The artisanal and small-scale gold mining (ASM) sector in Ghana has achieved a historic milestone, surpassing the large-scale mining industry in gold exports for the first time. Between February and May 2025, the ASM sector generated over $4 billion in revenue from gold exports, a feat attributed to strategic government reforms and the establishment of the Ghana Gold Board (GoldBod). This remarkable performance underscores the immense economic potential of the ASM sector when provided with the necessary structure and support. GoldBod, the newly formed regulatory body responsible for buying and exporting ASM gold, reported acquiring and exporting 41.5 tonnes of gold solely from ASM operations within the five-month period. This achievement marks a significant shift in Ghana’s gold mining landscape, highlighting the increasing contribution of smaller-scale operations to the national economy.
The success of the ASM sector is largely credited to the proactive interventions implemented by the Mahama administration. The creation of GoldBod, which replaced the Precious Minerals Marketing Company (PMMC), has been instrumental in formalizing the previously unregulated ASM gold trade. By acting as the sole legal buyer and exporter of ASM gold, GoldBod has effectively curbed illegal gold smuggling and enhanced transparency within the sector. This centralized system has enabled the government to effectively monitor and regulate gold transactions, ensuring greater accountability and revenue generation. The dramatic increase in gold exports directly reflects the positive impact of these reforms. The influx of foreign exchange generated by the ASM sector has further contributed to the appreciation of the Ghanaian cedi, demonstrating the broader economic benefits of regulating the ASM gold trade.
The May 2025 export figures alone signify the immense potential of the ASM sector. A record 11 tonnes of gold, valued at $1.17 billion, were exported in that single month, demonstrating the sector’s growing capacity and contribution to national revenue. This substantial increase in gold exports not only strengthens Ghana’s economic standing but also provides crucial financial resources for development initiatives. The ability of the ASM sector to consistently contribute to the national treasury highlights the importance of fostering its growth and sustainability. The government’s commitment to supporting the ASM sector through regulatory reforms and strategic investments is a testament to its recognition of the sector’s economic significance.
GoldBod’s success in absorbing over 90% of all ASM gold in the country has been crucial in streamlining the gold trade and maximizing revenue generation. This achievement demonstrates the effectiveness of the government’s strategy to consolidate the gold market and ensure that ASM gold enters formal export channels. By eliminating the prevalence of unregulated gold trading, GoldBod has significantly reduced the potential for revenue leakage and illicit activities. This has not only bolstered government revenue but also contributed to creating a more stable and transparent gold market. The government’s unwavering stance against gold smuggling, coupled with GoldBod’s efficient operations, has sent a clear message that illegal activities will not be tolerated.
Further enhancing its regulatory efforts, GoldBod is poised to introduce digital traceability systems by the end of 2025. This technological advancement will enable the government to trace every gram of gold back to its source, adding another layer of transparency and accountability to the gold supply chain. This innovative system will help combat illegal mining practices and ensure that all gold produced in Ghana adheres to ethical and environmental standards. The implementation of digital traceability systems will further strengthen Ghana’s reputation as a responsible gold producer, attracting international investors and promoting sustainable mining practices. This will further enhance the value of Ghanaian gold in the global market.
The transformation of Ghana’s ASM gold sector from a largely unregulated market to a formalized and thriving industry is a testament to the effectiveness of strategic government interventions. The establishment of GoldBod, combined with the commitment to curbing illegal smuggling and implementing digital traceability systems, has laid the foundation for sustainable growth and responsible mining practices. The remarkable success of the ASM sector in surpassing large-scale mining in gold exports underscores its potential to contribute significantly to Ghana’s economic prosperity. The government’s continued support for the ASM sector will be instrumental in ensuring its long-term viability and its positive impact on the lives of those involved in small-scale gold mining.
