The Ghana Gold Board has tightened oversight of Ghana’s ASM gold trade, introducing stricter controls aimed at curbing smuggling, improving compliance and ensuring that all export proceeds are fully repatriated into the domestic economy.
Chief Executive Officer Sammy Gyamfi said the new framework is part of a broader effort to close loopholes in the artisanal and small-scale mining sector and maximise the country’s foreign exchange earnings from gold.
Speaking on PM Express Business Edition on Thursday, March 26, 2026, Mr. Gyamfi said the current system does not allow any private individual to independently buy and sell ASM gold outside the supervision of GoldBod.
Limited participation under strict conditions
According to him, while GoldBod retains the sole authority to purchase and export ASM gold, a select group of licensed traders known as self-financing aggregators are still allowed to operate under strict regulatory conditions.
“Even though we had the sole authority to buy all ASM gold and export and bring in the foreign exchange, we allowed a certain category of traders called self-financing aggregators to also participate in the trade.” - Sammy Gyamfi
He said those aggregators must first prove that foreign exchange payments have already been made through either commercial banks or the Bank of Ghana before their export shipments can be approved.
“But before they could even export gold, they had to show that the foreign exchange had already been paid in advance… before we allow your shipment to go.” - Sammy Gyamfi
Gold exports bring in $10.8 billion
Mr. Gyamfi said the tighter compliance regime is helping government ensure that “every dollar proceeds connected to the selling of ASM gold” is returned to the Ghanaian economy.
He revealed that the reforms contributed to more than $10.8 billion in foreign exchange inflows for the central bank in 2025, a figure he described as unprecedented.
That performance comes as Ghana continues to rely heavily on gold exports to stabilise the cedi, strengthen reserves and support broader macroeconomic recovery.
GoldBod has also stepped up enforcement against illegal operators through a dedicated anti-smuggling task force targeting unlicensed traders, price manipulators and hoarders.
“Our compliance measures are focused on blocking the leakages—illegal traders, those who don’t have a license, those who hoard to manipulate prices, and those who facilitate smuggling.” - Sammy Gyamfi
He disclosed that authorities have already seized substantial quantities of smuggled gold, with legal processes underway for confiscation and eventual sale. Proceeds from those sales, he said, are expected to support development projects in mining communities.
Output rises sharply as targets increase
The Board recorded 104 metric tonnes of ASM gold in 2025, up significantly from 63 metric tonnes in 2024. Mr. Gyamfi attributed the rise to stronger regulation and favourable global gold prices.
Looking ahead, GoldBod is targeting more than 120 metric tonnes under the Ghana Accelerated National Reserve Accumulation Programme.
For authorities, the strategy is straightforward: formalise the sector, reduce illicit flows and ensure Ghana captures more value from one of its most important natural resources.
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