Mr. Gyamfi described the deployment of a nationwide gold aggregation system as a “game-changer,” saying it is helping to streamline ASM gold collection, enhance traceability, and maximise mineral revenue for the country.

“We have intensified the fight against gold smuggling like never before, effective aggregation networks and systems have been rolled out across the country to mop up almost all ASM gold produced,” he said.

He stressed that the previous era, when large volumes of ASM gold were smuggled out of the country, robbing Ghana of crucial revenue and exposing the sector to environmental risks is now being firmly addressed.

“Today, the state is mopping up ASM gold responsibly. We are exporting it and bringing in the corresponding foreign exchange to support the economy,” Mr. Gyamfi added.

Enhancing Financial Oversight

As part of its reforms, the Gold Board has tightened licensing requirements to ensure compliance with national and international financial regulations. 

Mr. Gyamfi explained that companies seeking a Gold Board license must now undergo rigorous Know Your Customer (KYC) and due diligence checks in collaboration with the Bank of Ghana and the Financial Intelligence Centre.

“This is part of our broader commitment to promoting anti-money laundering and counter-terrorism financing regulations, we’re determined to ensure that the gold trade in Ghana is transparent, secure, and beneficial to the national economy,” he said.

Business Implications

The crackdown on smuggling and improved gold traceability are expected to restore investor confidence in Ghana’s gold supply chain and increase formal sector participation. 

Moreover, the Gold Board’s reforms are anticipated to stimulate job creation, improve revenue mobilisation, and encourage partnerships between small-scale miners and formal financial institutions, including gold refiners and exporters.

Speaking at the “Mining in Motion” Summit held at the Kempinski Hotel in Accra, the CEO commended President Mahama for his vision in establishing GoldBod to regulate and formalize gold trading in the country.

“Ghana may be Africa’s top gold producer, but for too long, we’ve been like a butcher starved of protein,” the CEO remarked, highlighting the paradox of wealth without broad-based benefit.

He attributed this to a previously fragmented and poorly regulated sector that enabled smuggling and undermined national revenue.

Since its establishment, GoldBod has introduced stricter regulatory controls, intensified the fight against gold smuggling, and implemented effective gold aggregation systems nationwide. The impact has been immediate and significant.

Between February and May 2025, GoldBod purchased and exported artisanal and small-scale mining (ASM) gold worth approximately GH¢40 billion (US$4 billion). For the first time in Ghana’s history, ASM gold exports have overtaken those from large-scale mining firms.

From January to May 2025, 41.5 tonnes of ASM gold were exported. In May alone, GoldBod recorded 11 tonnes valued at US$1.172 billion, boosting Ghana’s foreign exchange reserves and improving living standards in mining communities.

“Artisanal miners are not enemies of progress,” the CEO said. “With training and support, they can become true allies of national development.”

To further professionalize the sector, GoldBod, together with the Ministry of Lands and Natural Resources will begin training artisanal miners in modern recovery techniques starting September 2025.

All actors in the gold trading value chain, including aggregators, refiners, smelters, and exporters are now required to obtain licenses and comply with strict anti-money laundering and anti-terrorism financing regulations.

While international investors are welcome to partner with local licensees or apply for licenses to operate refineries and jewelry manufacturing hubs, foreigners are prohibited from directly purchasing gold on the local market.

A portion of GoldBod’s surplus revenue will be reinvested in mining communities through sustainable development initiatives. Programs such as “Blue Water” and “Tree for Life” will focus on land reclamation, environmental protection, education, healthcare, and social infrastructure.

On enforcement, the CEO was unequivocal: illegal gold trading and smuggling will no longer be tolerated. A permanent anti-smuggling task force will soon be launched in collaboration with the National Security Secretariat.

Looking ahead, GoldBod aims to transition from exporting raw dore gold to bullion exports by collaborating with local refineries to achieve LBMA accreditation. Plans are also underway to establish an ISO-certified, LBMA-compliant assay laboratory by 2026, which will ensure accurate gold testing and boost investor confidence.

The CEO reaffirmed GoldBod’s commitment to building a “Gold Village” that will position Ghana as Africa’s hub for gold jewelry production. Geological research investments will further support sustainable and responsible mining.

