BTA Admin 
Ghana’s artisanal and small-scale mining sector generated $10.8 billion in foreign exchange in 2025, with gold exports rising from 63 tonnes in 2024 to nearly 104 tonnes last year, according to Ghana Gold Board (GoldBod) Chief Executive Officer Sammy Gyamfi.
Mr Gyamfi attributed the increase to reforms introduced by GoldBod to bring more gold into the formal economy, reduce smuggling and improve the tracking of gold purchases and exports.
Speaking at the 2026 African Minerals Policy Forum in Accra on Monday, October 19, he said the sector’s performance had strengthened Ghana’s foreign exchange inflows and supported the country’s economic stability.
“More importantly, the ASM gold sector in 2025 generated $10.8 billion in foreign exchange for the country,” he said.
The forum, organised by the Ashanti Green Initiative under the theme “From Gold Production to National Prosperity: Ghana’s GoldBod Model for Mineral Sovereignty and Value Addition,” brought together government officials, international organisations and representatives from several African countries.
Small-scale gold exports increase by 41 tonnes
GoldBod’s figures show that gold exports from the artisanal and small-scale mining (ASM) sector increased from 63 tonnes in 2024 to nearly 104 tonnes in 2025, representing an increase of about 65 per cent.
The $10.8 billion generated in foreign exchange represents a major inflow from the sector, which has historically faced challenges involving smuggling, under-declaration and informal cross-border gold trading.
According to Mr Gyamfi, the additional foreign exchange helped support reserve accumulation and currency stability. He also linked the inflows to the cedi’s reported 41 per cent appreciation against the US dollar in 2025.
However, the figure represents GoldBod’s assessment of the sector’s contribution. The extent to which gold inflows contributed to the cedi’s appreciation alongside other economic factors would require a broader assessment.
GoldBod introduces new measures to fight smuggling
Mr Gyamfi said GoldBod had introduced several measures to improve transparency and accountability in gold trading.
The reforms include a four-tier licensing system, transparent pricing, digital stock-booking, official receipts and increased state-funded liquidity to support local gold purchases.
The Board has also deployed a nationwide task force and inspectorate to monitor compliance, gather intelligence and tackle illegal gold trading and smuggling.
These measures are intended to ensure that more gold produced in Ghana is recorded, purchased and exported through official channels, allowing the country to capture more of the foreign exchange generated by its mineral resources.
Gold smuggling and under-declaration have historically made it difficult for authorities to account fully for production and export earnings in the small-scale mining sector.
Ghana increases local gold refining
Beyond increasing exports, GoldBod says it is working to retain more economic value within Ghana by expanding local gold refining.
Mr Gyamfi disclosed that 18.7 tonnes of gold had been refined locally since August 1, 2026.
In October, 5.4 tonnes of the 5.7 tonnes of artisanal and small-scale gold purchased had been refined locally, according to the CEO.
GoldBod has entered into refining agreements with two privately owned companies: Gold Coast Refinery and Royal Ghana Gold Refinery.
Together, the two refineries had cumulatively refined 25 tonnes of ASM gold purchased and exported by GoldBod during 2026, he said. That represented approximately 30 per cent of the 85.4 tonnes of ASM gold exports recorded year to date at the time of his address.
Local refining could create opportunities for skilled employment, technical expertise and related services while reducing the need to send unprocessed gold abroad.
However, the long-term economic benefits will depend on factors such as refining capacity, operating costs, local ownership, market access and the extent of value addition retained in Ghana.
GoldBod targets zero raw mineral exports by 2030
Mr Gyamfi said GoldBod was pursuing a broader policy shift aimed at moving Ghana away from exporting raw minerals towards processing more of its natural resources locally.
The Board’s stated ambition is to achieve zero raw mineral exports by 2030.
The target would require significant investment in processing infrastructure, technology, skills and reliable energy, alongside arrangements that make local processing commercially viable.
For gold, expanding refining capacity is one step towards retaining more value within the country rather than exporting the mineral for further processing elsewhere.
GoldBod reports 4,866 jobs created
The GoldBod CEO also announced that the Board’s institutional, licensing and value-addition reforms had created 4,866 direct jobs.
The figure comprises 361 public-sector positions and 4,505 private-sector jobs, according to Mr Gyamfi.
Further employment opportunities are expected across the gold value chain as refining, formal trading and related activities expand.
GoldBod also plans to introduce an Artisanal and Small-Scale Mining Formalisation and Financing Support Programme in 2027.
The programme will be implemented in collaboration with the Ministry of Lands and Natural Resources and the University of Mines and Technology (UMaT), with technical support from South Africa’s Rand Refinery.
It is intended to improve production, increase revenue and employment, reduce operating costs and address environmental degradation associated with small-scale mining.
Blockchain system planned to track gold
GoldBod is also procuring a blockchain-based traceability system to track gold from legitimate sources through the supply chain.
The proposed system is intended to strengthen responsible sourcing, improve transparency and make it easier to identify the origin and movement of gold.
If effectively implemented, the system could help authorities distinguish legally sourced gold from supplies associated with illegal trading. Its effectiveness will depend on reliable data collection, enforcement and participation by miners and other operators across the supply chain.
GoldBod calls for African cooperation
Mr Gyamfi urged African countries to strengthen cooperation on mineral governance, warning that national reforms alone could not fully address cross-border smuggling and other challenges affecting mineral markets.
He said Ghana’s experience could help inform a broader continental approach that enables African countries to retain more value from their natural resources.
The forum was attended by Liberia’s Vice-President Jeremiah Kpan Koung, Ghana’s Minister for Lands and Natural Resources Emmanuel Armah-Kofi Buah, Environment Minister Dr Zanetor Agyeman Rawlings, former UK Deputy Prime Minister Dominic Raab, OECD Secretary-General Mathias Cormann and other African officials.
For Ghana, the central challenge will be to convert rising gold export earnings into lasting economic benefits through transparent trading, stronger reserves, local processing, employment and more responsible mining practices.
