- GoldBod Says 170 Tonnes of ASM Gold Worth Over US$17 Billion Have Entered Formal Channels
Ghana’s state gold trading authority says it has channelled about 170 tonnes of artisanal and small-scale mining gold worth more than US$17 billion through formal export channels since 2025, as the government seeks to capture a larger share of the value generated by the country’s most important export commodity.
The Ghana Gold Board disclosed the figures at the National Mining Dialogue in Accra on August 18, outlining an expansion of its role across gold aggregation, refining, traceability, geological exploration, environmental restoration and downstream manufacturing.
“The GoldBod since its establishment has waged a restless war against gold smuggling, ensuring the export of about 170 tonnes of ASM gold through formal channels from 2025 to date,” its Chief Executive Officer said. “This has generated foreign exchange of over $17 billion USD for the country thereby strengthening FX market stability, foreign reserves and macroeconomic stability.”
The figures underline the growing importance of artisanal and small-scale mining to Ghana’s external sector. ASM produced about 3.11 million ounces in 2025, representing roughly 52.36% of Ghana’s total gold production of 5.94 million ounces, according to figures cited at the dialogue.
That shift has strengthened the case for formalisation while simultaneously increasing the risks associated with smuggling, environmental degradation and weak traceability. GoldBod’s strategy is therefore attempting to bring more production into formal channels while retaining a larger share of the associated economic value inside Ghana.
Local refining is central to that agenda. The GoldBod CEO said nearly nine tonnes of gold aggregated by the Board had already been refined domestically this year, representing an effort to reduce Ghana’s historic reliance on overseas refining.
“The GoldBod is fast-changing Ghana’s tragic story of zero local refining of its gold resources,” he said. “This year alone, nearly nine tonnes of gold aggregated by the GoldBod has been refined right here in Ghana. This is helping to create sustainable jobs while retaining refining fees and associated benefits in the Ghanaian economy.”
The strategy extends further downstream. GoldBod plans to establish a Ghana Gold Village with private investors to support jewellery manufacturing, fabrication and international marketing through GoldBod Jewelry Limited, reflecting a broader attempt to capture margins beyond the export of unprocessed or semi-processed gold.
The Board is also preparing a gold tokenisation programme for 2027 that it says will allow citizens and other Africans to acquire fractional interests in gold-backed investment products. “Through this initiative, citizens with modest funds can participate in gold-backed investment opportunities,” the CEO said. “The objective is simple: we must all own and share in the mineral wealth of our nation.”
The proposal could widen access to gold as an investment asset, but its credibility will depend on how custody, valuation, redemption and investor protection are structured. Tokenisation may broaden participation, but it also introduces regulatory questions around the intersection of commodities, securities and digital assets.
GoldBod is simultaneously moving deeper into small-scale mining formalisation. Working with the Ministry of Lands and Natural Resources, Minerals Commission and RCOMSDEP, it plans to begin an ASM Formalisation and Financing Support Programme in 2027 aimed at helping operators become legally compliant and gain access to technical support and financing.
The Board also intends to contract a technology-driven national traceability system by the end of 2026, with a competitive tender process already underway. Such a system could become increasingly important as international refiners and buyers place greater emphasis on responsible sourcing, provenance and environmental compliance.
Environmental restoration has also been folded into the strategy. GoldBod has begun reclaiming 50 hectares of degraded land in the Tano Nimri Forest Reserve and intends to restore another 100 hectares next year, while financing the rehabilitation of water treatment plants affected by poor raw water quality linked partly to irresponsible mining.
Three facilities at Daboase, Sekyere Hemang and Bonsa are being rehabilitated, serving more than 76 communities and about 100,000 people. Plants at Kwanyako, Baifikrom and Essagyir are expected to follow next year.
The most consequential shift may be occurring in the relationship between large-scale mining, domestic refining and reserve accumulation. Under the Ghana Accelerated National Reserve Accumulation Programme, gold purchased from large-scale producers for reserve purposes is intended to be refined locally from July 1, 2026.
GoldBod said the government has also moved from an earlier 20% offshore acquisition arrangement to a 30% local acquisition of large-scale mining output. “This will feed local refineries and set us right on the path to LBMA certification for local refineries,” the CEO said.
The Board is also entering an earlier stage of the mining value chain through geological exploration. In partnership with the Ghana Geological Survey Authority, it is investigating mineralised areas at Funsi in the Upper West Region and Bensere in Ashanti, with the aim of reducing geological risk and creating stronger state leverage over future mineral assets.
“These are not ordinary commercial interventions; they are strategic investments to expand production, ownership and socio-economic impact for Ghana,” the CEO said.
Another major intervention is planned for November, when GoldBod expects construction to begin on an ISO-certified National Assay Laboratory at the Aviance Cargo Village at Accra International Airport. The facility is expected to introduce fire assay testing for both ASM and large-scale gold before export, improving purity verification and reducing the scope for under-declaration or valuation disputes.
Taken together, the initiatives signal a substantial broadening of Ghana’s gold policy from production and export towards greater state coordination of the infrastructure surrounding the industry. The strategy now spans aggregation, refining, reserve accumulation, traceability, investment products, environmental restoration and geological exploration.
The opportunity is significant, but so is the execution risk. GoldBod will ultimately be judged not simply by the volume of gold moving through its system, but by whether greater state involvement produces stronger reserves, credible traceability, competitive local refining, environmental improvements and a larger Ghanaian share of the value created by an industry that has shaped the economy for more than a century.
