The Ghana Gold Board (GoldBod) has aggregated and exported 85.4 tonnes of artisanal and small-scale mining (ASM) gold valued at US$11.6 billion between January 1 and October 20, 2026, according to Chief Executive Officer Sammy Gyamfi, a performance that places the small-scale sector ahead of large-scale gold exports for the second consecutive year.
Speaking at the African Minerals Policy Forum – Mining in Motion 2026, Mr. Gyamfi disclosed that large-scale mining companies exported 76 tonnes of gold valued at US$11.1 billion over the same period, meaning the ASM sector exceeded the large-scale sector in both volume and value. The figures put GoldBod on course to surpass its 2025 performance, when ASM gold exports reached approximately 104 tonnes—up sharply from 63 tonnes in 2024.
A “Production Clawback,” Not New Mining
Mr. Gyamfi attributed the gains to reforms introduced by GoldBod to formalise the gold trade, strengthen regulation, and curb smuggling. He described the achievement as a “production clawback,” explaining that the gold was already being produced but had previously been lost to illicit trading channels.
The CEO cited a SWISSAID analysis of UN Comtrade mirror data that identified a 229-tonne gap valued at approximately US$11.4 billion between Ghana’s reported gold exports and corresponding imports declared by trading partners from 2019 to 2023. He also recalled that official ASM gold exports had collapsed to just 3.4 tonnes in 2021 following the imposition of a 3 percent withholding tax on unprocessed small-scale gold—not because production stopped, but because gold moved outside official channels.
Institutional Background: GoldBod’s Creation and Mandate
The Ghana Gold Board was established on April 2, 2025, by the Gold Board Act, 2025 (Act 1140), as an integrated response to longstanding challenges in the gold sector. The Board took over the rights, obligations, assets, and liabilities of the Precious Minerals Marketing Company (PMMC) and became the sole authority with exclusive rights to buy, sell, weigh, grade, assay, value, and export gold and other precious minerals in Ghana.
Under the Act, GoldBod serves as the statutory national assayer and regulator of the gold trade. The legislation also reserves gold trading and marketing licences exclusively for Ghanaian citizens and wholly Ghanaian-owned entities, effectively barring foreign participation in the local gold market. GoldBod operates under the oversight of the Ministry of Finance.
Reform Measures Driving the Turnaround
The reforms introduced by GoldBod include a four-tier licensing regime, transparent and competitive pricing, official receipting, digital stock-booking systems, increased liquidity for local gold purchases, and the deployment of a special task force and inspectorate to enforce compliance. The complete removal of the withholding tax on ASM gold in 2025 coincided with the sharp rise in export volumes.
Macroeconomic Impact
Mr. Gyamfi noted that the US$10.8 billion generated by the ASM sector in foreign exchange in 2025 supported foreign exchange market stability, reserve accumulation, and the cedi’s appreciation. The cedi appreciated by more than 40 percent against the US dollar in 2025, with gains continuing into 2026.
Beyond export earnings, GoldBod disclosed that it had purchased and delivered 1.8 tonnes of large-scale gold valued at US$224 million to the Bank of Ghana in 2026 to strengthen the country’s gold reserves. The Board has also made progress in local value addition, with 94.6 percent of the ASM gold it purchased in October refined locally through partnerships with two Ghanaian refineries.
Looking Ahead
GoldBod is planning an Artisanal and Small-Scale Mining Formalization and Financing Support Programme for 2027, to be implemented in collaboration with the Ministry of Lands and Natural Resources and the University of Mines and Technology, with technical support from South Africa’s Rand Refinery. The initiative aims to sustainably increase gold production, mineral revenue, and employment while reducing environmental degradation associated with small-scale mining.
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