In a significant development, the Artisanal Small-Scale Mining (ASM) sector has surpassed the large-scale sector in gold exports, with the Precious Minerals Marketing Company, now known as GoldBod, purchasing and exporting gold worth approximately $4 billion from February to May 2025.
According to Sammy Gyamfi, CEO of GoldBod, the company’s gold purchases and exports from the ASM sector have been unprecedented, with a total gross weight of 41.5 tonnes exported from January to May 2025.
Speaking at the official opening of the Mining in Motion Summit in Accra, Gyamfi attributed the success to the company’s tightened regulatory controls, ruthless fight against gold smuggling, and effective aggregation systems.
“In the just ended month of May 2025 alone, gold purchases and exports by the GoldBod from the artisanal small-scale sector hit a record high of 11 tonnes with an export value of a staggering $1.172 billion United States dollars,” Gyamfi said.
The CEO emphasized the importance of the ASM sector to Ghana’s economy, citing its potential to contribute to foreign reserves accumulation and currency appreciation.
“The data shows the great prospects of the Artisanal Small-scale mining sector to our economy and the general well-being of our dear country if properly harnessed,” he stated.
Mr. Gyamfi also highlighted the company’s commitment to promoting responsible sourcing and sustainability in the sector.
“The GoldBod is committed to tapping and maximizing the full potential of the Artisanal Small-scale mining sector by supporting sustainable artisanal mining and promoting responsible sourcing by all gold traders in the ASM sector,” he said.
To strengthen regulatory oversight, the GoldBod has begun licensing all players in the gold trading sector, with categories ranging from aggregation licenses to buying licenses, refining licenses, smelting licenses, transportation licenses, and export partnership licenses.
Licensees will be subject to a strict code of responsible sourcing and continuous due diligence by the GoldBod, working in conjunction with the Bank of Ghana and the Financial Intelligence Center.
Gyamfi also outlined opportunities for foreigners to engage with the GoldBod, including applying directly to purchase or off-take gold from the board, partnering with Ghanaian applicants for a self-financing aggregation license, or applying for a license to establish refineries, jewelry factories, and other value-addition enterprises.
The CEO’s remarks underscore the potential of the ASM sector to drive economic growth and development in Ghana, and the GoldBod’s commitment to promoting responsible and sustainable mining practices.