Ghana’s small-scale mining sector took centre stage at the Dubai Precious Metals Conference, where the Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, Esq. highlighted the significant and expanding contribution of artisanal miners to the country’s gold economy.
Addressing global industry leaders, Mr. Gyamfi emphasized that the transformation of the small-scale mining space is one of Ghana’s most important economic success stories in recent years.
He noted that reforms introduced through the Ghana Gold Board Act and the national gold purchasing programme have helped formalize operations, increase compliance, and boost transparency within the sector.
According to him, these interventions have led to a historic surge in gold deliveries from small-scale miners, now surpassing contributions from large-scale producers for the first time in the country’s mining history.
He argued that the improved output from small-scale miners demonstrates their capacity to contribute responsibly and substantially to national development when given the right institutional support.
Mr. Gyamfi stressed that Ghana’s approach, anchored on traceability, fair pricing, and community engagement has become a model that other mineral-rich countries are beginning to study and emulate.
He further explained that GoldBod’s efforts to tighten traceability systems ensure that only responsibly sourced gold enters the national and international supply chain. These measures, he said, not only safeguard Ghana’s reputation on the global market but also protect genuine miners who follow the rules, thereby encouraging long-term sustainability in the mining sector.
Below is the full speech read by Ghana Gold Board CEO, Sammy Gyamfi, Esq.
SPEECH DELIVERED BY THE CHIEF EXECUTIVE OFFICER OF THE GHANA GOLD BOARD, SAMMY GYAMFI ESQ. AT THE 2025 DUBAI PRECIOUS METALS CONFERENCE HELD AT THE ATLANTIS PALM JUMEIRAH HOTEL, DUBAI, ON 24TH NOVEMBER 2025.
Introduction
1. Ladies and Gentlemen, distinguished ladies and gentlemen, all other protocols duly observed. Warm greetings to you all from the Ghana Gold Board.
2. First, I would like to thank the Dubai Multi Commodities Centre (DMCC) for this invitation, and the opportunity afforded me to share my ideas at this august forum.
3. The topic of today’s discussion, “sourcing gold from artisanal and small-scale gold mines”, is not simply a trade question. It is one with significant social, economic, inclusion and sustainability implications.
4. This is because, Gold is gold, and looks like it will forever be gold – that precious metal which never loses its lustre, its relevance and its place in a civilised world.
5. Ghana, once called the “Gold Coast”, has for several decades been among the leading producers of gold in the world. Indeed, Ghana is currently ranked the leading gold producer in Africa, and the sixth leading producer of the same metal in the whole world.
6. After several years of gold production, Ghana is finally laying claim to its pride of place among nations whose transformation has been propelled by this precious metal.
Contribution of ASM To Ghana’s Economic Recovery And Global Supply Chain
7. Ladies and gentlemen, Artisanal and Small-Scale Mining (ASM) has played a major role in Ghana’s sterling economic turnaround in the year 2025.
8. As we speak, Ghana’s foreign reserve and balance of payment positions have improved considerably. The country has also recorded a trade surplus of US$2.1 billion.
9. Our national currency, the Ghana Cedi, has this year appreciated against the US dollar by a cumulative 35% from year to date.
10. These gains have helped to ease inflation, which is currently at single digit, for the first time in four years, and also reduced debt servicing cost significantly.
11. These economic milestones could not have been achieved without the ASM sector which has for the first time in our history, outperformed the large-scale mining sector.
12. The ASM sector has this year alone contributed 90 tons of gold, constituting 53% of Ghana’s total gold export earnings. So far, gold exports from this sector have generated in excess of $9 billion US dollars in foreign exchange earnings for the country.
13. Ladies and gentlemen, in Ghana and possibly in other jurisdictions, Gold means many things to different people. For the millions of youth who partake in artisanal and small-scale mining, Gold is a path to realizing their economic aspirations and social relevance. It is for them, a path to making a livelihood.
14. Ghana’s ASM sector today accounts for over one (1) million direct and indirect jobs. These are not mere statistics but real human lives. These are bread winners of families who depend on the economic impact of ASM for their survival.
15. These facts highlight the huge prospects of ASM to the global gold supply chain. It therefore goes without saying, that with the necessary reforms, the ASM sector can play a much bigger role in the global gold supply chain.
Illegal ASM And Related Externalities
16. I must be quick to add that as a government, while we do appreciate the enormous socio-economic benefits of ASM, we are deeply concerned about the related externalities and more importantly, the activities of illegal ASM.
17. Illegal and irresponsible ASM operations pose significant threat to our rivers, forest reserves and lands. This menace pollutes our environment with various chemicals that are hazardous to life.
18. I must state categorically, ladies and gentlemen, that no volume of gold is worth a human life. The lives and sustainable future of our people are far more important.
19. It is against this backdrop, that steps to formalize the ASM sector have become more than an imperative to us in Ghana.
