Chamber of Licensed Gold Buyers commends GoldBod for revitalizing artisanal mining

The Ghana Gold Board’s efforts to transform the artisanal and small-scale mining sector have received praise from the Chamber of Licensed Gold Buyers, which commended the Board for its progress in formalising the sector and increasing gold production.

According to the Chamber, GoldBod’s reforms have contributed to significant gains in gold production, export earnings, and foreign exchange inflows.

The Chamber also noted that GoldBod’s interventions have improved transparency, accountability, and value retention in Ghana’s gold trade, marking what it described as a new era for the industry.

By overseeing licensed artisanal and small-scale mining producers, GoldBod has helped reduce smuggling and promote better governance across the sector.

Ghana’s ASM gold production reached 1.9 million ounces in 2024, representing a 70% increase from the previous year, with the sector accounting for 39% of the country’s total gold production.

“Formalisation of the ASM sector is not just a regulatory improvement. It is a game-changer for value retention, economic development and sustainable mining practices,” CEO of the Chamber of Licensed Gold Buyers, Kwaku Amoah, noted.

“The figures speak for themselves. Formalised small-scale mining is now a major contributor to Ghana’s gold production and export revenue.”

The group stated that by increasing foreign exchange inflows and supporting the accumulation of gold reserves, GoldBod’s work is contributing to Ghana’s financial resilience and helping to stabilise the cedi.

The Chamber urged GoldBod to prioritise continued support for ASM miners, including training, access to finance, and improved access to technology.

It also called for the swift implementation of digital traceability systems and compliant assay laboratories, as well as increased investment in downstream value addition initiatives such as local refining and jewellery production.

“The success achieved so far should serve as a springboard for deeper reforms and sustainable sector growth,” the statement added.

The Chamber of Licensed Gold Buyers reaffirmed its commitment to working closely with GoldBod and other stakeholders to ensure Ghana’s gold industry delivers maximum benefit to the people.