The Chief Executive Officer of GoldBod, Sammy Gyamfi, has stated that small-scale mining remains the backbone of Ghana’s gold sector, despite years of poor regulation limiting its full economic benefits.
Speaking on Ekosii Sen, he noted that reforms introduced under GoldBod are beginning to yield positive results.
According to him, small-scale gold production increased significantly from 63 tonnes in 2024 to 104 metric tonnes by the end of 2025, surpassing large-scale mining output, which recorded about 100 tonnes over the same period.
“By the end of 2025, we began to see improvements in the challenges we faced in the gold sector. We were able to increase small-scale gold production from 63 tonnes in 2024 to 104 metric tonnes. In comparison, large-scale gold production accounted for about 100 tonnes.
“The key to our country’s potential lies in small-scale gold mining, not large-scale operations. However, due to the absence of a proper regulatory framework, specifically the Gold Board, we struggled to effectively manage and regulate the small-scale sector,” he said.
Mr. Gyamfi explained that the sector has historically been poorly regulated, preventing the country from fully benefiting from its scale and potential.
He noted that unlike large-scale mining, where only a portion of export proceeds returns to Ghana, small-scale mining allows for full foreign exchange retention, making it more beneficial to the economy.
Mr. Gyamfi disclosed that proceeds from small-scale gold exports reached approximately $10.8 billion, contributing significantly to foreign exchange inflows and supporting the stability of the cedi.
“Historically, small-scale mining has always been more significant than large-scale mining, but poor regulation hindered our ability to benefit from it. In terms of returns from exports, a portion of large-scale mining revenue comes back to Ghana, while small-scale operators benefit from arrangements that allow them to retain 100% of their export earnings.
“In terms of foreign exchange, the small-scale sector offers complete retention, and the benefits are significant. The gross proceeds from small-scale gold mining amounted to approximately 10.8 billion US dollars, which has contributed to the appreciation of the cedi,” he stated.
He emphasised that strengthening regulation in the small-scale mining sector remains key to sustaining these gains and maximising its impact on the national economy.
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