Sammy Gyamfi
The nation’s gold sector is on course for another record year after the Ghana Gold Board (GoldBod) purchased up to 54 metric tonnes of gold from the artisanal and small-scale mining (ASM) sector during the first half of 2026.
The strong performance has reinforced the growing dominance of small-scale mining in the country’s gold industry and is expected to provide a significant boost to foreign exchange earnings, a key pillar supporting Ghana’s ongoing economic recovery.
The GoldBod Chief Executive Officer, Sammy Gyamfi, disclosed that the Board had purchased between 50 and 54 metric tonnes of gold from the ASM sector between January and June this year.
“We are around 50-54 metric tonnes this year in purchases. At this rate, we are likely to match or even surpass last year’s output,” he told journalists.
The projection follows a record performance in 2025 when GoldBod purchased and exported 104 metric tonnes of gold from the ASM sector, which marked the first time small-scale mining production exceeded output from the nation’s large-scale mining industry.
ASM Sector Leads Gold Industry
According to Mr. Gyamfi, 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.
Between January 2025 and May 2026, GoldBod purchased and exported gold valued at US$16.11 billion.
During the same period, the Board acquired 135.843 metric tonnes of gold, of which 135.221 metric tonnes came from the artisanal and small-scale mining sector, representing almost the entire volume purchased.
Expanded Licensing Network
Mr. Gyamfi attributed part of the sector’s success to GoldBod’s efforts to expand its network of licensed gold buyers and strengthen oversight of the country’s gold trade.
As of May 31, 2026, the Board had licensed 1,184 gold buyers nationwide.
The licensed operators include two aggregators, 67 self-financing aggregators, 736 Tier Two buyers and 379 Tier One buyers.
Under GoldBod regulations, all licensed buyers are required to purchase gold exclusively from licensed miners before selling it to the Board for export.
The GoldBod CEO said the licensing framework is helping to improve traceability, reduce smuggling and ensure that export proceeds are channelled through official systems to support the country’s foreign exchange reserves.
Reforms Drive Official Purchases
He said reforms aimed at combating gold smuggling and encouraging formal gold trading have significantly increased the volume of gold entering official marketing channels.
According to him, the reforms have enabled the state to capture a larger share of export revenue from the booming artisanal mining industry while strengthening dollar inflows into the economy.
Prices Ease but Outlook Remains Strong
Despite the impressive production figures, GoldBod acknowledged that recent declines in global gold prices have tempered revenue projections for the year.
Mr Gyamfi said the Board’s initial forecasts 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 softened from those assumptions, he noted that gold prices remain above 2025 levels.
He indicated that, as a result, Ghana is still expected to earn more from gold exports in 2026 than it did last year, even if revenues fall short of GoldBod’s original projections.
Building Foreign Reserves
The GoldBod boss said the growth in official gold purchases also supports the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which aims to increase Ghana’s foreign reserves to the equivalent of 15 months of import cover by the end of 2028.
Current estimates place Ghana’s import cover at about 5.7 months, meaning the country must build an additional 9.3 months of reserve cover over the next two years.
The Government estimates indicate that achieving the target will require an average annual net reserve build-up of about US$9.5 billion after accounting for debt servicing, foreign exchange interventions and other statutory obligations.
Under GANRAP, GoldBod has set a weekly purchase target of approximately 3.02 metric tonnes of gold, a volume expected to generate annual gross inflows of about US$25.3 billion.
By Business Desk Report