Speaking at the 2025 Dubai Precious Metals Conference on Monday, November 24, Mr. Gyamfi highlighted that artisanal and small-scale mining (ASM) has become a major driver of Ghana’s economic recovery in 2025, contributing 90 tonnes of gold—about 53% of the country’s total gold exports—and generating over US$9 billion in foreign exchange.

He noted that the sector now supports over one million jobs, but warned that illegal and unregulated mining continues to threaten rivers, forests, and public health.

Mr. Gyamfi outlined reforms introduced by the newly established Ghana Gold Board, created under Act 1140, aimed at enhancing transparency in gold trading. These include strict licensing requirements, a competitive pricing system, and aggressive measures to combat gold smuggling.

He revealed that Ghana plans to roll out a blockchain-based Track and Trace system by the end of 2026 to ensure every gram of ASM gold is traceable to its mine of origin.

Describing gold smuggling as a major driver of money laundering and illicit financing, Mr. Gyamfi urged the international community to support the creation of a global certification regime—similar to the Kimberley Process for diamonds—to prevent smuggled gold from entering legitimate markets.

He emphasized that Ghana is ready to collaborate with the UAE, the DMCC, the World Gold Council, and other partners to strengthen supply chain integrity.

Additionally, the Ghana Gold Board is investing in modern assay laboratories, supporting anti-illegal mining operations, and backing sustainable mining initiatives to boost production while protecting the environment.

“AsM is not just about mining gold; it is about uplifting communities and safeguarding our environment,” he said, urging global partners to support developing countries committed to reforming the sector.

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The move forms part of the Board’s mandate under the Ghana Gold Board Act, 2025 (Act 1140), to formalize downstream gold value addition, strengthen regulatory compliance, and promote sustainable industry growth.

According to a statement from the Board, all previous licenses issued by the Ministry of Lands and Natural Resources for gold refining and fabrication are no longer valid under the new law.

Existing operators are required to regularize their activities by applying for new GoldBod licenses by December 31, 2025.

The Board cautioned that operating a gold refining or jewellery fabrication business after the deadline without a valid license constitutes a criminal offence.

Applications are to be submitted exclusively online via www.goldbod.gov.gh, as manual or in-person submissions will not be accepted.

The new licensing categories include:

• Category A: For Ghanaian artisans and small-scale jewellery producers.
• Category B: For medium-sized Ghanaian-owned jewellery manufacturers producing for local and export markets.
• Category C: For large-scale local and foreign companies.
• Refinery License: For entities seeking to operate gold refineries in Ghana.

Applicants are advised to review all eligibility requirements and fee schedules on the GoldBod website before submission.

Source: AdomOnline

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