He called for international collaboration, urging institutions such as the London Bullion Market Association (LBMA) and the World Gold Council to join Ghana in advancing responsible sourcing and supply chain traceability.

“Ghana is ready, GoldBod is prepared. Together, we can uplift our communities while safeguarding our environment,” he added.

The edifice, which will be likened to the Dubai Gold Souk in the United Arab Emirates, will serve as ‘a hub of gold jewelry and ornaments in Africa’.

Addressing a gathering of industry players at the ongoing Mining in Motion Summit, Mr Sammy Gyamfi indicated this is novel enterprise is part of government’s plans to increase the value addition of the country’s gold produce.

“Let me also say, that the GodlBod is opened to symbiotic partnerships to actualize the vision of President Mahama to establish a “Gold Village” in Ghana to serve as a hub of gold jewelry and ornaments in Africa”, Mr Sammy Gyamfi revealed.

In his presentation, he also touched on other relevant interventions by the Goldbod, which will help Ghana derive the full benefits of its gold resource.

He further disclosed plans by his outfit to clamp down on smuggling and build a robust and well-coordinated gold trading sector that focuses on prosperity for Ghanaians.

Since inception, the Ghana Goldbod has already chalked many successes in its operations.

Addressing the gathering, the CEO further revealed that for the first time in Ghana’s history, gold exports from the artisanal small-scale mining (ASM) sector have overtaken exports from large-scale producers, marking what he described as a “defining moment” in the nation’s extractive sector.

Meanwhile despite its significant achievements, Mr Sammy Gyamfi has stated that his outfit will not rest on her laurels, but will continue to do more to the benefit of its partners, stakeholders and Ghanaians at large.

“I wish to extend a warm hand of invitation to the LBMA, the World Gold Council, the OECD, and the global investor community across the entire mining value chain, to partner with Ghana in the area of sustainable mining, responsible sourcing and value addition to attain the best of mutual outcomes.

“Ghana is ready! The Goldbod is prepared!! And together, we can all sail to higher realms of dividends in the mining sector where the environment is preserved, lives are bettered, and communities are uplifted!”, the address concluded

The revelation was made by GoldBod CEO Sammy Gyamfi at the Mining in Motion Summit held in Accra on Tuesday, where he described the performance as unprecedented and a direct result of reforms introduced under the new state-backed agency.

“This is the first time in our country’s history that gold exports from the ASM sector have surpassed those from the large-scale sector,” Gyamfi declared. “This milestone reflects the effectiveness of the bold regulatory and institutional changes we’ve implemented through GoldBod.”

Established by President John Dramani Mahama to bring structure and oversight to Ghana’s fragmented gold trading system, GoldBod is now the sole legal buyer and exporter of all artisanal small-scale gold in the country. It has also assumed the rights, responsibilities, and operations of the defunct Precious Minerals Marketing Company (PMMC).

According to Gyamfi, GoldBod’s operations now account for over 90% of all ASM gold output, thanks to a national gold aggregation system and tightened regulatory controls aimed at eliminating smuggling and maximizing state revenue.

“This is a defining moment for Ghana’s extractive sector. What was once a poorly regulated and leakage-prone industry is now a major pillar of our forex generation and macroeconomic stability,” Gyamfi said.

He credited the reforms with boosting foreign exchange liquidity, enhancing foreign reserves accumulation, and contributing to the stabilization and appreciation of the national currency in recent months.

Gyamfi further emphasized that the transformation was the result of extensive stakeholder consultation and a clear mandate to improve transparency, value retention, and local beneficiation in Ghana’s gold economy.

In addition to ASM gold, GoldBod is also mandated to purchase a portion—or all—of the gold produced by large-scale mining firms, in line with the government’s preemption rights, exercised through the Ministry of Lands and Natural Resources.

“With this strong start, GoldBod is not just managing gold—it is reshaping the future of Ghana’s mineral wealth and ensuring that the true value of our resources benefits all Ghanaians,” Gyamfi concluded

Speaking at the official opening of the Mining in Motion Summit in Accra on Monday , 2 June, the Asantehene emphasized that Ghana’s longstanding challenge has not been the lack of natural resources, but rather the inability to fully capitalize on them in the competitive global market.

“Probably the most costly effect of illicit mining to me is the distraction from the real challenge we face, which is how we maximize the benefits of our noble heritage. We have to be true to ourselves and admit that we have not done a good job of representing and protecting ourselves in the competitive global market,” Otumfuo stated.

