrial material. Africa accounts for roughly 25-27% of global gold production, with key countries like Ghana, South Africa, Sudan, Mali, and Burkina Faso leading the charge.


Africa’s gold exports, valued at $40.59 billion in 2024, are driven by Ghana, South Africa, and others, with rising prices ($3,350/ounce) and demand from the UAE and China.

Origin

1. Uganda

Gold is Uganda’s top export, contributing 37% of total export revenue in 2023 ($3.4 billion, up from $2.3 billion in 2022, a tenfold increase from $201 million). In the first five months of 2025, exports reached $1.91 billion, with a peak of $485.83 million in May.

In March 2025, gold exports rose 42.4% year-on-year to $385.08 million, accounting for over 40% of non-coffee export revenue.


2. Sierra Leone

Gold exports contribute significantly to Sierra Leone’s economy, though exact figures for 2024-2025 are sparse. In 2009, gold exports were valued at $4.76 million, a 15.73% increase from $4.12 million in 2008, despite a 17.71% production drop to 5,060 Troy ounces (157 kg).


3. Tanzania


Gold exports reached $2.743 billion in the year ending December 2021, down slightly from $2.957 billion in 2020 but up from $2.215 billion in 2019. In 2023, exports of unwrought gold were $2.968 billion, and semi-manufactured gold added $91.3 million. Gold accounted for 89.85% of mineral revenues in 2020/21.

A wooden crate filled with macadamia nuts in an orchard.
A bunch of green macadamia nuts hanging from a tree.

CIF Dubai


01. Commodity Description


• Product: Refined Gold Bullion

• Purity: 999.9 fine gold

• Form: Minted or Cast Bars


02. Price & Payment Terms


• Unit Price: LBMA – Gross 4 Net 3% Discount, Second Fix

• Currency: USD / OMR

• Payment Method: 100% via MT103 or SBLC upon assay confirmation


03. Delivery Terms


• Buyer issue LOI and CIS

• Delivery Point: (Al Etihad Refinery) - Dubai

• Incoterms: DDP (Delivered Duty Paid)

• Transport: Armored, insured logistics

• Timeline: 1-5 business days after payment confirmation by Buyers Bank, stating that the Buyer has the capability to purchase Gold

• Upon successful assay and acceptance


04. Assay & Acceptance



• Conducted by designated refinery

• Buyer shall conduct his own assay

• Buyer makes payment for the gold after assay

• Title and Ownership shall pass to the Buyer upon receipt of full payment to the Seller