GoldBod anti-smuggling task force boosts forex inflows, curbs illegal gold trade
A dedicated anti-smuggling taskforce set up by the Ghana Gold Board (GoldBod) has significantly reduced illegal gold trading across the country, boosting formal exports and strengthening foreign exchange inflows.
According to GoldBod’s 2025 audited financial report, the initiative has helped curb gold smuggling, minimise revenue leakages, and improve regulatory compliance within Ghana’s gold value chain.
The Board indicated that nearly all gold produced by the artisanal and small-scale mining (ASM) sector is now being exported through formal channels, ensuring full repatriation of foreign exchange and enabling the country to retain greater value from its mineral resources.
GoldBod described the development as a major breakthrough in a sector historically plagued by illicit trade, under-declaration, and informal export routes, which have long deprived the state of significant revenue.
Officials said the taskforce forms part of broader reforms aimed at formalising the ASM sector, enhancing traceability systems, and strengthening state oversight of domestic gold trading.
The report noted that enforcement efforts have improved compliance among licensed operators while making it increasingly difficult for illegal traders to operate outside the formal system.
As part of the initiative, GoldBod spent GH¢14.29 million on taskforce operations in 2025, making it the largest specialised expenditure item in its financial statements for the year. The Board said this reflects the strategic importance of enforcement in its overall mandate to sanitise the sector.
Beyond enforcement, GoldBod noted that improved compliance has contributed to record export performance and enhanced macroeconomic stability.
Ghana recorded approximately US$20 billion in gold exports in 2025, a sharp increase from US$10.3 billion in 2024. Much of this growth was driven by the formalisation of the ASM sector.
ASM exports alone reached 104 metric tonnes, valued at about US$10.8 billion, with the Board attributing the gains to tighter monitoring, licensing reforms, and sustained anti-smuggling operations.
GoldBod maintained that the success of the taskforce underscores the need for strong enforcement to support formalisation efforts, adding that protecting Ghana’s gold resources from illicit trade remains critical to the country’s economic stability and long-term growth.
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