Sammy Gyamfi says small-scale gold exports hit $10.8bn in 2025

Sammy Gyamfi, the CEO of the Ghana Gold Board (GoldBod), has revealed that the artisanal and small-scale mining (ASM) sector generated $10.8 billion in foreign exchange for Ghana during the 2025 financial year. Speaking at the 2026 African Minerals Policy Forum, Gyamfi attributed this revenue to comprehensive industry reforms that successfully formalized the sector and redirected gold that was previously smuggled out of the country. These measures have significantly altered the landscape of Ghana's mining industry, moving it toward a more structured and transparent framework.

The sector saw a dramatic increase in production and legal exports, rising from 63 tonnes in 2024 to nearly 104 tonnes in 2025. This surge in foreign exchange earnings played a pivotal role in stabilizing the national economy, contributing to a 41% appreciation of the Ghana cedi against the US dollar. Beyond the financial figures, Gyamfi noted that the formalization of the sector has had a direct social impact by creating 4,866 new jobs within the formalized industry structure.

To achieve these results, the Gold Board implemented a four-tier licensing system designed to streamline operations and enhance monitoring across mining sites. The introduction of a blockchain-based traceability system has also improved transparency, ensuring sustainable sourcing and curbing illegal trading. Gyamfi explained that these measures are part of a broader strategy to partner with private refineries to enhance local value addition, rather than relying solely on the export of raw materials.

Looking ahead, the Ghana Gold Board aims to eliminate all raw mineral exports by 2030, focusing instead on domestic refining and processing to maximize national revenue. Gyamfi used the forum to call for stronger regional collaboration among African nations to address cross-border mining challenges and combat smuggling. He emphasized that unified mineral governance and shared policy frameworks are essential for the continent to effectively manage its natural resources and ensure economic stability.