Goldbod has slashed gold smuggling and boosted official exports

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An entrepreneur and finance and economic policy analyst, Senyo K. Hosi, says Ghana has made significant progress in reducing gold smuggling and optimising official exports following the establishment of the Gold Board (GOLDBOD).

He notes that Ghana’s ASM gold export volumes rose from 63.6 metric tonnes in 2024 to about 101 metric tonnes by December 2025, attributing the increase largely to improved accounting and reduced illicit trade.

“We were losing nearly a third of our gold output through smuggling,” Hosi states.

According to him, the pricing strategy adopted by GOLDBOD—offering miners prices close to international market rates—was critical in displacing entrenched foreign buyers and discouraging illegal exports.

Hosi stresses that the gains recorded are structural rather than temporary. “This is not just higher production; it is better capture of national value,” he says.

He adds that the resulting surge in official export receipts has strengthened Ghana’s foreign exchange position and improved overall macroeconomic stability.

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Sammy Gyamfi

Senyo Hosi