For the primary time in Ghana’s historical past, gold exports from the artisanal small-scale mining (ASM) sector have overtaken exports from large-scale producers, marking what the CEO of the Ghana Gold Board (GoldBod) calls a “defining second” within the nation’s extractive sector.
Sammy Gyamfi, revealed this whereas delivering a keynote speech on the ongoing Mining in Movement summit on the Kempinski Resort in Accra.
The GoldBod CEO introduced that from February to Could 2025 alone, Ghana exported gold from the small-scale sector value roughly $4 billion.
“Girls and gents,” he declared, “the whole gross weight of ASM gold exported by or via the PMMC, now GoldBod, from January to Could 2025 stands at a whopping 41.5 tonnes.”
He added, “That is unprecedented. That is historic. For the primary time, artisanal small-scale mining gold exports have surpassed these of the large-scale mining sector in Ghana.”
The CEO credited this milestone to the institution of the Ghana Gold Board by President John Mahama, a transfer he described as “visionary.”
He defined that earlier than the creation of GoldBod, the gold buying and selling sector was “fragmented, unstructured and poorly regulated,” which fuelled widespread smuggling and led to large overseas alternate losses for the state.
“However this unhappy scenario is now a factor of the previous,” he advised the packed room of dignitaries, together with Otumfuo Osei Tutu II, ministers, MPs, diplomats, and business gamers.
“GoldBod has hit the bottom operating. We have now tightened regulatory controls, launched a ruthless battle in opposition to gold smuggling, and deployed efficient aggregation methods throughout the nation that now assist us mop up over 90% of all ASM gold.”
In Could alone, the Board bought and exported 11 tonnes of ASM gold, valued at a staggering $1.172 billion.
Based on the CEO, this enhance in exports has already had actual financial affect.
“These measures have considerably elevated foreign exchange liquidity available in the market and accelerated overseas reserves accumulation,” he mentioned.
“The outcome? A stronger foreign money and improved residing situations for our folks.”
He echoed President Mahama’s message from the day gone by, stating, “Artisanal miners usually are not enemies of the state. When correctly skilled and supported, they are often allies of improvement.”
The CEO highlighted that GoldBod is now the only real purchaser and exporter of all artisanal small-scale gold in Ghana.
It additionally holds the best to buy gold from large-scale miners below the federal government’s preemption rights.
“We took over the belongings, obligations and liabilities of the PMMC and remodeled it right into a high-performing nationwide establishment,” he mentioned.
He additionally outlined the following steps in reforming the sector, together with a digital traceability system for ASM gold by the tip of the yr.
“Each gram of gold bought by GoldBod will likely be traceable. This can improve our market entry and guarantee international credibility.”
On regulatory efforts, he famous, “We have now begun licensing all gamers within the gold buying and selling sector — from aggregators to exporters, refiners, transporters and smelters. All licensees should adhere to a strict code of accountable sourcing.”
To overseas traders, he supplied a transparent invitation: “Whereas the GoldBod Act prohibits foreigners from shopping for gold instantly on the native market, they’re welcome to companion with licensed Ghanaians or apply to off-take gold from the GoldBod. We additionally welcome purposes for refineries, jewelry factories and different value-added enterprises.”
He ended his speech with a pledge. “We’re simply starting. However the GoldBod is decided to fly greater and create a long-lasting financial affect for Ghana and our companions.”
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DISCLAIMER: The Views, Feedback, Opinions, Contributions and Statements made by Readers and Contributors on this platform don’t essentially signify the views or coverage of Multimedia Group Restricted.
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