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Ghana’s artisanal and small-scale miners (ASM) have outpaced large-scale mining companies in gold exports for the first time in the nation’s history, raking in approximately $4 billion in just four months, the CEO of the Ghana Gold Board (GoldBod) announced on Tuesday.
Addressing the Mining in Motion Summit in Accra, Sammy Gyamfi revealed that between February and May 2025, GoldBod, acting on behalf of the Bank of Ghana, purchased and exported gold worth 40 billion Ghana cedis (about $4 billion) from the ASM sector alone.
“Thus, for the first time, gold exports from the Artisanal Small-scale mining sector of Ghana has exceeded gold exports from the large scale sector,” he stated. “Indeed, the total gross weight of ASM gold exported either by or through the PMMC now GoldBod, from January to May 2025, stands at a whopping 41.5 tonnes.”
“In the just ended month of May 2025 alone, gold purchases and exports by the GoldBod from the artisanal small-scale sector hit a record high of 11 tonnes with an export value of a staggering $1.172 billion,” he added.
Gyamfi attributed the spike to new regulatory measures, aggressive anti-smuggling efforts, and the rollout of gold aggregation centres across the country.
“We tightened regulatory controls, launched a ruthless fight against gold smuggling and deployed effective aggregation systems that help us mop up over 90% of all ASM gold,” he said.
Analysts say the dramatic increase in formalised ASM exports has injected substantial foreign exchange into Ghana’s economy at a time when currency stability is a national priority. According to Gyamfi, the gains have already had “a significant positive impact” on foreign reserves and cedi stability.
He emphasised that GoldBod’s efforts are aligned with broader economic recovery measures under President John Mahama’s administration, which has positioned gold as a critical buffer for Ghana’s struggling economy.
“Artisanal miners are not enemies of the state,” Gyamfi noted, quoting President Mahama. “When properly trained and supported, they can be allies of development.”
GoldBod is also rolling out a digital traceability platform and training programmes for artisanal miners, aiming to bolster responsible sourcing and attract ethical investment.
“This is only the beginning,” Gyamfi said. “We are building a mining ecosystem that is transparent, inclusive and globally competitive.”
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