Ghana's GoldBod, the Ghana Gold Board, purchased and exported gold valued at $16.11 billion between January 2025 and May 2026. This significant export volume, predominantly from the artisanal and small-scale mining (ASM) sector, underscores its growing dominance in the nation's gold industry.
This strong performance is vital for Ghana's economic stability. It is expected to strengthen the country's external reserves and support ongoing economic recovery efforts. The ASM sector has consistently outpaced large-scale operations in both gold production and the generation of foreign exchange.
This development aligns with Ghana's broader economic strategy to enhance its foreign exchange reserves and stabilize the cedi. The nation has been implementing reforms to formalize the gold trade, aiming to curb illegal exports and channel proceeds through official financial systems. This strategic focus on the ASM sector reflects a deliberate effort to leverage a key natural resource for national development.
Sammy Gyamfi, GoldBod's Chief Executive Officer, stated that the Board purchased approximately 50 to 54 metric tonnes of gold in the first half of 2026. He projected that Ghana is likely to match or even surpass last year's record-breaking output. In 2025, GoldBod purchased and exported 104 metric tonnes of gold from the ASM sector, marking the first time small-scale mining exceeded large-scale production.
The increased gold purchases have significant implications for Ghana's financial health. They contribute directly to the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which aims to achieve 15 months of import cover by the end of 2028. Current reserves provide about 5.7 months of import cover, highlighting the need for continued accumulation.
The ASM sector generated nearly $11 billion in foreign exchange earnings in 2025, surpassing the approximately $9 billion contributed by large-scale mining companies. This demonstrates the sector's critical role as Ghana's leading source of export revenue and foreign exchange. Between January 2025 and May 2026, GoldBod purchased 135.843 metric tonnes of gold, with 135.221 metric tonnes originating from licensed artisanal and small-scale miners.
The rapid expansion of the formal ASM sector follows government reforms designed to improve regulation, transparency, and traceability within the gold trade. As of May 31, 2026, GoldBod had licensed 1,184 gold buyers, including two aggregators, 67 self-financing aggregators, 736 Tier Two buyers, and 379 Tier One buyers. This licensing regime ensures that gold is purchased only from licensed miners before being sold to GoldBod for export, reducing smuggling and improving accountability.
Mr. Gyamfi noted that reforms have significantly increased the volume of gold entering official marketing channels. These measures enable the state to capture a larger share of export revenue from the booming artisanal mining industry. The continued rise in official purchases has also boosted dollar inflows, supporting exchange rate stability and broader macroeconomic recovery.
Despite strong production, Mr. Gyamfi acknowledged that recent declines in international gold prices have moderated GoldBod’s revenue expectations for 2026. The Board's original projections were based on an average gold price of about $5,000 per ounce and weekly purchases of approximately 2.5 metric tonnes. While prices have eased, average bullion prices remain higher than in 2025, suggesting Ghana will still earn more from gold exports this year than last.
GANRAP has set a weekly gold purchase target of approximately 3.02 metric tonnes. Officials estimate this could generate annual gross inflows of about $25.3 billion, strengthening reserve accumulation, exchange rate stability, and long-term macroeconomic resilience. This strategic approach underscores Ghana's commitment to leveraging its gold resources for sustained economic growth and stability.