Goldbod CEO unveils bold reforms, anti-smuggling measures at Mining in Motion Summit

The CEO of the Ghana Gold Board (GoldBod) announced major reforms. He spoke at the “Mining in Motion” Summit at the Kempinski Hotel in Accra.

The audience included President John Mahama, Otumfuo Osei Tutu II, and industry leaders. The CEO praised President Mahama for establishing GoldBod to regulate gold trading in Ghana.

Ghana leads Africa in gold production but struggles to maximize its benefits. The CEO compared this situation to "a butcher starved of protein." He blamed past failures on a fragmented and poorly regulated sector that allowed smuggling.

He stated, “The establishment of GoldBod has marked a new dawn.” Regulatory controls have tightened, and efforts against gold smuggling have intensified. Effective gold aggregation systems have also been introduced nationwide.

These reforms have led to significant gains in the sector. From February to May 2025, GoldBod purchased and exported ASM gold worth about GH₵40 billion ($4 billion USD). For the first time, ASM gold exports surpassed those from large-scale mining.

From January to May 2025, 41.5 tonnes of ASM gold were exported. In May alone, GoldBod recorded 11 tonnes valued at $1.172 billion USD. This contributed significantly to foreign exchange liquidity and improved living conditions.

The CEO emphasized that artisanal miners can be "allies of development" with proper training and support. Starting September 2025, they will train artisanal miners in modern recovery techniques with the Ministry of Lands and Natural Resources.

GoldBod is now licensing all participants in the gold trading space. This includes aggregators, refiners, smelters, and exporters who must meet strict regulations against money laundering and terrorism financing.

International investors are invited to partner with Ghanaian licensees or apply for licenses for refineries or jewelry manufacturing operations. However, foreigners cannot directly purchase gold on the local market.

A portion of GoldBod’s surplus will fund land reclamation and sustainable development programs like “Blue Water” and “Tree for Life.” Investments will also go into education, healthcare, and social infrastructure in mining communities.

On enforcement, he declared an end to illegal trading and smuggling. A permanent anti-smuggling task force will launch soon with National Security Secretariat collaboration.

Looking ahead, GoldBod plans to transition from exporting dore gold to bullion exports by working with local refineries toward LBMA accreditation.

He reaffirmed commitment to establishing a “Gold Village,” aimed at making Ghana a hub for gold jewelry production in Africa. Geological research investments will ensure sustainable mining practices.

Plans include building an ISO-certified LBMA-compliant assay laboratory by 2026 for accurate testing of exported gold from Ghana.

In conclusion, he called on global partners like LBMA and World Gold Council for collaboration on responsible sourcing and supply chain traceability.

“Ghana is ready,” he said. “GoldBod is prepared. Together we can uplift communities while protecting the environment.”