The Finance Minister stated that this remarkable growth – a 100 percent increase in export volume and a 180 percent jump in value – was largely driven by reforms introduced through the newly established Gold Board (GOLDBOD), which has intensified efforts to formalise and regulate small-scale gold production and exports.
“For the first time in Ghana’s history, gold exports from the small-scale mining sector have exceeded those from the large-scale sector,” Dr. Forson said during his presentation of government’s ‘Mid-Year Fiscal Policy Review of the 2025 Budget Statement and Economic Policy’. He noted that the substantial foreign exchange inflows from GOLDBOD’s operations in the artisanal, small-scale mining sector have significantly strengthened the country’s reserves, improved balance of payments and provided critical support to the Ghana cedi.
“This tells a story. A story of a country that has been denied the full benefits of its gold resources. A story of a country where illegal gold trade and smuggling have been allowed to fester to the detriment of the people’s well-being,” he added.
GOLDBOD, established to oversee and streamline activities in the small-scale gold mining industry, has introduced reforms to the licencing regime that governs the local gold trading sector and introduced new aggregation systems to effectively mop-up gold from the artisanal, small-scale mining sector across the country. These measures, the minister reiterated, are what have contributed to yielding tangible economic benefits within the short period of their operation.
Ghana, Africa’s top gold producer, has long relied on large-scale mining firms for foreign exchange earnings. But the surge in output from small-scale miners signals a structural shift, with growing contributions from previously informal players now being captured in official statistics.
