Ghana has shaken the global gold market after the Ghana Gold Board revealed that the Artisanal and Small-Scale Mining (ASM) sector delivered 90 tons of gold and over $9 billion in export earnings this year
Speaking at the 2025 Dubai Precious Metals Conference, Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, announced that the Artisanal and Small-Scale Mining (ASM) sector had delivered an unprecedented 90 tons of gold and over $9 billion in export earnings this year
“The ASM sector has this year alone contributed 90 tons of gold… generating in excess of $9 billion in foreign exchange earnings for the country,” he declared.
Mr. Gyamfi detailed how Ghana’s ASM sector, often dismissed as informal and unsafe has become the backbone of the country’s current economic recovery.
He reminded participants that gold remains central to Ghana’s identity and economic future, noting that Ghana is now Africa’s leading gold producer and sixth in the world.
ASM Drives Ghana’s Economic Turnaround
He stressed that the sector’s contribution goes beyond numbers—it is the livelihood of millions. He revealed that ASM, for the first time in Ghana’s history, has outperformed the large-scale mining sector, significantly boosting foreign reserves, strengthening the cedi and contributing to Ghana’s newly restored single-digit inflation.
He added that more than one million people now rely directly and indirectly on ASM activities for survival.
Yet, he cautioned that the success comes with responsibility. “Gold means many things to different people… but no volume of gold is worth a human life. The lives and sustainable future of our people are far more important,” he said and condemned the environmental devastation caused by illegal operators.
New Legal Architecture
Mr. Gyamfi explained that under President John Dramani Mahama’s new administration, significant reforms have been introduced to bring sanity, transparency, and accountability to gold trading.
At the centre of this effort is the Ghana Gold Board Act, 2025 (Act 1140), which gives GoldBod the sole authority to grade, assay, weigh, value, purchase, sell, and export all ASM gold. This centralized model, he said, is designed to plug leakages, stop smuggling, and ensure that all gold revenues benefit Ghana.
“If you are not buying gold from a large-scale mine in Ghana, you must be buying only from the GoldBod,” he declared, calling on international buyers to insist on official assay reports issued by the National Assayer. “If you fail to do this, then you are either a gold smuggler or an abettor… and the laws of Ghana will surely catch up with you.”
Smuggling
The Chief Executive Officer of the GoldBod lamented the long-standing disparity between Ghana’s official gold export figures and the larger import figures recorded in foreign destinations, a gap he attributed to smuggling.
He criticised the tendency of some importing countries to “turn a blind eye” to illegal inflows, warning that smuggled gold is now a major fuel for money laundering, illicit financing, and terrorism.
To confront the crisis, GoldBod has set up a special task force that has already arrested several foreign and local illegal traders, most of whom are now facing prosecution.
The campaign, he said, is being executed with the “fierceness and ruthlessness” required to clean up the industry.
2026 Track-and-Trace System to Transform Global Confidence
One of the most significant announcements at the conference was GoldBod’s plan to deploy a blockchain-powered Track and Trace System by the end of 2026.
This landmark initiative will ensure that every gram of gold purchased by GoldBod is traceable to its mine of origin, eliminating fronts for illegal operators and enhancing global buyer confidence.
Periodic compliance audits will be conducted on all onboarded licensed mines to ensure integrity throughout the supply chain.
Highlighting quality control challenges, Mr. Sammy Gyamfi criticised the continued use of primitive water-density methods by many ASM traders that facilitate fraud and compromise ore quality.
He announced that GoldBod has initiated procurement processes for an ISO-certified Assay Laboratory, alongside major capacity-building programmes to improve XRF and Fire Assay adoption across the sector.
Cracking Down on Illegal Mining
The Chief Executive Officer of the GoldBod reaffirmed government’s unwavering commitment to ending destructive mining practices that pollute water bodies and degrade forest reserves.GoldBod, he revealed, is supporting the National Anti-Illegal Mining Operation Secretariat (NAIMOS) to intensify enforcement operations nationwide.
Beyond enforcement, Sammy Gyamfi said Ghana was building the future of mining by channelling investment into sustainable ASM operations.
Through initiatives such as the Mining Support Program and the Responsible Co-operative Mining and Skills Development Program (rCOMSDEP), government aims to boost production, improve traceability and create sustainable livelihoods.
He also emphasised the role of geological investigations, explaining that GoldBod was partnering with the Geological Survey Authority to help miners transition from “lottery mining” to informed, efficient, environmentally sound operations.
A Global Call for Partnership
Ending his address, the Chief Executive Officer of the GoldBod urged international bodies, including the DMCC, OECD, LBMA and World Gold Council to support developing countries undertaking ambitious reforms to sanitise the ASM sector.
He said such countries need technical and financial backing to implement world-class standards that ensure responsible sourcing and supply chain sustainability.
“May our children look back with gratitude and say we forged a golden path that gave them a meaningful economic heritage and kept their environment safe.”
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The post Mahama’s Gold Bod Magic: Delivers 90 Tons & Rakes In $9bn appeared first on The Ghanaian Chronicle.
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