Sammy Gyamfi reports US$11.6bn in artisanal gold exports for 2026

Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board (GoldBod), has announced that artisanal and small-scale mining (ASM) gold exports reached a record US$11.6 billion between January 1 and October 20, 2026. This performance marks a historic milestone as ASM exports, totaling 85.4 tonnes, surpassed large-scale mining exports for the first time in Ghana's history. During the same period, large-scale mining produced 76 tonnes of gold valued at US$11.1 billion. Gyamfi attributed the surge to strategic regulatory reforms designed to formalize the gold trade, curb smuggling, and recover production previously lost to illegal trading.

Speaking at the African Minerals Policy Forum and the Mining in Motion Summit, Gyamfi highlighted the significant economic impact of these exports, noting that the ASM sector contributed US$10.8 billion to foreign exchange in 2025 and continues to support the stability of the cedi. In September 2026 alone, GoldBod earned US$1.871 billion from small-scale gold trade, a figure that exceeds the country’s average monthly import bill of US$1.70 billion. Additionally, the CEO dismissed claims of operational losses, reporting that GoldBod achieved an audited surplus exceeding GH‵5.4 billion in the last financial year. He emphasized that President John Mahama has directed the board to prioritize national interests and maintain its gold trading model despite external criticisms.

Industrialization efforts have also seen significant progress, with 94.6% of the gold purchased from small-scale miners in October 2026 being refined locally. Partnerships with the Gold Coast Refinery and Royal Ghana Gold Refinery have processed 25 tonnes of gold this year, moving the country closer to its goal of ending raw mineral exports by 2030. These institutional changes and licensing reforms have created 4,866 direct jobs in under two years, comprising 361 public-sector positions and 4,505 roles within the private sector. Gyamfi noted that these initiatives are part of a broader strategy to ensure Ghanaians retain a greater share of the gold value chain.

Looking ahead, GoldBod is preparing to launch a blockchain-based tracking system by the end of 2026 to ensure responsible sourcing and transparency from origin to export. The board also plans to introduce the Artisanal and Small-scale Mining Formalisation and Financing Support Programme in 2027, in collaboration with the Ministry of Lands and Natural Resources and the University of Mines and Technology. Furthermore, Gyamfi announced that the 2027 Budget Statement will include tax incentives for local refineries and jewelers, alongside initiatives for cheaper power sources, to further establish Ghana as a regional hub for gold processing.