The artisanal and small-scale mining (ASM) sector has outperformed the large-scale gold mining sector for two consecutive years, according to the Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi.
Speaking at the African Minerals Policy Centre’s 2026 Mining in Motion Forum (AMPF-MiM 2026), Mr Gyamfi said “For two years in a row, the ASM sector is showing performance gains, greater in potential than the large-scale gold sector.”
He said the sector had significant potential to contribute to Africa’s economic development if supported by modern technology and policies that expanded local participation.
“Supported by modern technology, the sector can optimise recovery rates, reduce environmental degradation, improve safety, and create productive opportunities for young Africans,” he said.
Mr Gyamfi also called for a broader approach to mineral sovereignty, arguing that African countries could not fully benefit from their natural resources if key segments of the mining value chain remained under external control.
“Now, ladies and gentlemen, mineral sovereignty remains incomplete when finance, equipment, technology, processing, trading, and the highest value opportunities are controlled elsewhere,” he said.
He further argued that the mining industry must provide opportunities for young Africans to participate beyond supplying labour or working at the lowest levels of mineral production.
“It also fails to answer Africa’s youth question if young Africans are confined to supplying labour or extracting ore at the lowest end of the chain,” he added.
Mr Gyamfi called for deliberate government policies to remove barriers preventing local businesses and professionals from participating in and owning mining enterprises.
“Mine owners, geologists, engineers, equipment owners, financiers, processors, refiners, and creators must consciously dismantle the barriers that prevent capable local enterprises and the new generation of African entrepreneurs and professionals from owning, operating and expanding within the mining industry through deliberate government policy,” he said.
He maintained that greater African participation across the mining value chain was necessary to ensure that control over mineral resources translated into economic opportunities and prosperity for the continent.
“The GoldBod is currently addressing one of the biggest barriers to optimal Ghanaian participation in mining, which is the risk capital required for geological investigations,” Mr Gyamfi said.
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He disclosed that GoldBod was partnering the Ghana Geological Survey Authority to undertake geological studies of mineralised areas to attract international investors and expand Ghana’s mining base.
According to him, the investigations were ongoing in Funsi in the Upper West Region and Bensri in the Ashanti Region.
Mr Gyamfi said the studies would help establish a reliable portfolio of investment-grade mineral assets, reduce investment risks and strengthen Ghana’s position in negotiations for equity stakes in resulting mining projects.
He explained that the initiative was intended to help Ghana move away from excessive dependence on royalties and free-carried interests towards greater ownership of mining assets.
“This is how we as Africans can move our nations from the over-dependence on free-carried interests and royalties to controlling equity interests in sustainable mines,” he said.
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Sammy Gyamfi stressed that the availability of mineral resources alone did not guarantee economic prosperity, arguing that effective policies and institutions were necessary to ensure that countries retained the benefits.
“Mineral wealth does not automatically become national wealth. Geology creates potential. Policy decides who should benefit. Institutions decide whether value is retained or lost. And leadership decides whether a mineral boom becomes a passing statistic or the foundation of lasting transformation,” he said.
