In its first full year, Ghana’s Gold Board (GoldBod), launched in May 2025, has transformed the nation’s artisanal and small-scale mining (ASM) sector, channeling informal gold flows into formal channels and delivering billions in foreign exchange amid a push for domestic value addition.
Export Surge: ASM gold exports jumped from 63.6 tonnes in 2024 to 103 tonnes in 2025, generating over $10 billion in revenue and marking the first time small-scale output outpaced large-scale mining.
Anti-Smuggling Gains: Formalization captured an incremental 39.4 tonnes previously lost to illicit trade, adding $3.8 billion in forex inflows -- nearly 18 times the Bank of Ghana’s reported trading losses.
Local Refining Launch: Since February 2026, GoldBod has partnered with Gold Coast Refinery to process 1 tonne of ASM gold weekly (up to 2 tonnes capacity), ending raw exports and capturing refining margins while creating jobs and aiming for LBMA certification.
Traceability Push: A pilot program targets 600 ASM sites for responsible sourcing, enhancing compliance with global standards and reducing environmental risks tied to illegal “galamsey” operations.
GoldBod’s model offers key lessons for resource-rich nations like Tanzania, DRC or South Africa facing ASM challenges: Centralize state buying to minimize smuggling, integrate local refining for value retention, and prioritize traceability partnerships to attract premium buyers while fostering sustainable community livelihoods.