Ghana’s gold export sector has witnessed unprecedented growth under reforms introduced by the Ghana Gold Board (GoldBod), with artisanal and small-scale mining (ASM) exports now surpassing large-scale mining output and generating billions of dollars in foreign exchange earnings for the country.
Speaking at the African Minerals Policy Forum – Mining in Motion 2026, Chief Executive Officer of GoldBod, Sammy Gyamfi, said the reforms have transformed a sector previously characterised by smuggling, under-declaration and illicit trade into a major driver of export revenue and foreign exchange inflows.
According to him, before the establishment of GoldBod, significant volumes of gold produced by the ASM sector were lost to informal markets and cross-border smuggling, depriving the country of export earnings and reserve accumulation.
A SWISSAID analysis cited by Mr. Gyamfi found a 229-tonne discrepancy valued at approximately US$11.4 billion between Ghana’s reported gold exports and imports declared by its trading partners between 2019 and 2023.
Mr. Gyamfi revealed that GoldBod’s reforms led to a sharp increase in official gold exports from the ASM sector.
“ASM gold exports rose from 63 tonnes in 2024 to approximately 104 tonnes in 2025, surpassing the volume of large-scale gold exports for the first time in Ghana’s history,” he said.
The sector generated US$10.8 billion in foreign exchange earnings in 2025, strengthening Ghana’s reserves and supporting stability in the foreign exchange market.
The growth trajectory has continued in 2026.
Between January 1 and October 20, GoldBod aggregated and exported 85.4 tonnes of ASM gold valued at US$11.6 billion, compared to 76 tonnes of large-scale gold exports worth US$11.1 billion over the same period.
The figures underscore the increasing dominance of the ASM sector in Ghana’s gold export landscape and highlight the effectiveness of measures aimed at formalising the industry.
Mr. Gyamfi attributed the strong export performance to a series of regulatory and market reforms introduced by GoldBod.
These included making local gold trading the exclusive preserve of Ghanaians, introducing a four-tier licensing regime, deploying transparent pricing mechanisms, strengthening aggregation systems and enhancing enforcement against illegal trading and smuggling.
Additional measures such as digital stock-booking systems, official receipting processes and increased state-backed liquidity for gold purchases have also improved compliance and boosted formal exports.
According to him, the reforms achieved a “production clawback”, bringing into the formal economy gold that was already being produced but previously escaped official channels.
Beyond increasing export volumes, GoldBod is placing renewed emphasis on exporting refined gold rather than raw mineral products.
Mr. Gyamfi disclosed that GoldBod entered into refining agreements with Gold Coast Refinery and Royal Ghana Gold Refinery, enabling a growing share of exports to be processed locally.
So far in 2026, the two refineries have processed 25 tonnes of ASM gold, representing nearly 30 percent of total ASM exports.
Since August, local refining has accelerated significantly, with 18.7 tonnes refined domestically. In October alone, 5.4 tonnes out of 5.7 tonnes purchased by GoldBod were refined locally, representing a refining rate of almost 95 percent.
The government’s long-term target is to eliminate raw mineral exports by 2030 and ensure greater value retention within the country.
Mr. Gyamfi noted that the increase in official gold exports has had significant macroeconomic benefits, helping to strengthen foreign exchange reserves and improve liquidity in the market.
He added that the foreign exchange generated from ASM exports has become a key pillar of Ghana’s reserve accumulation strategy and a major contributor to currency stability.
“Gold is no longer just an export commodity. It has become a strategic instrument for economic stability, reserve accumulation and national transformation,” he said.
He stressed that Ghana’s experience demonstrates how effective regulation, formalisation and value addition can convert mineral production into tangible economic gains while retaining a greater share of value within the country.
Source: businesspostonline
