Ghana's GoldBod Revolutionizes Artisanal Mining, Boosting Exports and Curbing Smuggling
The West African Country's Early Successes is Inspiring
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.