Formalization of ASM
20. Ladies and Gentlemen, formalizing the ASM sector and ensuring responsible sourcing is an imperative to making gold a blessing to our countries rather than a curse.
21. This is the thrust of the vision of the new administration led by His Excellency President John Dramani Mahama.
22. Upon assuming office, President Mahama established the Ghana Gold Board (GoldBod) – a strategic creature of law with the mandate to streamline the trading of gold and other precious minerals in Ghana, with the objective to optimize national benefit and unlock new paths for Ghana’s prosperity and development.
The Mandate And Achievements Of The Ghana Gold Board
23. Under the Ghana Gold Board Act (ACT 1140), 2025, the GoldBod has the sole and exclusive authority to grade, assay, weigh and value gold produced in, or brought into or exported from Ghana.
24. The GoldBod also has the sole and exclusive authority to purchase, sell and export gold produced by artisanal and small-scale mines, with pre-emption rights over large-scale gold output.
25. The GoldBod Act (ACT 1140) also requires the GoldBod to deploy measures to curb gold smuggling and more importantly, promote the formalization of the ASM industry through responsible sourcing, value-chain traceability, and support for reclamation and other sustainability initiatives in line with international best practices.
26. Ladies and Gentlemen, I am glad to report that since its inception, the GoldBod has;
• Strengthened regulatory controls and oversight over the gold supply chain;
• Initiated licensing reforms to promote responsible sourcing and supply-chain traceability;
• Introduced a transparent and competitive pricing system for licensed gold miners and licensed gold buyers;
• Deployed robust aggregation systems to effectively mop up gold across mining regions of the country;
• Intensified the fight against illegal gold sourcing and smuggling, with reward for whistleblowers; and
• Supported the fight against illegal and unsustainable mining practices, just to mention a few.
27. But even more instructive, is the fact that, at the GoldBod, responsible sourcing is not just an ethical responsibility. It is a legal demand on us, and we remain committed to it. This explains why the Terms and Conditions of all Buying Licenses issued by the Ghana Gold Board, require Licensed Traders to buy gold exclusively from licensed mines, with sanctions for breaches, which range from suspension of licenses, revocation of licenses, fines and criminal prosecution.
Goldbod To Roll Out Track And Trace System In 2026
28. Ladies and gentlemen, it is equally noteworthy, that despite being established only seven (7) months ago, plans are far advanced for the GoldBod to procure and deploy a block-chain Track and Trace system that will by the end of 2026, ensure that every gram of gold purchased by the GoldBod is traceable to its sustainable mine of origin.
29. Under this Track and Trace system, the operations and output of on-boarded licensed mines will be subjected to periodic compliance audits to ensure they do not become fronts for illegal mines.
Fighting Gold Smuggling And Illegal Sourcing
30. Esteemed Chairman, ladies and gentlemen, as I have already explained, Ghana’s new legal regime makes the GoldBod the sole and exclusive exporter of all ASM gold from Ghana. Please be informed, that if you are not buying gold from a large-scale mine in Ghana, you must be buying only from the GoldBod. And if you are buying gold from a large-scale mine in Ghana, please ensure that export documentation includes an official Assay Report issued by the National Assayer – the Ghana Gold Board.
31. If you fail to do this, then you are either a gold smuggler or an abettor of gold smuggling, and the laws of Ghana will surely catch up with you.
32. For many years, Ghana has faced a sad conundrum which has to do with the wide disparity between the record of gold imports declared in other countries and official export records back in Ghana. The reason for this is pretty simple – Smuggled gold!
33. Sadly, in most cases, importing or destination countries turn a blind eye to these illegal gold inflows from Ghana and other countries.
34. This phenomenon cannot continue. Gold smuggling is undoubtedly a major fuel for money laundering, illicit financing and terrorism. Smuggled gold is fast becoming the breeding ground for the underground economy and poses a risk to global good governance.
35. Gold is a resource for global economic stability and transformation. It cannot be allowed to become a haven for drug lords, armed actors, corrupt politicians, human traffickers and criminal networks with destructive social consequences in our countries. We must nip this canker in the bud and the time to do so is NOW!
36. Just as the United Nations established the Kimberly Process to prevent conflict diamonds from entering the legitimate global supply chain, we believe that the time has come for a similar multilateral and international certification scheme for gold imports and exports. This will prevent smuggled gold from entering the global gold supply chain.
37. We are confident that these steps will bolster our collective Anti-Money Laundering and Counter Terrorism Financing efforts. Ghana is willing to partner with the UAE, other governments, the DMCC, World Gold Council, LBMA and industry stakeholders to make this dream a reality.
Goldbod’s Promotion of AML And CTF
38. At the Ghana Gold Board, licensed traders and offtakers undergo continuous KYC and due diligence, as well as Anti-Money Laundering and Counter Terrorism Financing checks.
39. We have also established a special Task Force to enforce regulatory compliance, curb gold smuggling and illegal sourcing. This Task Force is operating with the fierceness and ruthlessness required to clean up the industry. We have so far arrested several foreign and local illegal traders, most of whom are currently facing criminal prosecution in Ghana.
