GOLDBOD reforms fuel surge in small-scale gold exports - Dr Ato Forson

The country’s small-scale mining sector exported 51.5 tonnes of gold valued at approximately US$5billion in first-half 2025 – nearly doubling the 26.4 tonnes exported during the same period last year, according to Finance Minister Dr. Cassiel Ato Forson.

The Finance Minister stated that this remarkable growth – a 100 percent increase in export volume and a 180 percent jump in value – was largely driven by reforms introduced through the newly established Gold Board (GOLDBOD), which has intensified efforts to formalise and regulate small-scale gold production and exports.

“For the first time in Ghana’s history, gold exports from the small-scale mining sector have exceeded those from the large-scale sector,” Dr. Forson said during his presentation of government’s ‘Mid-Year Fiscal Policy Review of the 2025 Budget Statement and Economic Policy’.

He noted that the substantial foreign exchange inflows from GOLDBOD’s operations in the artisanal, small-scale mining sector have significantly strengthened the country’s reserves, improved balance of payments and provided critical support to the Ghana cedi.

“This tells a story. A story of a country that has been denied the full benefits of its gold resources. A story of a country where illegal gold trade and smuggling have been allowed to fester to the detriment of the people’s well-being,” he added.

GOLDBOD, established to oversee and streamline activities in the small-scale gold mining industry, has introduced reforms to the licencing regime that governs the local gold trading sector and introduced new aggregation systems to effectively mop-up gold from the artisanal, small-scale mining sector across the country.

These measures, the minister reiterated, are what have contributed to yielding tangible economic benefits within the short period of their operation.

Ghana, Africa’s top gold producer, has long relied on large-scale mining firms for foreign exchange earnings. But the surge in output from small-scale miners signals a structural shift, with growing contributions from previously informal players now being captured in official statistics.

He reiterated that government will deal ruthlessly with anyone found engaging in illegal gold trade and smuggling, “as these nation-wrecking activities sabotage the progress of the people”.

In his review of the country’s performance over the last 6 months, Dr. Forson said that trade surplus increased from US$1.37billion in June 2024 to US$5.57billion in June 2025 – representing a 306.6 percent increase. This he attributed to strong exports, particularly in gold and cocoa and controlled imports.

Meanwhile, he announced that the current account surplus improved significantly to a provisional value of US$3.44billion by June 2025 from US$283.11million in June 2024.

“Furthermore,” he said, “provisional net capital and financial inflows reached US$937.58million in June 2025, indicating renewed investor confidence.”