Ghana Gold Board Buys US$16.1bn in Artisanal Gold

Thu June 25 2026

Ghana’s Gold Board spent $16.1 billion buying gold over 17 months, with artisanal miners supplying 99.5 percent of all purchases, the deputy finance minister told Parliament on Wednesday.Gold processing insights

The Ghana Gold Board (GoldBod) acquired 135.843 metric tonnes between January 2025 and May 2026. Of that total, 135.221 metric tonnes came from the artisanal and small scale mining (ASM) sector, showing how thoroughly the state’s buying regime has drawn Ghana’s informal gold economy into formal trade in under 18 months.

In 2025 alone, GoldBod aggregated and exported 104 metric tonnes of ASM gold, generating more than $10 billion in foreign exchange against the $9.8 billion spent on purchases that year. Foreign reserves climbed from $8.98 billion in December 2024 to $13.8 billion at the close of 2025, enough to cover 5.7 months of imports. The cedi gained 40.7 percent against the United States dollar over the same period, and the current account recorded a surplus of $9.1 billion.

Deputy Finance Minister Thomas Nyarko Ampem, responding to a question from Oforikrom Member of Parliament Michael Kwesi Aidoo, attributed those gains directly to GoldBod’s performance. On smuggling, the numbers are stark. Citing Reuters data, Ampem said Ghana lost approximately $11.4 billion in gold value through illicit trade between 2019 and 2023. GoldBod has now channelled more in gold value through formal trade in 17 months than the country lost to smuggling over five years.

“The GoldBod is bringing our gold trade out of the shadows,” Ampem told Parliament.Ghana sports news

As of May 31, 2026, GoldBod had licensed 1,184 buyers: two aggregators, 67 self financing aggregators, 736 Tier 2 buyers and 379 Tier 1 buyers. All must buy exclusively from licensed miners before selling to GoldBod.

The government aims to extend the model, steering Ghana away from dispersed and underpriced gold trade toward a system where output is traced, assayed and refined before export, ensuring the country captures the full value of its mineral wealth.

Source: https://www.newsghana.com.gh/