The Ghana National Association of Small Scale Miners (GNASSM) has appealed to both the Majority and Minority in Parliament to protect the gains made in the artisanal and small-scale mining (ASM) gold sector, cautioning against political interference driven by short-term interests or external pressure.

In a statement issued on Wednesday, January 1, 2026, and signed by its General Secretary, Godwin N. Amarh, GNASSM stressed that ASM gold trading should not be assessed purely on annual profit and loss figures, but rather on its wider economic, social and governance impact on the country.

The Association pointed out that under the previous administration, about 63.6 metric tonnes of ASM gold were exported in 2024 through the Gold-for-Oil and Gold-for-Reserves programmes, during which the Bank of Ghana recorded losses. Under the current Mahama administration, GNASSM noted that approximately 101 metric tonnes of ASM gold had been exported as of December 23, 2025, with the central bank again reporting losses.

“These figures clearly demonstrate that ASM gold trading cannot be judged solely on narrow accounting measures of profit and loss within a single year. Its broader macroeconomic, social and governance benefits must be considered,” the statement said.

GNASSM commended the Mahama government for establishing the Ghana Gold Board (GoldBod), describing it as a credible and structured gold acquisition framework that has brought discipline and transparency to the sector. According to the Association, GoldBod has formally recognised the contribution of ASM gold to the economy, excluded foreign buyers from direct trading, and maintained continuous engagement with small-scale miners in policy and programme design.

The Association also highlighted GoldBod’s support for capacity building in sustainable mining practices, traceability and environmental stewardship, noting that these interventions are strengthening the sector’s long-term viability.

GNASSM further praised the implementation of transparent and competitive pricing mechanisms, which it said protect miners from arbitrary valuations and financial losses. It added that GoldBod’s liquidity structure ensures the purchase of all legitimately mined gold, helping to curb smuggling and reduce risks linked to money laundering and terrorism financing.

According to GNASSM, these measures have enabled Ghanaians to retain control of the ASM gold market, support domestic capital accumulation and create pathways for small-scale mining operations to grow into larger, more productive enterprises that contribute to national development and improved social outcomes.

The Association warned politicians against actions that could derail the sector, urging Parliament to allow miners and legitimate gold traders to operate within the established transparent framework. It stressed that lawmakers are fully aware of the mandate of GoldBod and the bipartisan spirit that characterised the passage of the Ghana Gold Board Act.

“The small-scale miners are deeply concerned about developments that are disrupting the market and diverting attention from productive work for Mother Ghana,” GNASSM stated, warning that continued political interference could negatively affect Ghana’s foreign exchange position, reserves and overall economic growth.

Meanwhile, the Minority in Parliament has called for a bipartisan investigation into a reported US$214 million loss recorded by the Bank of Ghana under the Gold-for-Reserves programme.

The Minority is demanding the establishment of a parliamentary ad hoc investigative committee with the power to subpoena contracts, licences and intermediaries involved in the programme, citing concerns over transparency and accountability.

The call follows concerns raised by the International Monetary Fund (IMF), which has described the reported losses as a potential risk to Ghana’s macroeconomic stability. In its fifth review of Ghana’s IMF-supported programme, the Fund disclosed that losses from artisanal and small-scale doré gold transactions under the Gold-for-Reserves initiative had reached US$214 million by the end of September 2025.

“In 2025, through the end of the third quarter, losses from the artisanal and small-scale doré gold transactions component of the Gold-for-Reserves programme reached US$214 million, equivalent to 0.2 per cent of GDP, largely driven by trading losses and GoldBod off-taker fees,” the IMF report stated.