The small-scale gold exports have surpassed those from the large-scale mining sector, contributing significantly to Ghana’s foreign exchange earnings.
The Chief Executive Officer (CEO) of the Ghana Gold Board (GoldBod), Mr Sammy Gyamfi, who disclosed this on Tuesday, September 9, 2025, at the maiden edition of the Mining and Minerals Convention in Accra, said the small-scale gold exports carried out by his outfit in collaboration with the Bank of Ghana (BoG), have hit a record high of 66.7 tonnes.
“Since January, up to the end of August 2025, small-scale gold exports undertaken or facilitated by the GoldBod, working closely with the Bank of Ghana, have hit a record-high of 66.7 tonnes with an export value of approximately $6 billion United States Dollars.
”What this means is that the volume and value of small-scale gold exports from January to August 2025 alone have exceeded the total small-scale gold export outturn for the whole of 2024 (January- December), which stood at 63 tonnes with a value of about $4.6 billion United States Dollars.
“It is also instructive to note that small-scale gold exports continue to surpass those from the large-scale mining sector, which stood at 65.1 tonnes with an export value of about $5.6 billion United States dollars, for the period between January to August 2025,” Mr Sammy added.
The GoldBod currently holds exclusive rights to purchase and export all artisanal small-scale mining gold produced in Ghana, including the right to purchase a portion or all of the gold output of large-scale mining firms.
Gold reserve accumulation
Mr Sammy said that in line with their objective of supporting gold reserve accumulation by the BoG, the GoldBod has initiated the local purchase of 20% of the gold output of seven large-scale mining companies in the country.
“So far, we have locally purchased and supplied to the BoG nearly 100 kilograms of large-scale gold to augment the gold reserves of the country,” the GoldBod CEO disclosed.
According to him, foreign exchange accumulation from gold exports this year, particularly from the ASM sector, has been unprecedented.
“These much-needed forex inflows have significantly strengthened Ghana’s reserves, improved our balance of payments and provided critical support to the Ghana Cedi,” he added.
According to Mr Sammy, these early successes underline the strategic role of the Ghana Gold Board in Ghana’s long-term development and prosperity.
He said as was publicly stated by President John Dramani Mahama a few months ago, “the Ghana Gold Board is still in the preparatory stages of fully deploying its operational mandate, and significant untapped potential remains.”
Traceability and environmental sustainability
Mr Sammy stressed that beyond foreign exchange and contribution to revenue, the GOLDBOD is committed to traceability, environmental sustainability and responsible sourcing in line with the Organisation for Economic Cooperation and Development (OECD) guidelines and international best practices.
The GoldBod, further stated, will, before the end of this year, introduce and commence the implementation of a nationwide traceability system which will ensure that every gram of gold purchased by the GoldBod can be traced back to its verified, licensed and environmentally-compliant mine of origin.
“Ladies and Gentlemen, I wish to also underscore the commitment of the GoldBod to the government’s avowed fight against the illegal mining menace.
“We at GoldBod recognise the importance of responsible mining and sourcing to the long-term sustainability and viability of Ghana’s mining sector.
”To this end, the GoldBod will next week donate five (5) Toyota Hilux pickups and an amount of GHS5 million to support the work of the National Anti-Illegal Mining Operations Secretariat (NAIMOS),” the GoldBod CEO told the gathering.
Funding models for mining
The GoldBod CEO also challenged Ghana’s financial institutions to develop innovative funding models for mining, arguing that the sector cannot depend solely on foreign capital.
“Our pension funds must invest in gold — a time-tested hedge against inflation, rather than unproductive ventures,” he stressed.
On the future of Africa’s youth, Mr Gyamfi struck a defiant tone:
“This is no plea for aid. It’s a declaration: Africa is ready to transform. Let African minerals build African futures. Let our youth lead global trade — not just participate.”
He called for courage and capital to unlock the sector’s potential.
“Ghana is resetting, and Africa is rising. The GoldBod is ready. All we need now is to fund the minerals and mining sector differently and transform it together.”