Ghana’s artisanal and small-scale mining sector has generated US$11.6 billion from gold exports in the first nine and a half months of 2026, surpassing the export volumes recorded by large-scale mining companies over the same period.
Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board (GoldBod), said the board had aggregated and exported 85.4 tonnes of artisanal and small-scale mining (ASM) gold between January 1 and October 20, compared with 76 tonnes from large-scale mines.
The large-scale sector’s exports were valued at approximately US$11 billion, slightly below the US$11.6 billion recorded by GoldBod.
Speaking at the African Minerals Policy Forum in Accra, Sammy Gyamfi attributed the increase in recorded small-scale gold exports to reforms designed to formalise trading, strengthen oversight and reduce smuggling.
He said the establishment of GoldBod had helped recover gold that was already being produced but was previously traded outside official channels.
“The gold beneath our soil had not disappeared, nor had production stopped. The trade had simply moved beyond official view,” he said.
The scale of the previous leakages was highlighted by a SWISSAID analysis of UN Comtrade data, which identified a 229-tonne discrepancy, valued at approximately US$11.4 billion, between Ghana’s reported gold exports and imports declared by trading partners from 2019 to 2023.
Recorded small-scale gold exports had fallen from 75.7 tonnes in 2018 to 39.3 tonnes in 2020 before dropping to 3.4 tonnes in 2021, following the introduction of a 3% withholding tax on unprocessed small-scale gold.
Sammy Gyamfi said GoldBod’s reforms had helped reverse the decline. ASM gold exports rose from approximately 63 tonnes in 2024 to 104 tonnes in 2025, generating US$10.8 billion in foreign exchange last year.
He said the inflows supported foreign exchange market operations, reserve accumulation and currency stability, contributing to the cedi’s appreciation.
The latest figures suggest the small-scale sector remains an important source of foreign exchange for Ghana. However, sustaining the gains will require the country to maintain effective controls over gold sourcing and trade while ensuring that increased export earnings translate into stronger domestic economic activity.
GoldBod is also preparing a formalisation and financing support programme for small-scale miners in collaboration with the Ministry of Lands and Natural Resources, the University of Mines and Technology and other institutions.
The programme is expected to support production, improve operational efficiency and create employment while addressing environmental challenges associated with artisanal mining.
