An academic research conducted by some economists at the University of Ghana is uncovering that the Ghana Gold Board (GoldBod) successfully recovered 39.4 tons of artisanal and small-scale mined gold that would otherwise have been lost to illicit channels in 2025.
This feat, the researchers say, is a major leap forward in Ghana’s fight against gold smuggling, which has robbed the country of deserved resources for years.
This finding comes from a recent technical report titled “Evaluating the Macroeconomic Effects of the Ghana Gold Board (GoldBod)”, presented on 4th January 2026 by a team of leading Ghanaian economists.]]
These are Prof. Festus Ebo Turkson at the University of Ghana’s Department of Economics, Peter Junior Dotse at the University of Ghana’s Department of Economics, and Prof. Agyapomaa Gyeke-Dako also at the University of Ghana Business School.
According to the report, gold exports from artisanal and small-scale miners rose from 63.6 tons in 2024 to 103 tons in 2025. The additional 39.4 tons represents gold that had previously been smuggled out of the country but was now formalised through GoldBod’s intervention.
This is a whopping 62% increase over the 2024 output, driven by the Goldbod initiative.
The economists add that if valued at a conservative US$96.5 million per ton, this recovery has brought approximately US$3.8 billion in foreign exchange (FX) into Ghana’s formal economy. This is a significant boost for the country’s financial stability.
The report highlights that this inflow is not just a one-off gain; it strengthens Ghana’s international reserves, supports currency stability, and reduces the need for costly external borrowing.
The economists describe GoldBod not merely as a trading entity but as a strategic policy instrument for macroeconomic stability, transforming illicit gold flows into tangible economic benefits.
Once again, GoldBod’s creation has proven to be crucial in formalising gold trade, reducing smuggling, and supporting Ghana’s broader economic objectives, sending a strong signal to investors and policymakers that Ghana is serious about safeguarding its resources and building a sustainable, transparent mining sector.
This milestone is a clear demonstration that disciplined policy implementation, combined with effective institutional oversight, can turn long-standing challenges in the gold sector into measurable economic gains for the nation.