In his remarks, the Asantehene praised Sammy Gyamfi for his bold and patriotic leadership at GoldBod, noting that his efforts are helping shift the national focus from reactive responses to illegal mining toward proactive strategies that secure long-term value from Ghana’s mineral wealth. “Sammy, I thank you very much on this one,” Otumfuo said, acknowledging Gyamfi’s role in advocating for stronger institutions, value addition, and equitable returns from the gold industry.

The commendation comes at a time when Ghana is intensifying efforts to formalize the mining sector, increase local participation, and curb the harmful environmental and economic effects of illegal mining. Under Gyamfi’s leadership, GoldBod has emerged as a vocal proponent of responsible mining, transparent governance, and Ghanaian ownership of strategic mineral assets.

Otumfuo reiterated that the conversation around mining must go beyond policing illegal activities to include systemic reforms that elevate Ghana’s position in the global mineral value chain.“Through the mining industry, and gold in particular, we have the opportunity to rewrite our story — but only if we take ourselves seriously,” he added.

The Asantehene’s endorsement of GoldBod’s direction signals growing support from traditional leadership for reforms aimed at maximizing national benefit from Ghana’s natural resources.

Speaking at the Mining in Motion Summit  held at the Kempinski Hotel in Accra on Monday, 2 June, President Mahama announced that GoldBod will soon introduce a track-and-trace system to ensure the ethical and transparent sourcing of gold.

“GoldBod is taking bold and necessary steps to make sure that every ounce of gold can be traced to its origin, and that the process behind it meets national and international standards for sustainability,” President Mahama stated.

The track-and-trace initiative is a key component of GoldBod’s broader push to secure London Bullion Market Association (LBMA) certification — a globally respected mark of credibility in the gold industry.

To qualify for LBMA certification, gold refiners must satisfy a series of rigorous conditions, including financial soundness, a credible and well-equipped analytical laboratory, proven production capacity, market experience, and a strong commitment to responsible sourcing. Regular independent audits are also required to maintain the certification.

“This step strengthens the Board’s vision of sanitizing Ghana’s gold trade and ensuring it contributes meaningfully to national development,” President Mahama added.

As part of ongoing efforts to clamp down on illegal mining and promote regulatory compliance, GoldBod CEO Sammy Gyamfi  who is expected to speak at the conference on June 3, 2025, has already hinted at complementary enforcement strategies.

In a recent interview, Gyamfi revealed that the government, in collaboration with GoldBod, will soon begin tracking excavators nationwide, ensuring they are used strictly for legal and environmentally responsible mining operations.

“Tracking excavators is not just about enforcement; it’s about accountability,” Gyamfi said. “We want to make sure that mining is done right — with respect for the law, the land, and the people.”

With the rollout of these reforms, GoldBod is positioning Ghana not only as a leading gold producer but also as a responsible actor in the global mineral trade. The Mining in Motion conference continues tomorrow with high-level discussions expected to focus on governance, investment, and inclusive growth in the extractive sector.

This call was made during a courtesy visit to the Chief Executive Officer of Goldbod, Mr. Sammy Gyamfi, to formally congratulate him on his recent appointment. Speaking on behalf of the association, Executive Secretary Mr. Samson Asaki Awingobit commended Mr. Gyamfi, describing his appointment as a testament to his expertise, leadership qualities, and track record in the sector.

He expressed optimism that under Mr. Gyamfi’s leadership, Goldbod will witness significant progress and play an even more impactful role in stabilizing the country’s currency through gold-related initiatives.

In response, Mr. Gyamfi expressed appreciation for the association’s visit and support. He reaffirmed Goldbod’s commitment to implementing robust strategies aimed at supporting the local currency. According to him, the continued operations and interventions by Goldbod, particularly will contribute significantly to sustaining the cedi’s appreciation and strengthening Ghana’s macroeconomic stability.

Gold exports from the country have surged as international prices have soared, and much of that expansion is down to small-mine and artisanal production. The government this year set up a regulator

to handle all gold buying and selling, hoping to boost foreign-currency reserves and curb black-market trading.

