Ghana’s small-scale gold mining sector has, for the first time, overtaken the large-scale sector in export volumes and value, raising both applause and alarm.
According to the 2025 Mid-Year Budget Review presented in Parliament, gold exports from the small-scale sector in just the first half of the year stood at 51.5 tonnes, valued at approximately US$5 billion. This more than doubles the 26.4 tonnes and US$1.8 billion recorded over the same period in 2024.
This new feat is a remarkable 100% and 180% increase in volume and value, respectively.
Finance Minister, Dr. Cassiel Ato Forson, on the floor of parliament, attributed this unprecedented performance to reforms introduced by the newly established Ghana Gold Board (GOLDBOD), which began operations in April 2025.
These include a revamped licensing regime and a new aggregation system that aims to sanitize and formalize the artisanal and small-scale gold sector, long plagued by informality and illegalities.
According to the government, the development is a national success story, emphasizing how the inflow of foreign exchange from small-scale gold exports has strengthened reserves, supported the cedi, and enhanced Ghana’s balance of payments.
However, the question many are asking following the improved exports from the small-scale sector is, at what cost?
Despite the enormous benefits, there is a wave of concern among policy watchers and environmentalists. The lingering concern is whether the sharp rise in small-scale gold exports reflects real formalization, or whether it masks a new wave of galamsey operations sneaking into the formal market.
Although the Goldbod reforms aim to curb smuggling and illegal trade, the scale of this year’s surge, especially within just a few months of implementation, raises eyebrows that the government might be purchasing gold from illegal miners.
Ghana’s gold economy remains critical to fiscal stability and rural livelihoods alike. But as the small-scale sector claims a place at the top of the export ladder, the challenge will be to ensure this is not an achievement chalked on the shoulders of galamsey.
The development, therefore, requires thorough scrutiny to ensure that illegally mined gold does not sneak into the formal sector and thereby fuel the abhorred menace.
