The Ghana Gold Board (GoldBod) has purchased about 54 metric tonnes of gold from the artisanal and small-scale mining (ASM) sector in the first half of 2026, putting the country on course to equal or surpass last year’s record-breaking production. Also Between January 2025 and May 2026, GoldBod purchased and exported gold worth US$16.11 billion.
The latest figures reinforce the growing dominance of the ASM sector in Ghana’s gold industry, with small-scale mining continuing to outpace large-scale operations in production and foreign exchange generation. The performance is expected to further strengthen Ghana’s external reserves and support the country’s ongoing economic recovery.
Commenting on the development, GoldBod’s Chief Executive Officer, Sammy Gyamfi, said, “we are around 50 to 54 metric tonnes this year in purchases. At this rate, we are likely to match or even surpass last year’s output”.
His projection follows an exceptional 2025, when GoldBod purchased and exported 104 metric tonnes of gold from the ASM sector—the first time small-scale mining output exceeded production from Ghana’s large-scale mining industry.
ASM drives export earnings
Mr Gyamfi said the ASM sector generated nearly US$11 billion in foreign exchange earnings in 2025, surpassing the approximately US$9 billion contributed by large-scale mining companies.
The figures underscore the sector’s growing role as Ghana’s leading source of export revenue and foreign exchange.
Between January 2025 and May 2026, GoldBod purchased and exported gold worth US$16.11 billion.
During the period, the Board purchased 135.843 metric tonnes of gold, with 135.221 metric tonnes—almost the entire volume—coming from licensed artisanal and small-scale miners.
The strong performance reflects the rapid expansion of the formal ASM sector following government reforms aimed at formalising gold trading and curbing illegal exports.
Mr Gyamfi said GoldBod had significantly expanded its licensed buying network to improve regulation, transparency and traceability within the gold trade.
As of May 31, 2026, the Board had licensed 1,184 gold buyers, comprising two aggregators, 67 self-financing aggregators, 736 Tier Two buyers and 379 Tier One buyers.
Under the GoldBod framework, licensed buyers are required to purchase gold only from licensed miners before selling it to the Board for export.
The licensing regime forms part of broader efforts to reduce gold smuggling, improve accountability across the supply chain and ensure export proceeds are channelled through the formal financial system to strengthen Ghana’s foreign exchange reserves.
Reforms lift official gold purchases
According to Mr Gyamfi, reforms introduced in the gold sector have significantly increased the volume of gold entering official marketing channels.
The measures have enabled the state to capture a larger share of export revenue from the country’s booming artisanal mining industry while improving oversight of the sector.
The continued rise in official purchases has also boosted dollar inflows, providing additional support for exchange rate stability and broader macroeconomic recovery.
Lower gold prices moderate outlook
Despite the strong production performance, Mr Gyamfi acknowledged that recent declines in international gold prices had moderated GoldBod’s revenue expectations for 2026.
He said the Board’s original projections were based on an average gold price of about US$5,000 per ounce and weekly purchases of approximately 2.5 metric tonnes.
Although prices have eased from those assumptions, he noted that average bullion prices remain higher than in 2025.
As a result, Ghana is still expected to earn more from gold exports this year than last year, even if revenues fall short of GoldBod’s initial forecasts.
Mr Gyamfi expressed confidence that sustained growth in ASM production would continue to offset softer prices and deliver another strong year for Ghana’s gold exports.
Reserve accumulation strategy
The increased gold purchases are expected to support the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which aims to build Ghana’s foreign reserves to the equivalent of 15 months of import cover by the end of 2028.
Current reserves provide approximately 5.7 months of import cover, meaning Ghana must accumulate an additional 9.3 months to achieve the target.
Government estimates indicate that meeting the objective will require an average annual net reserve build-up of about US$9.5 billion, after accounting for debt servicing, foreign exchange interventions, energy sector obligations and other statutory payments.
To support the programme, GANRAP has set a weekly gold purchase target of approximately 3.02 metric tonnes, a level officials estimate could generate annual gross inflows of about US$25.3 billion, strengthening reserve accumulation, exchange rate stability and long-term macroeconomic resilience.
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