Data presented has indicated that gold exports from the artisanal small-scale mining (ASM) sector have overtaken those from large-scale producers for the first time in Ghana’s history.
The Chief Executive Officer (CEO) of the Ghana Gold Board, Mr. Sammy Gyamfi who released the figures explained that February 2025 to May, 2025, the Precious Minerals Marketing Company (PMMC), now GoldBod, on its own, has purchased and exported for the Bank of Ghana, gold from the Artisanal Small-scale Mining sector to the tune of GH¢40 billion, with an export value of approximately US$4 billion.
He said this feat marks a “defining moment” in the nation’s extractive sector.
The CEO of the newly established GoldBod announced this achievement when he delivered yesterday, a keynote address at the ongoing Mining in Motion summit at the Kempinski Hotel in Accra.
GoldBod, he indicted, launched a ruthless fight against gold smuggling and deployed effective aggregation systems across the country that helped to mop up over 90% of all ASM gold.
“These measures have accounted for the unprecedented gold purchases and exports we have recorded this year.
“The total gross weight of ASM gold exported by or through the PMMC, now GoldBod, from January to May 2025 stands at a whopping 41.5 tonnes.
“This is unprecedented. This is historic. For the first time, artisanal small-scale mining gold exports have surpassed those of the large-scale mining sector in Ghana,” Mr Sammy Gyamfi emphasised.
The GoldBod CEO credited this milestone to the establishment of the Ghana Gold Board by President John Mahama, a move he described as “visionary.”
According to him, before the creation of GoldBod, the gold trading sector was “fragmented, unstructured and poorly regulated,” which fuelled widespread smuggling and led to massive foreign exchange losses for the state.
“But this sad situation is now a thing of the past,” the GoldBod CEO told the packed room of dignitaries, including Otumfuo Osei Tutu II, ministers of state, Members of Parliament (MP, diplomats, and industry players.
Prudent monetary policies
Mr Sammy Gyamfi said the performance of GoldBod coupled with the prudent monetary and fiscal policies of the government has significantly increased forex liquidity in the market.
This, he noted, has accelerated foreign reserves accumulation leading to the sustained appreciation of the national currency and a positive impact in the living conditions of the people.
He echoed President Mahama’s message from the previous day, stating, “Artisanal miners are not enemies of the state. When properly trained and supported, they can be allies of development.”
Sole buyer
Mr Sammy Gyamfi reiterated that GoldBod is now the sole buyer and exporter of all artisanal small-scale gold in Ghana.
GoldBod, he added, also holds the right to purchase gold from large-scale miners under the government’s preemption rights.
“We took over the assets, obligations and liabilities of the PMMC and transformed it into a high-performing national institution,” he said.
Mr. Sammy Gyamfi also outlined the next steps in reforming the sector, including a digital traceability system for ASM gold by the end of the year.
“Every gram of gold purchased by GoldBod will be traceable. This will enhance our market access and ensure global credibility,” he assured.
Mr Sammy Gyamfi also announced regulatory measures being put in place to ensure strict adherence to the gold business.
“We have begun licensing all players in the gold trading sector — from aggregators to exporters, refiners, transporters and smelters. All licensees must adhere to a strict code of responsible sourcing.”
Local, foreign partnership
The GoldBod CEO called on foreign investors to partner with their local counterparts to buy gold from his outfit.
“While the GoldBod Act prohibits foreigners from buying gold directly on the local market, they are welcome to partner with licensed Ghanaians or apply to off-take gold from the GoldBod. We also welcome applications for refineries, jewellery factories and other value-added enterprises.
“We are just beginning. But the GoldBod is determined to fly higher and create a lasting economic impact for Ghana and our partners,” Mr Sammy Gyamfi concluded.
