BY Grace Zigah
The Ghana Gold Board (GoldBod) has announced a new incentive package aimed at protecting the country’s licensed small- and large-scale miners from revenue losses following the recent appreciation of the Ghana cedi.
On Wednesday, August 27, 2025, the state regulator introduced a special temporary bonus of GHS832 per pound of gold for all miners who sell directly to GoldBod’s accredited channels.
The intervention raises the current local market value of a pound of gold from GHS8,868 to GHS9,700, offering miners a lifeline against falling margins. However, the miners the rate is still inadequate since the price of gold at the international market is far more than what the GoldBod is offering them.
Addressing Miner Concerns
The bonus scheme follows weeks of agitation within the mining sector. Licensed miners had complained that the strengthening of the cedi, while beneficial to the broader economy, was eroding their earnings since gold is priced internationally in dollars.
The local currency’s appreciation reduced the Ghana cedi equivalent miners received for their gold, leaving many feeling shortchanged despite their role in boosting national production.
Safeguarding National Gold Output
Gold remains Ghana’s largest foreign exchange earner, accounting for nearly half of export revenues.
In recent years, government-backed initiatives to clamp down on illegal mining and formalize operations have increased output from licensed miners. Authorities fear that without incentives, legitimate miners could either scale down production or sell through unapproved channels, undermining efforts to curb gold smuggling.
GoldBod explained that the bonus was designed not only to cushion miners but also to sustain their loyalty to the legal gold supply chain.
“This measure ensures that miners who have significantly contributed to Ghana’s strong gold output and foreign exchange reserves do not become victims of the very currency strength they helped the nation secure,” the Board stated.
Implementation and Oversight
The Board has directed all its licensed traders across the country to process payments with the bonus included. Officials have also assured miners of prompt and transparent disbursement to avoid delays that could push them toward informal markets.
While the initiative is temporary, insiders suggest it could be extended if currency stability continues to weigh heavily on miners’ incomes.
The Bigger Picture
This move comes amid government’s broader efforts to stabilize the mining sector, formalize small-scale operations, and prevent illicit smuggling that deprives the state of crucial revenue.
The special bonus represents a balancing act between protecting miners’ interests and safeguarding the economic stability in the face of shifting currency dynamics.
