The Ghana Gold Board (GoldBod) has disclosed that its dedicated anti-smuggling taskforce, currently numbering 150 personnel, has significantly curtailed illegal gold trading and smuggling across the country, channelling 170 tonnes of gold through formal export channels over the past 18 months and generating over US$17 billion in foreign exchange.
Sammy Gyamfi, Chief Executive Officer of GoldBod, made the announcement during the Government Accountability Series on Wednesday, outlining how the taskforce’s operations have helped Ghana reap maximum value from its mineral resources, grow the gold sector, support macroeconomic stability, and position the country as the sixth-largest gold producer globally.
From 63 to 104 Tonnes: The Smuggling Crackdown
Gyamfi attributed the dramatic increase in artisanal small-scale mining (ASM) gold exports directly to the taskforce’s enhanced compliance measures. ASM gold exports surged from approximately 63 metric tonnes in 2024 to 104 metric tonnes in 2025. “A lot of the successes we’ve chalked so far, in terms of the significant increase in ASM gold export, is as a result of the tightening of anti-smuggling compliance of the GoldBod,” he stated.
The taskforce operates in collaboration with security agencies including the Narcotics Control Commission (NACOC) and the Ghana Immigration Service, conducting daily patrols of gold markets and maintaining vigilance at Ghana’s entry and exit points. Arrests and seizures of gold from suspected smugglers have been integral to the operation.
Macroeconomic Impact: Cedi Appreciation, Inflation Drop
The repatriated foreign exchange from GoldBod’s gold exports has delivered tangible macroeconomic benefits. Gyamfi noted that foreign reserves increased from US13 billion in 2025. This contributed to the Ghana cedi appreciating by 41 per cent in 2025—the first annual gain against the US dollar in over three decades. Inflation dropped substantially from 23.8 per cent to below five per cent.
Addressing the Losses Controversy
Responding to recent controversy over reported US$1.7 billion losses under the Domestic Gold Purchase Programme (DGPP), Gyamfi explained that these were attributable to the “scaling up” of the programme rather than mismanagement. He cited the International Monetary Fund (IMF), noting that the same expansion that produced the losses “largely delivered the appreciation of the cedi … the substantial reduction in inflation … and the macro-economic stability we are enjoying today”.
New Legal Framework and Future Outlook
GoldBod’s trade model, implemented under the Ghana Gold Board Act 2025 (Act 1140) which commenced in March 2026, is designed to reduce losses incurred under the previous model. The new framework draws lessons from successful gold reserve management systems in South Africa and Tanzania, adapted to Ghana’s unique context.
Gyamfi reiterated that the GoldBod Taskforce has come to stay, and that its success would be measured not only in the tonnes of gold mopped up but in the long-term value created for Ghana’s economy. “That is why Ghana today is not just the lead producer of gold in Africa but number six in the world,” he said. “We’re not just doing well on the ranking, but that good ranking is translating into repatriated forex, which is now supporting market stability”.
GoldBod also generated GH¢970.7 million in non-tax revenue for the state in 2025 through assay fees and other statutory charges approved by Parliament. The Board is currently developing a blockchain-powered track-and-trace system scheduled for deployment by the end of 2026 to ensure every gram of purchased gold links to verified legal sources.
