The Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, has reaffirmed the government’s commitment to curbing gold smuggling, especially within the Artisanal and Small-Scale Mining (ASM) sector, by implementing a robust gold aggregation framework.
Mr. Gyamfi described the deployment of a nationwide gold aggregation system as a “game-changer,” saying it is helping to streamline ASM gold collection, enhance traceability, and maximise mineral revenue for the country.
“We have intensified the fight against gold smuggling like never before, effective aggregation networks and systems have been rolled out across the country to mop up almost all ASM gold produced,” he said.
He stressed that the previous era, when large volumes of ASM gold were smuggled out of the country, robbing Ghana of crucial revenue and exposing the sector to environmental risks is now being firmly addressed.
“Today, the state is mopping up ASM gold responsibly. We are exporting it and bringing in the corresponding foreign exchange to support the economy,” Mr. Gyamfi added.
Enhancing Financial Oversight
As part of its reforms, the Gold Board has tightened licensing requirements to ensure compliance with national and international financial regulations.
Mr. Gyamfi explained that companies seeking a Gold Board license must now undergo rigorous Know Your Customer (KYC) and due diligence checks in collaboration with the Bank of Ghana and the Financial Intelligence Centre.
“This is part of our broader commitment to promoting anti-money laundering and counter-terrorism financing regulations, we’re determined to ensure that the gold trade in Ghana is transparent, secure, and beneficial to the national economy,” he said.
Business Implications
The crackdown on smuggling and improved gold traceability are expected to restore investor confidence in Ghana’s gold supply chain and increase formal sector participation.
Moreover, the Gold Board’s reforms are anticipated to stimulate job creation, improve revenue mobilisation, and encourage partnerships between small-scale miners and formal financial institutions, including gold refiners and exporters.
