Ghana’s small-scale gold mining sector has experienced a dramatic resurgence, achieving unprecedented export figures in the first half of 2025. Finance Minister Dr. Cassiel Ato Forson announced that the sector exported 51.5 tonnes of gold, generating approximately US$5 billion in revenue. This represents a remarkable 100% increase in volume compared to the 26.4 tonnes exported during the same period in 2024, and an even more staggering 180% surge in value from the US$1.8 billion recorded the previous year. This explosive growth signals a significant shift in Ghana’s gold mining landscape, with small-scale operations now surpassing the contributions of large-scale mining for the first time in the nation’s history. This achievement is not only a testament to the sector’s potential but also underscores the success of recent government reforms aimed at formalizing and optimizing the industry.
The remarkable turnaround in small-scale gold mining can be attributed to the newly established Ghana Gold Board (GOLDBOD), which commenced operations in April 2025. The board implemented crucial reforms, including an overhaul of the licensing regime and the introduction of a robust gold aggregation system. These measures streamlined operations within the artisanal and small-scale mining sector, fostering greater transparency and efficiency. By enhancing the regulatory framework and providing a more structured system for gold trading, GOLDBOD has effectively curbed illegal activities, allowing the government to capture a larger share of the sector’s revenue and maximizing the economic benefits for the nation. The success of these reforms highlights the importance of effective governance and regulation in unlocking the potential of key industries.
The surge in gold exports has infused Ghana’s economy with a substantial influx of foreign exchange, bolstering the country’s international reserves and improving the balance of payments. This positive development has also strengthened the local currency, providing a crucial buffer against external economic pressures. Furthermore, the increased revenue stream offers the government greater fiscal space to invest in critical areas such as infrastructure development, education, and healthcare, contributing to broader economic growth and improved social welfare. The success of the small-scale mining sector demonstrates the potential of this industry to drive economic transformation and contribute significantly to national development.
However, the fight to maximize the benefits of Ghana’s gold resources is not without its challenges. Illegal gold trading and smuggling remain significant threats, undermining the government’s efforts to formalize the sector and capture its full value. To combat these illicit activities, President John Dramani Mahama inaugurated a special task force on July 8, 2025, mandated with dismantling illegal gold trading and smuggling operations. The government has adopted a zero-tolerance policy towards these criminal activities, vowing to prosecute individuals and entities involved in such practices. This decisive action sends a strong message that the government is committed to safeguarding the nation’s resources and ensuring that the benefits accrue to the people of Ghana.
The government’s unwavering commitment to formalizing the small-scale mining sector and combating illegal activities demonstrates a fundamental shift in Ghana’s resource governance agenda. This strategic approach aims to harness the full potential of the country’s mining sector, transforming it into a major engine of economic growth and development. By implementing effective regulations, strengthening institutional capacity, and cracking down on illicit practices, the government is creating a more sustainable and equitable mining sector that benefits all Ghanaians. This commitment to responsible resource management not only generates much-needed revenue but also promotes environmental protection and social responsibility within the mining industry.
The success story of Ghana’s small-scale gold mining sector in the first half of 2025 represents a significant milestone in the country’s economic journey. The substantial increase in gold exports, driven by effective reforms and a strong commitment to combating illegal activities, has injected new vitality into the economy. This positive trajectory underscores the transformative potential of the mining sector when managed effectively and transparently. As Ghana continues to implement its resource governance agenda, the small-scale mining sector is poised to play an increasingly important role in driving economic growth, creating jobs, and improving the lives of its citizens. This success serves as an inspiring example of how strategic policy interventions can unlock the potential of key sectors and drive sustainable development.
