Ghana’s government is tightening its grip on the gold sector with a major policy shift that places the Goldbod as the sole exporter of gold from the small-scale mining sector. This move effectively bars licensed traders and bullion dealers from exporting independently, a decision aimed at boosting forex retention and ensuring greater accountability in the sector.
The directive was disclosed by Sammy Gyamfi, Acting Chief Executive Officer of the Precious Minerals Marketing Company (PMMC), during an interview on Joy FM.
“The licensed traders cannot export again. The bullion traders cannot export. Goldbod will be the sole exporter of all gold from the small-scale sector,” he confirmed.
This development aligns with the government’s broader strategy to maximize Ghana’s gold wealth and formalize the gold marketing industry through the establishment of the Ghana Gold Board (Goldbod).
Ghana Gold Board (Goldbod) to Oversee Gold Trade
The creation of Goldbod was first announced in the 2025 Budget Statement by Finance Minister Dr. Cassiel Ato Forson, who emphasized its role in managing the country’s gold reserves, increasing foreign exchange earnings, and stabilizing the economy.
“We are establishing the Ghana Gold Board (Goldbod) to support foreign exchange inflows and gold reserve accumulation. To achieve this, Goldbod shall regulate, oversee, monitor, and undertake the purchasing, assaying, refining, exporting, selling, and other related activities concerning the gold resources of Ghana,” Dr. Forson stated.
Gold mining remains the backbone of Ghana’s economy, contributing over $11.6 billion in export revenue in 2024, a 52.6% increase from the previous year. However, concerns over forex retention and illicit gold trade have prompted the government to centralize gold exports through Goldbod.
Traders to Operate Under Goldbod’s Terms
Under the new framework, traders can still buy and aggregate gold, but they must operate under Goldbod’s policies. Independent exports are no longer permitted, and traders with international buyers must channel payments through Goldbod, which will handle the foreign currency transactions and remit cedi equivalents to the traders.
According to Sammy Gyamfi, this system ensures that forex from gold exports is fully accounted for and repatriated to strengthen Ghana’s reserves.
“The reason why we need this change is so that we can track the forex and bring it back. We entrusted traders with this responsibility, but we had issues with forex retention and repatriation,” he explained.
Cracking Down on Illegal Gold Trade and Smuggling
The establishment of Goldbod is also part of a broader crackdown on illegal gold trade and smuggling, which has led to significant losses in tax revenue and foreign exchange earnings.
Ghana has struggled with smuggling networks that funnel gold through unofficial channels, weakening the country’s forex reserves and contributing to cedi depreciation. These illicit activities have also been linked to money laundering and global reputational risks for Ghana’s financial sector.
The PMMC and the Ghana Association of Forex Bureau have engaged key government entities, including the Bank of Ghana and the Ministry of Finance, to enhance oversight mechanisms and tighten regulatory loopholes.
Sammy Gyamfi described these engagements as “insightful and fruitful,” stressing the need for a united front to combat illegal gold exports and strengthen Ghana’s economic resilience.
To give Goldbod legal backing, the government has presented a Goldbod Bill to Parliament, seeking to establish the regulatory framework for its operations.
If passed, Goldbod will fully take over gold exports from the small-scale mining sector, while traders will function solely as aggregators or partners under the new system.
PMMC Restructuring Ahead of Goldbod Implementation
Amid these sweeping changes, the PMMC has begun internal restructuring, including the layoff of employees at its Kumasi, Bole, and Tarkwa branches, citing operational challenges and cost-cutting measures.
Industry experts believe the move is part of PMMC’s transition to align itself with Goldbod’s mandate, as the new entity is expected to take over many of PMMC’s current roles.
While the government argues that centralizing gold exports is necessary to improve forex retention and revenue management, some industry players fear that monopolizing exports under Goldbod could stifle competition and reduce efficiency.
