President John Dramani Mahama says Ghana has strengthened its control over small-scale gold exports through the establishment of the Ghana Gold Board (GoldBod), resulting in increased recorded gold shipments and foreign exchange earnings.
He said the country exported 104 tonnes of gold from the artisanal and small-scale mining sector in 2025, compared with 64 tonnes in 2024, following the introduction of the new regulatory framework.
Mahama made the disclosure during an engagement with members of the Ghanaian community in Moscow, Russia, where he outlined the importance of formalising the gold trade and ensuring that proceeds from the country’s mineral resources benefit the economy.
He said Ghana had previously struggled to retain the foreign exchange generated from gold exports because buyers could purchase the commodity locally and ship it abroad without the expected proceeds returning to the country.
The President said the situation prompted his administration to introduce stricter controls, particularly over the movement of gold produced by small-scale miners.
He noted that gold production takes place in 10 of Ghana’s 16 regions, making effective regulation necessary to account for the country’s mineral output.
“Ghana has been called the Gold Coast. We are endowed with gold,” he said.
According to Mahama, GoldBod’s role in aggregating gold from the artisanal and small-scale mining sector has helped improve the monitoring and formal recording of exports.
He said the increased volumes were accompanied by a significant rise in foreign exchange inflows, from US$4.6 billion in 2024 to US$10.8 billion in 2025.
The President also highlighted the penalties introduced under the new system to discourage the unauthorised export of gold.
“We passed the law with very strict penalties, strong, including imprisonment, if you were found carrying gold out of Ghana unauthorized,” he said.
The Ghana Gold Board was established under the Ghana Gold Board Act, 2025 (Act 1140), which was passed by Parliament on March 28, 2025, and received presidential assent on April 2, 2025.
The legislation places the regulation of gold trading and marketing under GoldBod, including the purchase, aggregation, assaying and export of gold from the artisanal and small-scale mining sector.
It also makes the board the sole authorised exporter of small-scale gold from Ghana, replacing the previous arrangement that allowed other licensed buyers to export the commodity.
The framework is intended to strengthen oversight of the gold supply chain, formalise small-scale trading and improve the country’s ability to retain foreign exchange from its mineral exports.