“Our goal is to move above 3 tons a week” in purchases, up from about 1.5 tons a week in January, said Sammy Gyamfi, the Ghana Gold Board’s chief executive officer. “We expect to be able to bring in about $6 billion by the end of this year, but we are confident that we will reach the $12 billion in annual inflows from next year.”

Africa’s top gold producer, which has been locked out of international capital markets following a debt default in 2022, is taking advantage of its largest foreign-exchange earner as gold prices climb. Bullion is trading near $3,300 an ounce after reaching successive records during the past year.

Ghana’s exports rose more than 50% to $11.6 billion last year as small-scale mining underpinned an increase in output. The small-scale mining sector, which typically accounts for a third of annual output, increased its contribution to more than 40% last year, Gyamafi said, citing initial estimates.

Total production rose to 151 tons in 2024, with 66 tons coming from the small-scale segment, which has also driven a growth in black-market trading, he said.

The regulator has ramped up its gold purchases from artisanal miners to fight smuggling, Gyamfi said in an interview in the capital, Accra. The expected increase in earnings from small-mine output will “have a positive impact on inflation and gross domestic product, and on the foreign component of our debt profile,” he said

The announcement, made in a statement released on Thursday, May 22, and signed by Prince Kwame Minkah, Media Relations Officer of GoldBod, follows multiple petitions from stakeholders within the gold trading industry.

Under the revised directive, all persons currently holding licenses previously issued by the now-defunct Precious Minerals Marketing Company (PMMC) and the Ministry of Lands and Natural Resources are permitted to continue purchasing and dealing in gold using those licenses until the new deadline.

However, GoldBod has made it clear that this grace period is final and non-extendable.

“Only holders of a GoldBod license will be allowed to purchase, sell, or deal in gold after June 21, 2025. The use of licenses issued by the defunct PMMC or the Ministry of Lands and Natural Resources will be prohibited beyond this date. A breach of this directive will constitute a punishable offence under the Ghana Gold Board Act, 2025 (Act 1140).”

Despite the one-month extension for trading operations under old licenses, the export function tied to those licenses has been revoked effective immediately. As of May 22, only GoldBod, as a corporate entity, retains the authority to export small-scale gold from Ghana.

This marks a significant shift in gold export control, centralising the process under a single regulatory body.

GoldBod also encouraged all prospective traders and dealers to begin or complete their license applications via its official website, http://www.goldbod.gov.gh.

While the application process remains open beyond the June 21 deadline, the agency reiterated that no trading or dealing in gold will be allowed without a valid GoldBod license after that date.

GoldBod further called for continued cooperation from all stakeholders and members of the public as it implements these regulatory reforms aimed at ensuring transparency, accountability, and national interest in the gold sector.

Speaking at the inauguration of the 13-member Board of Directors, Dr Forson stated, “GoldBoD is not just another institution—it is a vehicle for achieving currency stability, enhancing transparency in the gold trade, and supporting our broader recovery efforts.”

He extended the government’s congratulations to the board members on behalf of President John Dramani Mahama, urging them to approach their mandate with commitment and integrity.

Dr Forson noted that Ghana’s renewed focus on its gold resources is already bearing fruit, with the cedi recording a 16.7% appreciation against the US dollar as of May 13, 2025—the strongest performance of any currency globally so far this year.

“This turnaround is no accident. It reflects strong coordination between monetary and fiscal policy, improved inflows from gold, cocoa and remittances, and firm discipline in managing the public purse,” he asserted.

He emphasised that the GoldBoD would be crucial in sustaining this positive trajectory and in repositioning Ghana’s economy for long-term growth.

According to the Finance Minister, the GoldBoD will play a pivotal role in deepening transparency and maximising returns from Ghana’s gold sector.

He explained, “The Ghana GoldBob will be key to sustaining this progress and ensuring the sector contributes even more meaningfully to our economic transformation.”

Dr Forson expressed confidence in the board’s leadership, particularly under Mr Kojo Fynn, and encouraged members to uphold national interest above all else.

In concluding his remarks, Dr Forson reaffirmed the Mahama administration’s commitment to building a stronger and more resilient Ghanaian economy. 

“Let’s continue building a stronger, more resilient economy together,” he urged.

He expressed optimism that the GoldBod would serve as a cornerstone in Ghana’s renewed strategy for economic independence, currency stability, and resource-led development.