Sierra Leone turns to GoldBod model to curb smuggling, boost revenue

Sierra Leone’s Finance Minister, Sheku Fantamadi Bangura, has held talks with the Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, in Accra, as his country considers adapting Ghana’s gold management framework to reform its mining sector.

The visit, which took place on Thursday, September 18, 2025, formed part of Sierra Leone’s efforts to curb gold smuggling, enhance transparency, and raise mineral revenues.

Mr Bangura praised Ghana’s approach, describing it as an “innovative step to formalise and strengthen its gold sector,” adding that similar reforms could “play a key role in boosting Sierra Leone’s economy.”

He indicated particular interest in Ghana’s measures for licensing, assaying, and traceability, noting that they ensure minerals are properly accounted for and exports generate fair value for the state.

In response, Mr Gyamfi welcomed the prospect of collaboration, stressing GoldBod’s readiness to share technical expertise, institutional experience and best practices. He explained that formalising the gold trade through licensing, assaying and responsible sourcing not only bolsters government oversight but also builds investor confidence.

Established earlier this year under the GoldBod Act, the institution has the authority to buy, assay and export gold from licensed artisanal and small-scale miners.
Its mandate includes reducing illegal flows of gold, increasing foreign exchange earnings and improving traceability across the gold trade.
For Sierra Leone, where smuggling and weak regulation have long undermined revenues, the Ghanaian model presents both opportunities and challenges.
Centralised gold buying could boost state revenue and strengthen anti-money-laundering controls, but experts caution that such a system must balance government oversight with competitive markets and safeguards to protect small-scale miners.
Both parties agreed to follow up with technical exchanges, with the possibility of signing a memorandum of understanding to define areas of cooperation.

Source: Graphic.com.gh

ALSO READ:

RELATED ARTICLESMORE FROM AUTHOR