BY Nadia Ntiamoah
The mining sector has recorded unprecedented gains this year, with the Ghana Gold Board (GoldBod) announcing that small-scale gold exports raked nearly US$6 billion between January and August alone.
The figure not only exceeds last year’s entire output but also highlights the government’s new strategy to use gold as a stabilizing pillar for the economy.
The disclosure was made by GoldBod Chief Executive Officer, Sammy Gyamfi, at the maiden Mining and Minerals Convention held in Accra.
He said the country was “resetting and rewriting the narrative” on how natural resources are managed under the leadership of President John Dramani Mahama.
Gold Driving Economic Stability
Gold remains the most important foreign exchange earner, and recent interventions by the GoldBod have been critical in shoring up reserves and easing pressure on the local currency.
Gyamfi revealed that the Board has already supplied nearly 100 kilograms of gold directly to the Bank of Ghana, with an arrangement in place to purchase 20% of output from seven major mining firms.
“These much-needed forex inflows have significantly strengthened Ghana’s reserves, improved our balance of payments, and provided critical support to the Ghana Cedi,” he stressed.
Reforms To Curb Smuggling And Illegal Mining
The GoldBod has introduced measures to tackle long-standing challenges in the sector, including smuggling and illegal mining.
A taskforce has been established with rewards for whistleblowers, while reforms such as the removal of the 1.5% withholding tax on small-scale gold have closed loopholes that fueled illegal trade.
To reinforce its mandate, the Board will donate GHS5 million and vehicles to support the National Anti-Illegal Mining Operations Secretariat.
Additionally, funds have been earmarked for the reclamation of 1,000 hectares of degraded forests from November this year.
A Push For Value Addition
Gyamfi acknowledged it was “a national shame” that Ghana still exports raw gold. To change this, GoldBod is partnering with the Bank of Ghana and private refineries to begin local refining.
Plans are also underway for a state-owned refinery, an ISO-certified assay laboratory at Kotoka International Airport, and a “Gold Village” to serve as a hub for jewelry and ornaments manufacturing.
Financing The Transformation
Looking ahead, GoldBod is banking on bold investment to sustain growth. In August, it signed a US$1 billion MoU with Goldstream Global DMCC to establish over 300 responsible mines in partnership with local concession owners.
The initiative is expected to generate thousands of jobs while formalizing artisanal mining.
“The time to maximize gold production and optimize national benefit is now, given the unprecedented international gold prices,” Gyamfi said, urging local financial institutions to channel pension and investment funds into the mining value chain.
