The Ghana Gold Board (GoldBod) has bought up to 54 metric tonnes of gold from the artisanal and small-scale mining (ASM) sector in the first six months of 2026, placing the country on course to match or even surpass last year’s record-breaking output.
The Chief Executive Officer of GoldBod, Mr. Sammy Gyamfi, who disclosed this said the Board has purchased between 50 and 54 metric tonnes of gold so far this year.
The latest figures reinforce the growing dominance of the ASM sector in Ghana’s gold industry and position the country’s largest export commodity to deliver another year of strong foreign exchange earnings, providing critical support for an economy recovering from its worst financial crisis in decades.
“We are around 50-54 metric tonnes this year (in purchases),” Mr Gyamfi told reporters. “At this rate, we are likely to match or even surpass last year’s output.”
The projection follows an exceptional 2025, when GoldBod purchased and exported 104 metric tonnes of gold from the ASM sector—the first time small-scale mining production overtook output from Ghana’s large-scale mining industry.
ASM outpaces large-scale mining
Mr Gyamfi said the ASM sector generated nearly US$11 billion in foreign exchange earnings for Ghana in 2025, exceeding the approximately US$9 billion contributed by the country’s large-scale mining companies.
The figures underscore the increasing importance of small-scale mining to Ghana’s economy, with the sector now serving as the country’s largest source of export revenue and foreign exchange inflows.
Cumulatively, GoldBod purchased and exported gold worth US$16.11 billion between January 2025 and May 2026.
During the period, the Board purchased a total of 135.843 metric tonnes of gold, of which 135.221 metric tonnes—representing virtually the entire volume—came from the artisanal and small-scale mining sector.
The performance highlights the remarkable expansion of licensed small-scale mining operations following reforms introduced to formalise the industry and curb illegal gold trading.
Licensing reforms expand formal market
Mr Gyamfi said GoldBod had significantly expanded its licensed buying network as part of efforts to strengthen oversight of Ghana’s gold trade.
As of May 31, 2026, the Board had licensed 1,184 gold buyers under its regulatory framework.
The licensed operators comprise two aggregators, 67 self-financing aggregators, 736 Tier Two buyers and 379 Tier One buyers.
Under the GoldBod regime, all licensed buyers are required to purchase gold exclusively from licensed miners before selling the precious metal to the Board for export.
The licensing system forms part of broader reforms aimed at reducing gold smuggling, improving traceability and ensuring that export proceeds flow through official channels to support Ghana’s foreign exchange reserves.
Reforms boost production
Mr Gyamfi attributed the strong production performance to reforms implemented within the gold sector to combat smuggling and improve formal gold purchases.
The reforms have significantly increased the volume of gold entering official marketing channels, enabling the state to capture more export revenue from the country’s booming artisanal mining industry.
The continued growth of official purchases has strengthened Ghana’s external position by boosting dollar inflows at a time when authorities are working to stabilise the economy and consolidate recent macroeconomic gains.
Lower prices trim projections
Despite the strong production outlook, Mr Gyamfi acknowledged that the recent decline in international gold prices had moderated revenue expectations.
He said GoldBod’s original projections for 2026 were based on an average gold price of about US$5,000 per ounce and average weekly purchases of approximately 2.5 metric tonnes.
Although prices have eased from those assumptions, he noted that average bullion prices remain above 2025 levels.
Consequently, Ghana is still expected to record higher gold export earnings this year than in 2025, even if revenues fall short of GoldBod’s initial projections.
Mr Gyamfi expressed confidence that sustained production growth from the ASM sector would offset the impact of softer prices and enable the country to achieve another strong year of gold exports.
With small-scale mining continuing to outperform the large-scale sector, GoldBod expects the industry’s contribution to foreign exchange earnings to remain a key pillar of Ghana’s economic recovery throughout 2026.
The Ghana Accelerated National Reserve Accumulation Programme (GANRAP), seeks to build Ghana’s foreign reserves to the equivalent of 15 months of import cover by the end of 2028.
Current estimates place Ghana’s import cover at about 5.7 months.
To achieve the target of 15 months by 2028, the country will need to accumulate an additional 9.3 months of import cover.
The government estimates that achieving this objective will require an average annual net reserve build-up of approximately US$9.5 billion after accounting for external debt servicing, foreign exchange market interventions, energy sector obligations and other statutory outflows.
As part of the operational framework, GANRAP has established a weekly gold purchase target of approximately 3.02 metric tonnes. Officials estimate that this could generate annual gross inflows of about US$25.3 billion, providing a substantial buffer for reserve accumulation, exchange rate stability and long-term macroeconomic resilience.
