Speaking at the Annual Conference of the African Association of Accountants General in Accra, President John Dramani Mahama praised the “outstanding progress” of the Ghana Gold Board (GoldBod), highlighting the pivotal role it has played in reclaiming control over Ghana’s natural resources and curbing illicit gold trade.
Underlining the Board’s impact, Mahama recalled the challenges of unregulated gold trading, saying, “We had people called gold traders, and they would go into the bushes and buy gold from our small-scale miners.” He noted how these informal channels had caused significant discrepancies: “There was a disparity in how much gold was reported to have been exported from Ghana, and how much gold was received in India. We also found a disparity where a mining company’s figures of exported gold were different from the gold received by that same mining company in Canada.”
The president explained that these issues prompted the government to establish GoldBod, making it illegal to export gold outside of regulated channels, “with stringent penalties.” The results, he said, are clear: “The amount of foreign exchange that we get from the gold trade has suddenly jumped so high. It just shows what greater control of your natural resources can do.”
GoldBod’s Achievements
Since its establishment under the Ghana Gold Board Act (Act 1140) in early 2025, GoldBod has become the sole authority for buying, assaying, and exporting gold in Ghana. According to official figures, GoldBod purchased and exported 41.5 tonnes of small-scale miner gold between February and May 2025, valued at approximately US$4 billion.
This structured approach has helped reduce illegal gold smuggling, which previously cost the country an estimated US$11.4 billion over five years. By centralizing purchases and export processes, GoldBod has improved transparency, strengthened pricing for small-scale miners, and bolstered Ghana’s foreign exchange reserves. The Bank of Ghana reported holdings of 38.04 tonnes by October 2025, marking a 35% increase from the previous year.
Curbing Illegal Trade
Mahama emphasized the importance of strict enforcement, stating, “We made it illegal to take any gold out of Ghana … with stringent penalties.” Independent reports highlight the historic scale of losses, often facilitated through informal channels to destinations such as the UAE. Today, GoldBod’s licensing regime and collaboration with security forces have helped crack down on smuggling, ensuring compliance across the sector.
Driving Economic Impact and Value Addition
Beyond reducing illegal trade, GoldBod has helped formalize the small-scale mining sector. CEO Sammy Gyamfi explained that the Board’s oversight ensures transparency from mine to export, enabling Ghana to capture more value from its resources. Between January and September 2025, gold alone contributed US$11.2 billion to Ghana’s export revenues, helping strengthen the cedi and reduce inflation.
Mahama argued that Africa must take ownership of its resources: “God blessed us with those natural resources, and we must use those natural resources to improve the lives of our people. Any country that has natural resources in terms of minerals … we must increase our sovereignty in terms of how those natural resources are either exported or insist on value addition for them.”
