GoldBod Tightens Oversight of ASM Gold Trade to Ensure Full Forex Repatriation; Touts $10.8bn FX Inflows From Sector In 2025
Ghana Gold Board (GoldBod) is tightening regulatory oversight of the artisanal and small-scale mining (ASM) gold trade as part of efforts to ensure full repatriation of export proceeds and curb illicit activities in the sector.
Chief Executive Officer of GoldBod, Sammy Gyamfi, disclosed that under the current regime, no private individual is permitted to independently buy and sell ASM gold without the involvement of the Board.
Speaking in an interview on PM Express Business Edition on Thursday, March 26, 2026, he explained that although GoldBod retains sole authority to purchase and export ASM gold, a limited category of licensed traders—referred to as self-financing aggregators—are allowed to participate under strict conditions.
“Even though we had the sole authority to buy all ASM gold and export and bring in the foreign exchange, we allowed a certain category of traders called self-financing aggregators to also participate in the trade,” he stated.
He noted that such aggregators are required to demonstrate proof of upfront foreign exchange payments through commercial banks or the Bank of Ghana before export approvals are granted.
“But before they could even export gold, they had to show that the foreign exchange had already been paid in advance… before we allow your shipment to go,” he added.
According to Mr. Gyamfi, the enhanced regulatory and compliance framework is aimed at ensuring that all export proceeds from ASM gold are fully repatriated into the domestic economy.
“We are ensuring that every dollar proceeds connected to the selling of ASM gold… comes back into the economy,” he said.
He revealed that these measures contributed to the generation of over $10.8 billion in foreign exchange for the Central Bank in 2025, describing the figure as unprecedented.
GoldBod has also intensified enforcement actions to address smuggling and market manipulation, including the establishment of a dedicated task force to clamp down on illegal gold trading activities.
“Our compliance measures are focused on blocking the leakages—illegal traders, those who don’t have a license, those who hoard to manipulate prices, and those who facilitate smuggling,” he explained.
Mr. Gyamfi further disclosed that authorities have seized significant quantities of gold from smugglers, which are undergoing due process for confiscation and eventual sale, with proceeds earmarked for development projects in mining communities.
He indicated that while gold smuggling has not been completely eliminated, it has reduced significantly due to a combination of enforcement, competitive pricing, and market incentives.
In terms of output, GoldBod recorded 104 metric tonnes of ASM gold in 2025, a sharp increase from 63 metric tonnes in 2024. He attributed the surge to improved regulatory controls and favourable global gold prices.
Looking ahead, the Board is targeting over 120 metric tonnes of ASM gold under the Ghana Accelerated National Reserve Accumulation Programme.
Mr. Gyamfi noted that the combined effect of increased production volumes and rising gold prices continues to support Ghana’s foreign exchange inflows and broader macroeconomic stability.
