The Ghana Gold Board is set to take full operational control of gold purchases from Ghana’s Artisanal and Small-Scale Mining (ASM) sector under sweeping reforms announced in Parliament by Finance Minister, Dr. Cassiel Ato Forson.
Addressing the House yesterday, February 25, 2026, the Minister disclosed that GoldBod will implement an aggressive strategy to purchase a minimum of 2.45 tonnes of ASM gold weekly through official channels as part of a broader effort to strengthen foreign exchange reserves and curb gold smuggling.
Over the next three years, the Board is targeting the acquisition of approximately 127 tonnes of ASM gold annually, a volume projected to generate more than US$20 billion in foreign exchange each year at prevailing global prices.
Effective March 2026, GoldBod will assume full responsibility for signing off-take agreements and managing the sale of all ASM gold it procures.
The move positions the Board as the central trading authority for small-scale gold, ensuring end-to-end oversight of transactions while mitigating trading losses and pursuing improved returns for the country.
To sustain its market presence, GoldBod will secure adequate funding to purchase between three and four weeks’ worth of gold supply at any given time.
This liquidity buffer is expected to provide confidence to licensed small-scale miners and aggregators while guaranteeing continuous participation in the market.
In a bid to discourage smuggling and increase volumes channelled through legal systems, the Board may introduce price incentives, including purchases at spot world market prices and performance-based bonuses for licensed miners.
GoldBod will also deploy gold-backed derivative trading programmes and hedging strategies to manage market volatility and protect national earnings.
Beyond trading reforms, GoldBod’s strategy includes a medium-term push to formalise the ASM sector, enhance value-chain traceability and promote local refining to reduce costs and maximise export value.
The Board is also expected to facilitate the establishment of modern gold processing plants that meet standards of the London Bullion Market Association, in partnership with private investors, particularly to optimise gold recovery within the small-scale mining segment.
Additionally, under an anticipated agreement with the Bank of Ghana, all foreign exchange accrued from GoldBod’s ASM gold purchases will be sold exclusively to the central bank at a mutually agreed cost, reinforcing national reserve accumulation efforts.
The reforms firmly position GoldBod as the lead institution in reorganising Ghana’s small-scale gold trade, placing artisanal miners at the core of a state-led strategy aimed at formalisation, sustainability and stronger economic returns from the country’s gold resources.
