Ghana’s small-scale gold exports overtake large-scale for the first time  – GoldBod CEO

For the first time in Ghana's history, gold exports from small-scale mining have surpassed those from large-scale producers. This milestone was announced by Sammy Gyamfi, CEO of the Ghana Gold Board (GoldBod). He called it a “defining moment” for the nation’s extractive sector.

Gyamfi spoke at the Mining in Motion summit at the Kempinski Hotel in Accra. He revealed that from February to May 2025, Ghana exported about $4 billion worth of gold from small-scale mining.

He stated, “The total gross weight of ASM gold exported stands at 41.5 tonnes.” He emphasized that this achievement is unprecedented and historic for Ghana.

Gyamfi credited this success to President John Mahama's establishment of the Ghana Gold Board. He described this move as “visionary.” Before GoldBod, the gold trading sector was fragmented and poorly regulated.

This situation led to widespread smuggling and significant foreign exchange losses for the state. However, he assured attendees that this issue is now resolved.

“GoldBod has hit the ground running,” he said. The organization has tightened regulatory controls and launched a strong fight against gold smuggling. They have also implemented effective aggregation systems across the country.

In May alone, GoldBod purchased and exported 11 tonnes of ASM gold valued at $1.172 billion. Gyamfi noted that these measures have positively impacted the economy.

“These actions have increased forex liquidity and boosted foreign reserves,” he explained. This has resulted in a stronger currency and better living conditions for Ghanaians.

He echoed President Mahama’s message: “Artisanal miners are not enemies of the state.” With proper training and support, they can contribute to development.

Gyamfi highlighted that GoldBod is now the sole buyer and exporter of artisanal small-scale gold in Ghana. It also has rights to purchase gold from large-scale miners under government regulations.

“We transformed PMMC into a high-performing national institution,” he stated. He outlined plans for further reforms, including a digital traceability system for ASM gold by year-end.

“Every gram purchased will be traceable,” he said, enhancing market access and global credibility.

On regulatory efforts, he mentioned licensing all players in the gold trading sector—aggregators, exporters, refiners, transporters, and smelters must follow strict sourcing codes.

To foreign investors, Gyamfi extended an invitation: “While foreigners cannot buy directly on the local market, they can partner with licensed Ghanaians or apply to off-take from GoldBod.”

He concluded his speech with a commitment: “We are just beginning but are determined to create lasting economic impact for Ghana.”