Finance Minister, Cassiel Ato Forson, told Parliament that under updated reforms, the Ghana Gold Board (GoldBod) will be compelled to purchase at least 2.45 tons of ASM gold per week, integrating supplies into a structured export pipeline with an annual inflow of more than $20 billion.
The decision marks a significant shift in how Ghana, Africa’s largest gold producer, controls a sector that has previously operated partially outside of legal regulation.
Artisanal and small-scale mining’s link to galamsy
Artisanal and small-scale mining are labor-intensive, low-technology operations carried out by individuals and small groups.
ASM is lawful in Ghana as long as it is licensed under national mining rules.
While not all ASM is illegal, galamsey defines the industry’s informal and often environmentally damaging side, which has contributed to revenue leakage and smuggling.
Much of the unexplained gold reportedly migrated to the United Arab Emirates, mainly Dubai, across porous borders with neighbouring nations such as Togo, Burkina Faso, and Mali.
The findings revealed how informal ASM, notably unlawful galamsey operations, cost Ghana billions of dollars in potential foreign-exchange gain during a period of currency difficulties and fiscal strain.
The founding of GoldBod in 2025 was an important turning point in the government’s response.
Its inception corresponded with an increase in gold prices and ASM output, which helped boost Ghana’s national gold production to approximately 186 tons that year.
The board was created to centralise the purchase and export of small-scale gold, minimizing potential for diversion into illegal routes.
Ghana turns to Goldbod to aid in its new initiative
As seen on Reuters, under the new policy framework, GoldBod will be fully responsible for negotiating off-take agreements and selling all ASM gold it acquires.
The regulator will generate funds to keep three to four weeks’ worth of gold purchases while using derivative and hedging mechanisms to control price risk.
In a further effort to tighten monetary control, the Bank of Ghana and GoldBod will sign an agreement mandating all foreign exchange from the scheme to be sold only to the central bank at a predetermined rate.
This mechanism is meant to ensure that the earnings from small-scale gold exports directly contribute to Ghana’s reserves and currency stability.
With the government now aiming for 127 metric tons of regulated ASM supply every year, the goal is to transform a formerly fragmented and partially criminal sector into a predictable and transparent revenue source.
Beyond revenue capture, the reforms will include environmental regulation, traceability mechanisms for tracking gold from mine to export, increased local refining capacity, and initiatives to reduce operating costs for licensed miners.
