Sammy Gyamfi
The artisanal and small-scale gold mining sector has recorded an extraordinary performance in the first half of 2025, with exports doubling in volume and nearly tripling in value compared to the same period last year. This was disclosed by Finance Minister Dr. Cassiel Ato Forson during the presentation of the 2025 Mid-Year Budget Review to Parliament.
Dr. Forson credited this surge to the successful rollout of the Ghana Gold Purchase Programme, which has significantly boosted gold export earnings and foreign exchange inflows. According to him, the Ghana Gold Board (GGB) has, within a few months of its establishment, demonstrated the vast potential of the small-scale mining sector when properly formalised and regulated.
“Between February and May 2025, the Ghana Gold Board exported 41.5 tonnes of gold, amounting to about US$4 billion. For the first time in our history, artisanal and small-scale mining gold exports outpaced those of large-scale mining companies,” the minister stated.
He added that the monthly export volumes from small-scale miners now average over 10 tonnes, with May alone recording about 11 tonnes valued at approximately US$1.17 billion. This represents a more than twofold increase in tonnage and nearly threefold rise in export revenue.
The Finance Minister said this performance has had a direct impact on the country’s macroeconomic outlook, asserting that the surge in forex inflows has contributed to the strengthening of the Ghana cedi and helped stabilise reserves.
It has also enhanced formalisation of the small-scale mining sector and curbed smuggling, which had previously led to significant revenue losses.
The Ghana Gold Board was established earlier this year as a central body to purchase, certify, and export gold produced by small-scale miners. It replaced the Precious Minerals Marketing Company (PMMC), which the Finance Minister said had struggled to exert control over the sector in the face of rampant smuggling and informality.
Dr. Forson praised the new system for restoring confidence in the small-scale mining value chain, and called the development “a remarkable turnaround in Ghana’s gold export architecture.”
“This is not just about gold exports; it is about transforming a sector that was once synonymous with informality into a driver of economic progress and national pride,” he said.
On public debt, Dr. Forson revealed that it had declined from GH¢726.7 billion at the end of December 2024 to GH¢613 billion by the end of June 2025, representing a cut of GH¢113.7 billion in just six months.
“This is the first time in our history that we have recorded such a negative rate of debt accumulation – a remarkable 15.6% decrease,” the minister stated.
He attributed the substantial drop to the government’s commitment to fiscal discipline, prudent debt management strategies, and a significant appreciation of the Ghana cedi.
The debt-to-GDP ratio, he noted, also saw a sharp improvement, dropping from 61.8% in December 2024 to 43.8% in June 2025, an 18 percentage point decline.
Dr. Forson noted that this was a direct outcome of improved economic performance and a stronger domestic currency.
The minister said foreign debt as a proportion of total public debt also reduced from 57.4% at the end of 2024 to 49% by June 2025, a shift he said enhances the sustainability of Ghana’s debt profile and limits the country’s exposure to foreign exchange shocks.
“This is more than just a fiscal statistic. It is a strong vote of confidence in the credibility of our economic policy and a clear signal to investors and development partners that Ghana is back on track,” Dr. Forson said.
The Finance Minister emphasised that the country’s fiscal turnaround was not accidental but the result of deliberate policy choices. He highlighted the government’s tightened expenditure controls, reduced reliance on domestic borrowing, and successful efforts at restoring macroeconomic stability.
“This is a story of sound leadership, better economic management, and a restoration of hope to a nation once in despair,” Dr. Forson asserted.
He reaffirmed the government’s commitment to sustaining the current momentum through continued fiscal consolidation, structural reforms, and transparent debt restructuring.
The mid-year budget update follows recent praise from international credit rating agencies, with Fitch upgrading Ghana’s sovereign rating to ‘B-‘ with a stable outlook – the first upgrade since the country’s default designation.
By Ernest Kofi Adu, Parliament House