The Chief Executive Officer of the Ghana Gold Board (GoldBod), Mr. Sammy Gyamfi, has announced that Artisanal and Small-Scale Mining (ASM) sector earned the country an unprecedented $6 billion in gold exports between January and August 2025, a performance that has surpassed the entire output of last year and even outstripped large-scale mining within the same period.
Speaking at the maiden Mining and Minerals Convention at the Kempinski Gold Coast Hotel in Accra, on Tuesday, Mr. Gyamfi revealed that ASM exports hit 66.7 tonnes of gold in just eight months. This, he noted, exceeded the 63 tonnes valued at $4.6 billion recorded for the whole of 2024.
“What this means is that small-scale gold exports alone have not only surpassed last year’s total, but have also overtaken the performance of large-scale mining, which exported 65.1 tonnes worth $5.6 billion between January and August this year,” he declared to applause from industry leaders and policymakers.
The GoldBod CEO attributed the record-breaking performance to sweeping reforms introduced since the agency’s establishment. These include aggressive licensing reforms to promote responsible sourcing, stronger regulatory controls, a transparent pricing system for miners, and robust aggregation systems to mop up gold across all mining regions.
He further cited the scrapping of the 1.5% withholding tax on unprocessed small-scale gold, which had previously incentivized smuggling, as well as intensified enforcement through a GoldBod Taskforce supported by whistleblower rewards.
“These measures are not business as usual. They mark a paradigm shift that asserts Ghana’s sovereignty over its mineral wealth while promoting responsible and sustainable mining,” Mr. Gyamfi stressed.
Mr. Gyamfi disclosed that GoldBod, working with the Bank of Ghana, has also initiated the local purchase of 20 percent of the gold output from large-scale mining companies. Nearly 100 kilograms have already been supplied to the central bank to strengthen Ghana’s reserves.
He emphasised that foreign exchange inflows from ASM exports have been “unprecedented,” adding that they have significantly boosted reserves, improved the balance of payments, and provided critical support to the cedi.
“These early successes underline the strategic role of the GoldBod in Ghana’s long-term development and prosperity,” he said, noting that the institution was still in its preparatory stages with vast untapped potential ahead.
Beyond the impressive revenue numbers, the GoldBod CEO reaffirmed his agency’s commitment to traceability, environmental sustainability, and responsible sourcing in line with OECD guidelines and international best practices.
By the end of the year, GoldBod will roll out a nationwide traceability system that ensures every gram of gold purchased can be traced back to licensed, environmentally compliant mines.
In addition, the agency will donate five Toyota Hilux pickups and GH¢5 million to support the National Anti-Illegal Mining Operations Secretariat (NAIMOS).
Financial allocations have also been made for the reclamation of 1,000 hectares of degraded forest reserves, beginning in November 2025.
Mr. Gyamfi underscored the urgent need for innovative financing models for the mining sector, warning that conservative approaches were holding back growth at a time when gold prices on the international market remain at historic highs.
To bridge the financing gap, GoldBod has launched a Mining Support Programme aimed at attracting investment for environmentally friendly mining equipment and value-chain development.
As part of this, GoldBod signed a Memorandum of Understanding with Goldstream Global DMCC on August 22, 2025, which will transform into a commercial agreement by November. The deal will channel up to $1 billion into establishing over 300 responsible mines in mineralized areas in partnership with concession owners.
“This initiative will increase national gold output and create thousands of jobs for our teeming unemployed youth,” Mr. Gyamfi said.
On the issue of value addition, Mr. Gyamfi lamented Ghana’s continued export of doré (raw gold) instead of refined bullion, calling it a “national shame” for a long-standing leader in gold production.
To address this, GoldBod, in partnership with the Bank of Ghana and local refineries, plans to commence local refining of gold by the end of the year. A state-owned international-standard gold refinery and an ISO-certified assay laboratory at Kotoka International Airport are also in the pipeline to shift Ghana’s export regime from doré to bullion.
Furthermore, plans are underway to establish a “Gold Village”, envisioned as a continental hub for gold jewelry and ornaments, which will position Ghana as a leader in beneficiation and value addition in Africa.
Concluding his address, Mr. Gyamfi challenged policymakers, financiers and industry leaders to think beyond raw extraction and adopt bold strategies to maximize the sector’s potential.
“We must shift from raw exports to beneficiation, from rent-seeking middlemen to decentralised, tech-enabled trade models and from youth as mere labourers to youth as innovators and owners,” he urged.