Transforming ASM Assay Methods
40. Ladies and gentlemen, another point worth noting, is the issue of quality control in the ASM supply chain. Despite advancements in technology, many ASM traders still use traditional assay methods such as Water Density as a method of assay for their trade operations. This is one of the major sources of rampant fraud in the ASM ecosystem, where doré is sometimes mixed with foreign or deleterious substances.
41. We must therefore work together to transform ASM assaying methods to X-Ray Fluorescence (XRF) and Fire Assay techniques in order to safeguard the integrity of the ASM supply chain.
42. To this end, the Ghana Gold Board has commenced procurement processes for the establishment of an ISO certified Assay Laboratory in Ghana. This will be complemented with capacity building programs for ASMs and licensed gold traders.
Fighting Illegal ASM
43. Ladies and gentlemen, as I have already intimated, ASM drives inclusiveness and is certainly the future of mining, with great prospects for the global gold supply chain. Indeed, the global gold supply chain cannot do without ASM.
44. However, illegal and irresponsible ASM practices pose a threat to the collective survival of humanity. We must therefore work together to curb this menace in order to preserve the ecological integrity of our world.
45. Developing countries with ASM must act fast to introduce necessary reforms, channel strategic investments into ASM, and more importantly, enforce mining and sourcing regulations, with severe punishment for culprits.
46. We need the jobs in the ASM sector; we need the gold, but we cannot afford the pollution of our environment.
47. In Ghana, the GoldBod is supporting the National Anti-Illegal Mining Operation Secretariat (NAIMOS) to crackdown on ASMs engaged in illegal mining practices that destroy our water bodies and forest reserves. The Mahama government is very committed to this fight, and is taking on all persons who stand in its way.
Investing In ASM
48. Ladies and gentlemen, strategic capital investment is critical for harnessing the potential of ASM. To this end, the Ghana Gold Board is currently leveraging its legal mandate in partnership with willing investors to channel strategic investments into sustainable ASM to maximize national gold output and benefits. This is being done under an initiative dubbed “Mining Support Program”.
49. We need global capital structures to provide bold but practical financing solutions for ASM in developing countries to maximize production and optimize recovery, particularly in this time of record-high international gold prices.
50. Additionally, the GoldBod is supporting the Responsible Co-operative Mining and Skills Development Program (rCOMSDEP) launched by the Ministry of Lands and Natural Resources of Ghana. This programme aims to reform ASM, create sustainable jobs, promote traceability, increase national gold production, and restore hope to mining communities.
Support For Geological Investigations
51. Ladies and gentlemen, establishing the presence of mineral resources through proper geological investigations is a critical first step to transforming ASM from a phenomenon known in Ghana as “lottery mining”, to certainty, through accurate geological data. This will optimize returns, reduce environmental degradation and go a long way to de-risk ASM investments.
52. At the GoldBod, we are partnering with the Ghana Geological Survey Authority to invest in geological investigations for a robust geological data repository for this purpose.
53. Additionally, we shall roll out training programs to equip ASMs with skills to modernise their operations and adopt efficient and environmentally-friendly processing techniques that optimize recovery with minimal environmental impact.
54. As I conclude, Ladies and Gentlemen, other distinguished speakers, ladies and gentlemen, I wish to reiterate the point that artisanal and small-scale mining (ASM) is not merely about mining gold. It is about uplifting communities, fostering sustainable livelihoods, unlocking socio-economic opportunities, and safeguarding our environment for future generations.
55. My brothers and sisters, ASM and responsible mining are not mutually exclusive. Chile is showing the way and Ghana is following. We can do without the use of mercury, excessive cyanide, and other heavy metals in ASM. The solution lies in several contemporary technologies which we must embrace. Policy and enforcement must therefore align with technology to transform ASM.
56. At GoldBod, we are leveraging our sourcing power, regulatory authority, and innovative technology to reshape ASM into a force for economic growth and transformation.
57. By empowering our youth, embracing responsible practices, and harnessing accurate geological data, we are shaping an industry where prosperity and environmental stewardship go hand in hand.
58. I wish to call on the DMCC, the OECD, the LBMA, the World Gold Council, developed countries and international bodies to support the genuine efforts of developing countries like Ghana who are determined to transform their ASM sectors to contribute positively to the expansion of the global gold supply chain. Like Ghana, these developing countries require technical and financial assistance to successfully roll out sustainable reforms.
59. Together, let us champion a future where ASM serves as a beacon of hope, driving inclusiveness and supply chain sustainability.
60. My fellow captains of industry, it is said, “that the land we live on today is borrowed from generations unborn.” May our children and their children’s children, look back with gratitude and say – we forged a golden path that gave them a meaningful economic heritage and yet, kept their environment safe. May they say, that we harnessed the mineral wealth of our world in good conscience and secured for them, their inheritance.
Thank you for your attention.
