'Without GoldBod, foreigners would still be cheating small-scale miners' – GNCSSA

The Ghana National Concerned Small-Scale Miners Association of Ghana has revealed that the establishment of the Ghana Gold Board (GoldBod) has helped sanitise the local industry, protecting miners from being shortchanged and cheated by foreign buyers who previously dominated the sector.

According to the Association, before the establishment of GoldBod’s, foreign buyers exploited local miners by purchasing gold at heavily discounted rates, depriving them of fair value for their labor.

Speaking at the National Mining Dialogue 2026, the Association’s President, Michael Kwadwo Peprah, described GoldBod as a game-changer for Ghana’s mining industry, emphasizing its role in ensuring value for money.

“GoldBod is the brainchild of small-scale miners. Before the elections, His Excellency John Dramani Mahama met with us, and we explained that foreigners were the ones benefiting from gold buying. It was only the Indians, Chinese, and Lebanese who were involved. What PMMC did was issue licenses for them to buy, but how they exported after government tax was entirely theirs. After our conversation, the president promised to set up a committee to ensure Ghanaians could also benefit,” he said.

He added that Ghana’s gold market previously operated like a black market, with prices unregulated and government revenue lost as a result.

“Before, the gold market was like a black market. Everyone had their own price. Indians and Lebanese sold at different rates depending on your negotiating power. In Dubai, almost 70 to 80 percent of gold came from Ghana, but our records didn’t reflect that in government revenue. A lot of gold was being exported illegally,” he stressed.

Peprah further called for stronger measures to curb illegal gold exports and ensure proper regulation of the sector.

He noted that Ghana’s global gold ranking has already improved following the establishment of GoldBod.

“We didn’t realize small-scale miners contributed so much, but today, small-scale mining is the leading producer of gold in Ghana. With the Gold Board in place, it’s clear for everyone to see Ghana’s progress. Our global gold ranking has moved from seventh to sixth position,” he added.