Sammy Gyamfi
The artisanal and small-scale mining (ASM) sector has, for the first time in the country’s history, outperformed large-scale gold mining, contributing 53 percent of total gold exports in 2025 and generating over US$9 billion in foreign exchange, the Ghana Gold Board (GoldBod) has revealed.
Speaking at the 2025 Dubai Precious Metals Conference held at the Atlantis Palm Jumeirah Hotel yesterday, GoldBod Chief Executive Officer, Sammy Gyamfi, said the sector produced 90 tons of gold this year, supporting Ghana’s economic recovery and boosting its presence in the global gold supply chain.
The ASM, he explained, has become a critical source of income for millions of Ghanaians and a pillar of the nation’s economic transformation.
“The ASM sector has created over one million direct and indirect jobs, providing livelihoods for families across the country. These are not mere statistics. These are real human lives, breadwinners whose economic survival depends on the opportunities provided by artisanal mining,” Mr. Gyamfi said.
The GoldBod CEO indicated that the ASM sector’s robust performance has had a broader macroeconomic impact.
According to him, the country recorded a US$2.1 billion trade surplus in 2025, while the cedi appreciated by 35 percent against the US dollar year-to-date.
He stated that inflation fell to single digits for the first time in four years, and debt servicing costs dropped significantly.
Mr. Gyamfi stressed that these milestones could not have been achieved without ASM’s contribution.
While celebrating the sector’s achievements, Sammy Gyamfi cautioned against the dangers of illegal and irresponsible ASM operations, which he said threaten rivers, forests, and communities.
“No volume of gold is worth a human life. The lives and sustainable future of our people are far more important than gold,” he said.
Mr. Gyamfi outlined the steps the Ghana Gold Board is taking to formalise the ASM sector and ensure responsible sourcing.
Since its establishment in 2025 under the Ghana Gold Board Act (Act 1140), the Board has been given the exclusive mandate to grade, assay, weigh, buy, sell, and export gold produced by artisanal and small-scale mines, with pre-emption rights over large-scale output.
GoldBod has strengthened regulatory controls, introduced licensing reforms, and implemented a transparent and competitive pricing system to support licensed miners and buyers.
The Board is also tackling gold smuggling, which Sammy Gyamfi described as a major fuel for money laundering, illicit financing, and criminal networks.
He warned that any gold purchased outside the GoldBod framework is considered illegal, and offenders face prosecution under Ghanaian law.
“Smuggled gold cannot be allowed to undermine our national economy or threaten global good governance,” he said.
Looking ahead, he asserted that the GoldBod plans to deploy a blockchain Track-and-Trace system by the end of 2026, which will make every gram of gold traceable to its mine of origin.
In addition, he indicated that an ISO-certified national assay laboratory is being established to improve quality control and prevent fraudulent practices common in ASM, such as mixing doré with foreign substances.
Mr. Gyamfi also called for increased global investment into ASM through initiatives like the Mining Support Program and the Responsible Cooperative Mining and Skills Development Programme (rCOMSDEP).
These programmes, he noted, aim to formalise the sector, promote traceability, increase gold production, and create sustainable jobs, while fostering environmentally responsible mining practices.
He emphasised the sector’s potential to play an even larger role in the global gold supply chain, provided governments, investors, and industry stakeholders work together to enforce regulations and channel strategic investments into sustainable ASM operations.
“ASM is the future of mining and a cornerstone of Ghana’s prosperity. With proper reforms, investment, and enforcement, it can support economic growth, safeguard the environment, and provide meaningful livelihoods for millions of Ghanaians while strengthening the global gold supply chain,” he intimated.
By Ernest Kofi Adu