Ghana’s artisanal and small-scale mining (ASM) sector has overtaken large-scale mining in gold export volumes and earnings, generating US$11.6 billion from 85.4 tonnes of gold exported between January 1 and October 20, 2026.
The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, who disclosed this, said large-scale mining companies exported 76 tonnes of gold valued at US$11.1 billion over the same period.
The figures indicate that small-scale gold exports exceeded large-scale mining exports by 9.4 tonnes, with an additional US$500 million in export value.
Speaking at the African Minerals Policy Forum, Mining in Motion 2026, Mr Gyamfi attributed the performance to reforms introduced by GoldBod to formalise the gold trading sector, strengthen regulatory oversight and tackle smuggling.
He explained that the reforms had enabled the country to capture significant quantities of gold that previously escaped official export channels through illegal trading activities.
Describing the development as a “production claw back,” Mr Gyamfi said the increase reflected efforts to recover gold already being produced but previously lost to smuggling.
“The Ghana Gold Board was thus established by President Mahama as an integrated response to this hydra-headed legacy problem,” he stated.
According to him, GoldBod’s mandate as the sole authorised buyer, seller, exporter and statutory national assayer of gold had strengthened oversight and accountability within the gold trading industry.
Mr Gyamfi expressed confidence that the board would exceed its 2025 export performance, when small-scale gold exports reached approximately 104 tonnes, compared with 63 tonnes recorded in 2024.
He further highlighted the contribution of small-scale gold exports to Ghana’s foreign exchange earnings and broader macroeconomic stability.
According to him, the ASM sector generated US$10.8 billion in foreign exchange in 2025, contributing to foreign exchange market stability, reserve accumulation and the appreciation of the Ghana cedi.
He maintained that the ongoing reforms were intended to ensure that Ghana retained greater economic benefits from its gold resources while reducing revenue losses associated with smuggling and unregulated trading.
