Ghana’s newly-formed Ghana Gold Board (GOLDBOD) has unveiled an ambitious plan to generate up to $12 billion annually from gold exports starting next year, positioning the country’s small-scale miners at the centre of a national economic revival.
In an exclusive interview with Bloomberg, GOLDBOD Chief Executive Sammy Gyamfi outlined a strategy to double weekly gold purchases—from 1.5 tonnes in January to over 3 tonnes by December—as part of efforts to formalise artisanal mining operations and combat black-market trade.
“Our goal is to move above 3 tonnes a week in purchases,” Gyamfi said. “We expect to bring in about $6 billion by the end of this year, but we are confident that we will reach the $12 billion in annual inflows from next year.”
The move comes at a critical time for Ghana, as the country struggles to recover from a sovereign debt default in 2022 and limited access to global credit markets.
Preliminary estimates from GOLDBOD show that gold exports surged more than 50% in 2023, reaching $11.6 billion, with total production rising to 151 tonnes. Notably, small-scale and artisanal miners contributed 66 tonnes, or more than 40% of national output, up from the historical average of one-third.
The sharp rise has been buoyed by record-high global gold prices, which recently hovered near $3,300 per ounce. The Ghanaian government now sees an opportunity to formalise a sector long marred by informality, environmental degradation, and lost revenue.
“The expected increase in earnings from small-mine output will have a positive impact on inflation and gross domestic product,” Gyamfi noted, “and on the foreign component of our debt profile.”
GOLDBOD, established earlier this year, has been tasked with overseeing all gold trading activities in the country, including purchases from small-scale miners. The board’s formation marks a decisive policy shift, one aimed at turning Ghana’s gold into a source of financial stability rather than a target for illicit trade.
Analysts say the success of GOLDBOD’s initiative will depend on its ability to build trust with small-scale miners, provide fair pricing, and curb corruption within the sector. But with the right support, Ghana’s untapped gold potential could prove transformative.
