The Chief Executive Officer of the Ghana Gold Board (Goldbod), Sammy Gyamfi, has credited Ghana’s improved economic outlook to the unprecedented performance of the country’s gold exports, particularly from the small-scale mining sector.
He described the sector’s output as the single most important driver of stability in the economy over the past months of the Mahama-NDC administration.
Speaking in a media interview, Mr. Gyamfi said Ghana had already surpassed last year’s small-scale gold export volumes by August 2025, with record earnings to show for it.
“The whole of last year, we exported about 66 tons of gold from the small-scale sector. By August this year alone, we had already done 67 tons, not even counting September. In value terms, last year small-scale gold brought in $4.6 billion, but this year, we are already close to $6 billion”.
Chief Executive Officer of the Ghana Gold Board (Goldbod), Sammy Gyamfi
Mr. Gyamfi pointed to data from the Bank of Ghana’s September 2025 summary of economic and financial statistics, which confirmed the central role of gold in the country’s external trade performance.
He explained that total export earnings for Ghana between January and September 2025 amounted to $17.9 billion, of which gold alone contributed $11.2 billion.
“When you break it down, cocoa gave us $2.4 billion, oil gave us $1.8 billion, and other exports also amounted to $2.4 billion. Gold alone, $11.2 billion. And out of that, nearly $6 billion came from the small-scale sector.
“That means more than a third of all our export earnings as a country are now coming from small-scale mining. For the first time in history, small-scale has outperformed large-scale in both value and volume”.
Chief Executive Officer of the Ghana Gold Board (Goldbod), Sammy Gyamfi
Benefits from Strong Systems and Mechanisms
Mr. Gyamfi argued that these strong performances are the result of systems and mechanisms introduced since the establishment of Goldbod.
He said that although the foreign exchange inflows from small-scale gold had always existed, they were previously not properly captured and harnessed, denying the country their stabilizing effect on the economy.
“Because of the new systems we have put in place, we are now reaping the benefits. Between January and August 2025, the cedi appreciated by 21 percent against the US dollar. At the same time last year, the cedi depreciated by 23.5 percent. That sharp contrast tells you the impact gold exports are having on our foreign exchange market”.
Chief Executive Officer of the Ghana Gold Board (Goldbod), Sammy Gyamfi
The appreciation of the cedi, he continued, has produced wider economic effects, helping reduce inflation, lower lending rates, and shrink the country’s public debt burden.
“Once your cedi appreciates that significantly, it immediately impacts inflation. Inflation was 23.8 percent in December last year, but by August this year, it had fallen to 11.5 percent.
“Lending rates, which averaged 30 percent in December 2024, are now down to between 23 and 24 percent. These are tangible benefits that people can feel in their businesses and daily lives”.
Chief Executive Officer of the Ghana Gold Board (Goldbod), Sammy Gyamfi
Turning to the issue of public debt, Mr. Gyamfi explained that exchange rate gains had led to significant savings on Ghana’s external obligations.
The Goldbod CEO indicated that as of December 2024, Ghana’s total public debt stood at about GH¢726 billion, adding that by August 2025, the figure had dropped to GH¢628 billion, representing a reduction of GH¢97 billion.
“In terms of debt-to-GDP, we took over at about 61 percent. Today, it is 44.9 percent, and that reduction is mainly on account of the cedi’s appreciation. If you look at external debt alone, as of December 2024, Ghana owed $28.3 billion. At the prevailing exchange rate then, that translated into GH¢416 billion.
“By August this year, the dollar figure had gone up marginally to $29 billion, but in cedi terms, because of the stronger exchange rate, it was GH¢305 billion. That means the cedi value of our external debt has reduced by GH¢111 billion, and the cost of servicing it has also gone down”.
Chief Executive Officer of the Ghana Gold Board (Goldbod), Sammy Gyamfi
Performance Not Result of Higher Gold Prices Alone
Mr. Gyamfi emphasized that these economic gains are not the result of higher gold prices alone but also a reflection of increased volumes of gold exports, particularly from the small-scale sector.
He credited Goldbod’s regulatory interventions and support systems for boosting formalized gold exports, adding that the Goldbod is doubling the country’s export volumes compared to last year, attributing it to the robust systems the Goldbod has introduced.
According to him, these systems are helping the Goldbod to sanitize the sector, promoet transparency, and ensure that gold trade is better harnessed for the country’s benefit”.
Acknowledging that the institution is still young, Mr. Gyamfi said the Board remains committed to sustaining these early successes while exploring new areas, including value addition in the gold industry.
“These are early days yet, so we are not getting complacent. But we are happy with these early successes. Our objective is to sustain them and also to move into areas of value addition as mandated by the Goldbod Act. That way, Ghana will not only be an exporter of raw gold but also a producer of higher-value products”.
Chief Executive Officer of the Ghana Gold Board (Goldbod), Sammy Gyamfi
Mr. Gyamfi stressed that Goldbod’s performance is already making a measurable difference in the economy and urged stakeholders to continue supporting its efforts.
He added that President John Mahama had also recognized the role of the Gold Board in Ghana’s recent economic progress, a development he described as motivating for the institution and its staff.
“The numbers are there for everybody to see. Gold exports have been unprecedented, both in volume and value. These results are because of the systems we are implementing, and we are determined to keep building on them,” he concluded.
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