Gold exports from artisanal and small-scale gold mining (ASM) have, for the first time, outpaced those from the large-scale mining sector—raking in over $4 billion between February and May 2025.

The breakthrough was announced by the Chief Executive Officer of the Ghana Gold Board (GoldBod) during his keynote address at the Mining in Motion Summit, held at the Kempinski Hotel in Accra.

The CEO revealed that GoldBod has purchased and exported 41.5 tonnes of gold within just five months, all sourced from the ASM sector. In May alone, exports reached a record 11 tonnes, valued at $1.17 billion USD.

“This milestone shows the true economic potential of small-scale miners when given the right structure and support,” the CEO said. “The GoldBod has mopped up over 90% of all ASM gold in the country, significantly increasing foreign exchange liquidity and contributing to the sustained appreciation of the Ghanaian cedi.”

The success, he noted, stems from reforms spearheaded by the Mahama administration, which created the GoldBod to sanitize the previously fragmented and unregulated gold trading ecosystem. The institution has since replaced the Precious Minerals Marketing Company (PMMC) and now serves as the sole legal buyer and exporter of ASM gold.

Smuggling down, regulation up

The CEO credited the surge in gold exports to tighter regulatory enforcement, including:

• A nationwide aggregation system to monitor and purchase ASM gold
• Licensing of all gold traders, refiners, and exporters
• Anti-smuggling efforts in collaboration with National Security

He also announced that a dedicated anti-gold smuggling task force will be launched in the coming weeks to crack down on illegal trade.

“The days of uncontrolled gold smuggling are over. Every gold smuggler will be brought to justice—no one will be spared,” he said to loud applause.

Next: traceable, sustainable gold

GoldBod’s next move is to roll out digital traceability technology by year’s end. This system will allow the country to track every gram of gold back to its source, ensuring environmental and legal compliance in line with international standards.

The agency also plans to:

• Launch a nationwide training program for ASM miners in sustainable mining practices by September 2025
• Transition from exporting raw gold (dore) to higher-value bullion
• Establish an ISO-certified, LBMA-compliant assay lab by 2026
• Support President Mahama’s vision for a "Gold Village" to make Ghana a hub for African gold jewelry manufacturing

With improved transparency, export growth, and regulatory reform, the CEO issued a strong invitation to international investors and partners.

“Ghana is ready. The GoldBod is prepared. Let us build a future of sustainable mining and mutual prosperity,” he declared.

The developments represent a turning point in Ghana’s mining sector, highlighting the potential of artisanal mining to drive economic growth, stabilize the currency, and uplift mining communities—once seen as victims of illegal and destructive practices.