Licensed Gold Buyers hail GoldBod for transforming small-scale mining sector
The Chamber of Licensed Gold Buyers (CLGB) has commended the Ghana Gold Board (GoldBod) for what it describes as a remarkable transformation in Ghana’s artisanal and small-scale mining (ASM) sector, citing major gains in production, export earnings, and transparency since the Board’s establishment.
In a statement issued in Accra, the Chamber said reforms led by GoldBod under the GoldBod Act, 2025 (Act 1140) have significantly enhanced accountability, governance, and value retention in the country’s gold trade.
According to the Chamber, the Board’s comprehensive oversight of gold buying, assaying, selling, and exporting from licensed small-scale producers has sharply curtailed smuggling while boosting official gold exports.
Data from the sector show that Ghana’s ASM gold production rose by nearly 70 per cent in 2024, reaching 1.9 million ounces compared with 1.1 million ounces in 2023. The ASM segment’s share of total national gold output climbed from 28 per cent to 39 per cent over the same period.
Between February and May 2025, GoldBod exported about 41.5 tonnes of ASM gold valued at USD4 billion, including a record 11 tonnes worth USD1.17 billion in May alone, the highest monthly export on record from the ASM subsector.
“Formalisation of the ASM sector is not just a regulatory improvement. It is a game-changer for value retention, economic development, and sustainable mining practices,” said Kwaku Amoah, Chief Executive Officer of the Chamber of Licensed Gold Buyers.
“The figures speak for themselves. Formalised small-scale mining is now a major contributor to Ghana’s gold production and export revenue,” he noted.
The Chamber observed that GoldBod’s initiatives have also supported macroeconomic stability by strengthening foreign exchange inflows, shoring up the country’s international reserves, and helping stabilise the Ghanaian cedi.
It noted that the integration of formally sourced ASM gold into the Bank of Ghana’s reserves has enhanced Ghana’s financial resilience and improved the traceability of gold exports.
The Chamber, however, urged continued investment in capacity building, access to finance, and technology for artisanal miners. It also called for the accelerated deployment of digital traceability systems and the expansion of ISO- and LBMA-compliant assay laboratories across key mining regions
In addition, the Chamber encouraged greater downstream value addition through local refining, fabrication, and jewellery production, areas GoldBod has already begun to support through public-private partnerships.
“The success achieved so far should serve as a springboard for deeper reforms and long-term sectoral growth.
“CLGB remains committed to working closely with GoldBod and other stakeholders to ensure Ghana’s gold industry delivers maximum benefit to its people,” the statement added.
