For the first time in Ghana’s history, gold exports from the artisanal small-scale mining (ASM) sector have overtaken exports from large-scale producers, marking what the CEO of the Ghana Gold Board (GoldBod) calls a “defining moment” in the nation’s extractive sector.
Sammy Gyamfi revealed this while delivering a keynote speech at the ongoing Mining in Motion summit at the Kempinski Hotel in Accra.
The GoldBod CEO announced that from February to May 2025 alone, Ghana exported gold from the small-scale sector worth approximately $4 billion.
“Ladies and gentlemen,” he declared, “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.”
He added, “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.”
The CEO credited this milestone to the establishment of the Ghana Gold Board by President John Mahama, a move he described as “visionary.”
He explained that 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,” he told the packed room of dignitaries, including Otumfuo Osei Tutu II, ministers, MPs, diplomats, and industry players.
“GoldBod has hit the ground running. We have tightened regulatory controls, launched a ruthless fight against gold smuggling, and deployed effective aggregation systems across the country that now help us mop up over 90% of all ASM gold.”
In May alone, the Board purchased and exported 11 tonnes of ASM gold, valued at a staggering $1.172 billion.
According to the CEO, this boost in exports has already had a real economic impact.
“These measures have significantly increased forex liquidity in the market and accelerated foreign reserves accumulation,” he said.
“The result? A stronger currency and improved living conditions for our 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.”
The CEO highlighted that GoldBod is now the sole buyer and exporter of all artisanal small-scale gold in Ghana.
It 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.
He 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.”
On regulatory efforts, he noted, “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.”
To foreign investors, he offered a clear invitation: “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 GoldBod. We also welcome applications for refineries, jewellery factories, and other value-added enterprises.”
He ended his speech with a pledge: “We are just beginning. But the GoldBod is determined to fly higher and create a lasting economic impact for Ghana and our partners.”