The newly empowered gold regulatory agency, the Ghana Gold Board (GoldBod), has launched an aggressive crackdown on illegal gold smuggling while celebrating a historic turnaround in the country’s artisanal mining sector.

At the Mining in Motion Summit in Accra, GoldBod’s Chief Executive Officer, Sammy Gyamfi announced record-breaking export figures and outlined a series of sweeping reforms aimed at reclaiming control over Ghana’s gold trade.

Speaking before a distinguished audience that included Asantehene Otumfuo Osei Tutu II, the CEO declared that the era of uncontrolled gold smuggling and unregulated gold trade was “over.”

Until recently, Ghana’s gold economy—especially the Artisanal and Small-Scale Mining (ASM) sector—was plagued by disorder.

Smuggling routes thrived due to fragmented regulation, weak market access for miners, and poor oversight. Billions in foreign exchange were lost annually, weakening the economy and fueling illegal operations.

The situation prompted the Mahama administration to act.

The GoldBod was launched as a central state agency to restore sanity to the gold supply chain.

Its legal mandate includes purchasing, refining, exporting, and assaying gold—particularly from the ASM sector.

Now, just less than a year into full operations, GoldBod claims to have changed the game.

GoldBod revealed that between February and May 2025, it facilitated gold exports worth over GHS 40 billion (US$4 billion) from the artisanal sector alone.

For the first time, ASM gold exports surpassed those from large-scale mines.

In May 2025, a single-month record of 11 tonnes of ASM gold—valued at US$1.17 billion—was exported, marking a dramatic rise in formalized small-scale mining’s contribution to Ghana’s economy.

The CEO credited the success to new aggregation systems, rigorous licensing processes, and strategic partnerships with the Bank of Ghana to mop up over 90% of ASM gold.

These developments have helped stabilize the cedi and increase foreign reserves, according to GoldBod.

Smugglers Beware

While highlighting these gains, GoldBod’s CEO was emphatic that the fight against gold smuggling was entering a more aggressive phase.

A new anti-gold smuggling taskforce, to be launched in collaboration with the National Security Secretariat, will track and dismantle illicit gold networks.

“All persons who fall foul of the law will be dealt with, no matter whose ox is gored. No one will be spared,” the CEO warned, pledging that smugglers would face arrest and prosecution.

Foreigners have also been cautioned. Under the GoldBod Act, non-Ghanaians are barred from purchasing gold directly from the local market but may engage through licensed Ghanaian partners or apply to the Board for off-take and value-addition opportunities.

Digitization, Traceability, and Green Mining on the Horizon

GoldBod is not just focused on enforcement. It is also investing in technology and sustainability. By the end of 2025, the Board will introduce a digital traceability system for all gold in the supply chain.

This system will ensure that every gram of gold exported is traceable to a licensed, environmentally compliant source.

Further, beginning September 2025, GoldBod will roll out a training program for ASM operators in sustainable mining and modern recovery methods.

It will also support the Ministry of Lands and Natural Resources cooperative mining program and offer investor incentives in the form of long-term gold discounts.

Value Addition and the Gold Village Dream

In alignment with Ghana’s new mineral value-addition agenda, GoldBod aims to shift Ghana away from exporting raw ore to refined bullion.

Local refineries are being supported to achieve the London Bullion Market Association (LBMA) certification.

The Board is also working toward establishing a “Gold Village”, a presidential initiative designed to turn Ghana into a continental hub for gold jewelry production, processing, and export.

Infrastructure and Community Impact

A major infrastructure investment is also underway: the establishment of a world-class assay laboratory—ISO-certified and LBMA-compliant—by 2026.

This facility will enable accurate testing of all gold leaving Ghana, protecting the integrity of the export market.