Ghana’s gold sector has marked a historic milestone as the Ghana Gold Board (GoldBod) announced it has purchased and exported over 41.5 tonnes of gold from the Artisanal and Small-Scale Mining (ASM) sector between February and May 2025, with a market value of approximately US$4 billion (GHC 40 billion).

The revelation was made by GoldBod CEO Sammy Gyamfi at the Mining in Motion Summit held in Accra on Tuesday, where he described the performance as unprecedented and a direct result of reforms introduced under the new state-backed agency.

“This is the first time in our country’s history that gold exports from the ASM sector have surpassed those from the large-scale sector,” Gyamfi declared. “This milestone reflects the effectiveness of the bold regulatory and institutional changes we’ve implemented through GoldBod.”

Established by President John Dramani Mahama to bring structure and oversight to Ghana’s fragmented gold trading system, GoldBod is now the sole legal buyer and exporter of all artisanal small-scale gold in the country. It has also assumed the rights, responsibilities, and operations of the defunct Precious Minerals Marketing Company (PMMC).

According to Gyamfi, GoldBod’s operations now account for over 90% of all ASM gold output, thanks to a national gold aggregation system and tightened regulatory controls aimed at eliminating smuggling and maximizing state revenue.

“This is a defining moment for Ghana’s extractive sector. What was once a poorly regulated and leakage-prone industry is now a major pillar of our forex generation and macroeconomic stability,” Gyamfi said.

He credited the reforms with boosting foreign exchange liquidity, enhancing foreign reserves accumulation, and contributing to the stabilization and appreciation of the national currency in recent months.

Gyamfi further emphasized that the transformation was the result of extensive stakeholder consultation and a clear mandate to improve transparency, value retention, and local beneficiation in Ghana’s gold economy.

In addition to ASM gold, GoldBod is also mandated to purchase a portion—or all—of the gold produced by large-scale mining firms, in line with the government’s preemption rights, exercised through the Ministry of Lands and Natural Resources.

“With this strong start, GoldBod is not just managing gold—it is reshaping the future of Ghana’s mineral wealth and ensuring that the true value of our resources benefits all Ghanaians,” Gyamfi concluded