GNASSM Defends GoldBod Framework Amid Calls for Probe into BoG Gold Losses
The Ghana National Association of Small Scale Miners (GNASSM) has urged both the Majority and Minority in Parliament to protect recent gains made in the artisanal and small-scale mining (ASM) gold sector, warning against disruptions driven by short-term political considerations or external pressure.
The Association, in a statement issued on Wednesday, January 1, 2026, and signed by its General Secretary, Godwin N. Amarh, the Association stressed that ASM gold trading should not be assessed solely on annual profit and loss outcomes but evaluated within a broader macroeconomic, social and governance context.
GNASSM noted that under the previous administration, 63.6 metric tonnes of ASM gold were exported in 2024 through the Gold-for-Oil and Gold-for-Reserves programmes, during which period the Bank of Ghana recorded losses. Under the current Mahama administration, the Association said ASM gold exports had reached 101 metric tonnes as of December 23, 2025, with the central bank again posting losses.
“These figures show clearly that ASM gold trading cannot be assessed solely on a narrow accounting basis of profit and loss in a single year. Its broader macroeconomic, social, and governance benefits must be taken into account,” GNASSM stated.
The Association commended the Mahama administration for establishing the Ghana Gold Board (GoldBod), describing it as a credible and structured gold acquisition framework that has strengthened the ASM sector.
According to GNASSM, GoldBod has formally recognised the contribution of ASM gold to the economy, excluded foreign buyers from direct participation in local trading, maintained continuous engagement with small-scale miners in policy and programme design, and provided targeted support for capacity building in sustainable mining, traceability and environmental management.
GNASSM further praised GoldBod’s transparent and competitive pricing mechanisms, which it said protect miners from losses arising from arbitrary valuations. The Association added that GoldBod’s liquidity structure ensures that all legitimately mined gold can be purchased, thereby reducing smuggling and mitigating risks associated with money laundering and terrorism financing.
It argued that these measures have enabled Ghanaians to retain control of the ASM gold market, support domestic capital accumulation and create a pathway for small-scale operations to grow into larger, more sustainable mining enterprises with positive social and economic spillovers.
The Association cautioned lawmakers against actions that could undermine the existing orderly and transparent framework governing the sector. It stressed that Parliament is fully aware of the mandate of the GoldBod and the bipartisan approach that led to the passage of the Ghana Gold Board Act, urging both sides of the House to maintain a united front in support of the sector.
“The small-scale miners are not happy at all about what is happening and its adverse effect on the market, since our players are being derailed instead of being allowed to focus and execute their work for Mother Ghana,” GNASSM said, warning that political interference could negatively affect foreign exchange inflows, reserves accumulation and overall economic development.
Meanwhile, the Minority in Parliament has called for a bipartisan parliamentary inquiry into the reported $214 million loss recorded by the Bank of Ghana under the Gold-for-Reserves (G4R) programme.
The Minority is demanding the establishment of an ad hoc investigative committee with powers to subpoena contracts, licences and intermediaries involved in the programme, following concerns raised by the International Monetary Fund (IMF).
In its fifth review of Ghana’s ongoing IMF programme, the Fund disclosed that losses from the artisanal and small-scale doré gold transactions component of the G4R programme had reached $214 million by the end of September 2025, equivalent to about 0.2 per cent of GDP.
“In 2025 through end-Q3, losses from the artisanal and small-scale doré gold transactions component of G4R have reached US$214 million, mostly on trading losses but also on GoldBod off-takers’ fees,” the IMF stated, describing the losses as a potential risk to Ghana’s macroeconomic stability.
