IN JUST A few months since its official establishment, the Ghana Gold Board (GoldBod) has rewritten the narrative of Ghana’s gold trading landscape – recording over $4 billion in gold exports and purchasing more than 41.5 tonnes of artisanal small-scale (ASM) gold from January to May 2025 alone.
This milestone, revealed by the Chief Executive Officer of GoldBod, Sammy Gyamfi, during his keynote address at the Mining in Motion Summit held at the Kempinski Hotel, Accra, underscores the sweeping transformation underway in Ghana’s gold sector.
The high-profile summit drew distinguished attendees including His Royal Majesty Otumfuo Osei Tutu II, Minister for Lands and Natural Resources Hon. Emmanuel Armah-Kofi Buah, ministers of state, members of parliament, members of the diplomatic corps, regulators, civil society leaders and global investors.
Hailing the summit as “historic and transformational,” the CEO acknowledged the pivotal role of President John Dramani Mahama, whose vision and leadership birthed GoldBod, a centralised agency mandated to regulate, purchase, refine, assay and export gold – particularly from Ghana’s vibrant ASM sector.
“The days of fragmented oversight, illegal trading and forex losses are behind us,” the CEO declared. “The GoldBod is proof of what strong institutions and visionary leadership can deliver within a short time.”
Milestones in Numbers
● ₵40 billion (approx. $4 billion USD) in gold purchases and exports from February to May 2025
● A record-breaking 11 tonnes of gold exported in May 2025 alone, valued at $1.172 billion USD
● Over 90% of ASM gold now mopped up through a nationwide aggregation network
● First time in Ghana’s history where ASM gold exports exceed those from the large-scale mining sector
The CEO attributed these successes to a new regulatory architecture underpinned by transparency, efficiency and strong enforcement. Taking over the mandate, assets and liabilities of the Precious Minerals Marketing Company (PMMC), the GoldBod has quickly reoriented the sector to benefit the state and local communities.
He emphasized that the improved forex inflows have supported currency appreciation and foreign reserve accumulation, helping stabilize Ghana’s economy and improving livelihoods.
Regulation and Responsible Sourcing
GoldBod has instituted a robust licensing regime for all gold trade actors – ranging from aggregators and transporters to refiners and exporters.
Each licensee is held to a strict code of conduct aligned with anti-money laundering and counter-terrorism financing frameworks in collaboration with the Bank of Ghana and the Financial Intelligence Centre.
Importantly, foreigners are barred from direct local gold purchases but may participate through licensed partnerships, refinery ventures and value-added investments.
To deepen transparency, GoldBod will roll out a digital traceability system by end of 2025, enabling every gram of gold to be tracked from mine to export.
Future Outlook and Investments
Despite the initial success, the CEO, Sammy Gyamfi made it clear that GoldBod is “just getting started.” Upcoming initiatives include:
● Training programmes for artisanal miners on sustainable practices, beginning September, 2025.
● Investments in the cooperative mining program and geological investigations
● Transitioning from dore exports to bullion with support for LMBA-accredited local refineries
●Establishing an ISO-certified and LBMA-compliant national assay laboratory by 2026
GoldBod also plans to invest heavily in land reclamation, community health and education projects and youth development initiatives under its corporate social responsibility policy.
A national anti-smuggling taskforce will also be inaugurated in coming weeks, in collaboration with the National Security Secretariat, to crack down on illicit gold trading. “No one will be spared,” the CEO warned. “We will reclaim every gram of gold stolen from the people.”
A Call to Partners
In conclusion, the CEO extended a bold invitation to global institutions – including the London Bullion Market Association (LBMA), World Gold Council, OECD and foreign investors – to collaborate with Ghana in building a model for sustainable mining, value addition and economic empowerment across Africa.
“Ghana is ready. GoldBod is ready. The results are here – and this is just the beginning,” he said. “Let’s transform gold from a commodity of conflict into a currency of community upliftment and national transformation.”
Source: Nationaltymes.com
