The Ghana Gold Board (GoldBod) has locally purchased and supplied nearly 100 kilograms of gold from seven large-scale mining companies to the Bank of Ghana (BoG), aiming to strengthen the country’s gold reserves and support foreign exchange stability.
GoldBod CEO Sammy Gyamfi said the initiative involves buying 20% of the gold outputs from these large-scale mining companies, underlining the board’s commitment to augment national reserves and support the Bank of Ghana’s monetary objectives.
He said this is part of GoldBod’s broader strategy to support reserve accumulation by the Bank of Ghana, ensuring that critical foreign exchange and gold reserves are maintained for economic stability.
Speaking at the maiden Mining and Minerals Convention in Accra, Gyamfi also highlighted the booming small-scale gold sector, which has already surpassed last year’s total exports. “From January to August 2025 alone, small-scale gold exports have reached 66.7 tonnes, valued at approximately $6.3 billion, exceeding the total output of 2024, which stood at 63 tonnes worth $4.6 billion,” he said.
He added that small-scale gold exports continue to outperform large-scale mining exports, which totaled 65.1 tonnes, valued at about $5.6 billion, over the same period.
“These unprecedented inflows from the small-scale sector have significantly strengthened Ghana’s foreign reserves, improved our balance of payments, and provided critical support for the cedi,” Gyamfi noted, emphasizing the importance of both large- and small-scale mining to the country’s economy.
