Sammy Gyamfi
Chief Executive Officer (CEO) of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has disclosed that the country’s small-scale gold exports have surged to an unprecedented $6 billion in just eight months of 2025.
According to him, the record milestone, represents 66.7 tonnes of gold exported between January and August this year.
Speaking at the maiden edition of the Mining and Minerals Convention in Accra yesterday, Mr. Gyamfi explained that the volume and value of small-scale exports so far this year have already surpassed the entire 2024 outturn, which stood at 63 tonnes valued at $4.6 billion.
He noted that the small-scale sector’s exports have even overtaken those of the large-scale mining industry, which produced 65.1 tonnes worth $5.6 billion within the same period.
“These much-needed foreign exchange inflows have significantly strengthened Ghana’s reserves, improved our balance of payments and provided critical support to the Cedi,” Mr. Gyamfi told the gathering, which included senior government officials, mining executives, and policymakers.
Reforms Driving Growth
He said the GoldBod, established under the Mahama administration to streamline the country’s gold trade, holds exclusive rights to purchase and export all artisanal and small-scale gold, while also having the mandate to buy portions of large-scale production.
He indicated that since its inception, it had rolled out reforms that have begun transforming the sector, pointing out that among them are aggressive licensing measures to promote responsible sourcing, tighter oversight of the gold supply chain, and the introduction of a transparent pricing system for licensed miners and buyers.
Mr. Gyamfi said the Board had also deployed aggregation systems to mop up gold across mining districts, scrapped the 1.5 percent withholding tax on unprocessed small-scale gold to reduce smuggling incentives, and created a GoldBod Taskforce to tackle illegal trading.
“These measures are not just reforms on paper. They are working, and the results are evident in the record-high exports we are seeing today,” Mr. Gyamfi emphasised.
Supporting National Reserves
Beyond exports, he stated that the GoldBod is supporting the Bank of Ghana’s gold reserve accumulation policy.
According to him, it has so far purchased nearly 100 kilograms of gold locally from large-scale producers for the central bank.
Plans are also underway to roll out a nationwide traceability system before the end of 2025, ensuring that every gram of gold traded can be traced to a licensed, environmentally compliant mine, he hinted.
Tackling Illegal Mining
He reaffirmed the GoldBod’s commitment to combating illegal mining, popularly known as “galamsey,” which has devastated water bodies and forests.
Mr. Gyamfi announced that the Board would donate GH¢5 million and five Toyota Hilux pickups to the National Anti-Illegal Mining Operations Secretariat (NAIMOS) to boost its enforcement efforts.
Additionally, from November this year, he said the Board would fund the reclamation of 1,000 hectares of degraded forest reserves as part of its ecological restoration programme.
According to him, GoldBod will also invest in potable water systems, schools, health facilities, and scholarships for mining communities under a new corporate social responsibility policy to be launched in October, this year.
Investment and Industrialisation
The CEO revealed a landmark $1 billion partnership with Goldstream Global DMCC, which will be converted into a commercial agreement by November.
The deal, he said, aims to establish more than 300 responsible mines in collaboration with concession owners and communities.
To further industrialise the sector, he stated that the Board had secured land at Kotoka International Airport to construct an ultra-modern ISO-certified assay laboratory and a wholly state-owned gold refinery.
These facilities will enable Ghana to shift from exporting raw doré to refined bullion, he added and continued that plans were also in motion to develop a “Gold Village” to serve as a continental hub for jewellery and ornament production.
“It is a national shame that Ghana, a continental leader in gold, continues to export doré instead of bullion. This must change, and the GoldBod is committed to ensuring it does,” Mr. Gyamfi stated.
Call for Innovative Financing
Mr. Gyamfi stressed that Ghana’s ability to maximise benefits from its mineral wealth hinges on innovative financing.
He urged local banks, pension funds, and capital markets to shift from conservative lending and invest boldly in mining, geological surveys, refining, and value addition.
“As a country, we must create export credit facilities for funding mining equipment and structure mining-focused on-lending to equip local banks to fund mining production,” he urged.
He further suggested that pension funds, which currently yield negative real returns, should be reoriented towards gold investments as a hedge against inflation and a source of sustainable growth.
By Ernest Kofi Adu