Ghana’s small-scale gold exports surpass large-scale for first time: $4 billion windfall boosts cedi

Gold exports from artisanal and small-scale mining (ASM) have surpassed those from large-scale mining. Between February and May 2025, ASM generated over $4 billion.

The Chief Executive Officer of the Ghana Gold Board (GoldBod) announced this at the Mining in Motion Summit. The event took place at the Kempinski Hotel in Accra.

The CEO stated that GoldBod exported 41.5 tonnes of gold in five months. All of this gold came from the ASM sector. In May alone, exports hit a record 11 tonnes, worth $1.17 billion USD.

“This milestone shows the economic potential of small-scale miners,” he said. “GoldBod has acquired over 90% of all ASM gold in Ghana.” This has increased foreign exchange liquidity and helped stabilize the Ghanaian cedi.

The success is due to reforms initiated by the Mahama administration. These reforms established GoldBod to regulate gold trading. GoldBod replaced the Precious Minerals Marketing Company (PMMC) as the sole legal buyer and exporter of ASM gold.

Smuggling Down, Regulation Up

The CEO attributed rising gold exports to stricter regulations, including:

- A nationwide system to monitor and purchase ASM gold.
- Licensing for all gold traders, refiners, and exporters.
- Anti-smuggling efforts with National Security.

He also announced a new anti-gold smuggling task force will launch soon. This task force aims to combat illegal trade effectively.

“The days of uncontrolled smuggling are over,” he declared. “Every smuggler will face justice—no exceptions.”

Next: Traceable, Sustainable Gold

GoldBod plans to introduce digital traceability technology by year’s end. This system will track every gram of gold back to its source for compliance with international standards.

Additionally, GoldBod intends to:

- Launch a training program for ASM miners on sustainable practices by September 2025.
- Shift from exporting raw gold (dore) to higher-value bullion.
- Establish an ISO-certified assay lab compliant with LBMA standards by 2026.
- Support President Mahama’s vision for a "Gold Village" for African jewelry manufacturing.

With improved transparency and regulatory reform, the CEO invited international investors and partners.

“Ghana is ready. The GoldBod is prepared,” he said. “Let us build a future of sustainable mining together.”

These developments mark a turning point in Ghana’s mining sector. They highlight how artisanal mining can drive economic growth and uplift communities previously affected by illegal practices.