Kyrgyzstan Eyes Ghana’s GoldBod Model for Gold-Sector Formalization

The Foreign Affairs Minister of the Kyrgyz Republic, Hon. Jeenbek Kulubayev has expressed interest in Ghana’s formalization achievement in gold trading, following a courtesy call on the Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, Esq.

The engagement focused on opportunities within the gold mining and trading sector especially formalization, technical expertise and investment, with the Kyrgyz delegation seeking to understand Ghana’s reforms in the gold sector.

Mr. Gyamfi briefed the delegation on the establishment of GoldBod in 2025 and its mandate to formalise Ghana’s domestic gold trade, strengthen controls against smuggling and leakages, and increase the value retained from the country’s gold resources.

He said GoldBod had helped increase gold captured from the artisanal and small-scale mining (ASM) sector to 104 metric tonnes, from about 60 tonnes previously.

According to Mr. Gyamfi, the ASM sector generated about US$10.8 billion in foreign exchange for the Ghanaian economy in 2025.

He also highlighted GoldBod’s efforts to deepen domestic value addition through refining, noting that the Board is working with local refineries to process gold in Ghana before export.

The CEO said the reforms were also aimed at ensuring that by-products such as silver and other economic opportunities associated with gold processing are retained within the domestic economy, leading to job creation.

The Kyrgyz Foreign Affairs Minister, for his part, expressed his country’s interest in stronger economic relations with Ghana, particularly in critical-minerals sectors.

He said Kyrgyzstan’s gold sector remained largely informal for about 25 years, with companies operating without the necessary licences, a situation he said had negatively affected the country’s economy and limited the sector’s contribution to national development.

Mr. Kulubayev said the situation changed after the new government assumed office in 2022 and made the formalisation of the gold sector a priority.

He noted that the reforms had since yielded significant improvements, particularly in the development of infrastructure such as roads, a sports stadium among others.

Despite the progress made, Mr. Kulubayev said Kyrgyzstan was still seeking major investors to further develop its gold industry.

He added that the country remained open to partnerships with Ghanaian businesses and companies with expertise in gold extraction and other related activities.

The Minister also pointed to opportunities for greater engagement between businesses from the two countries, including possible future visits involving entrepreneurs and investors.

Ghana's Foreign Affairs Minister, Samuel Okudzeto Ablakwa, asked that a formal framework agreement be signed between the two countries to establish a structured technical exchange framework and deepen bilateral institutional cooperation.

The discussions form part of growing interest among gold-producing countries in Ghana’s approach to regulating the domestic gold trade.

Mr. Gyamfi said Ghana’s experience could provide a basis for knowledge-sharing with other countries while also creating opportunities for investment, technology transfer, and access to international markets.

While the preliminary meeting did not culminate in an immediate signing, it established a foundation for formalising future bilateral agreements and exploring key areas of technical cooperation between Ghana and the Kyrgyz Republic.