Ghana National Association of Small-Scale Miners (GNASSM) has waded into the brewing controversy surrounding the reported financial losses incurred by the Bank of Ghana (BoG) and Ghana Gold Board (GoldBod), asserting that the success of the GoldBod and the broader artisanal and small-scale mining (ASM) sector must be measured through a lens that extends beyond mere accounting balance sheets.
The Association warned that treating the state’s strategic gold-buying operations as a standard profit-and-loss venture risks undermining the significant macroeconomic, social, and governance milestones achieved under the current administration.
“These figures show clearly that ASM gold trading cannot be assessed solely on a narrow accounting basis of profit and loss in a single year. Its broader macroeconomic, social, and governance benefits must be taken into account.”
GNASSM
In a detailed communique issued, the GNASSM leadership highlighted a sharp contrast in sector performance, noting that ASM gold exports surged to 101 metric tons by late December 2025, compared to 63.6 metric tons in 2024.
The Association argued that while the BoG recorded a transactional gap of approximately $214 million often characterized by critics as a loss, this figure actually represents a “policy cost” essential for stabilizing the national currency and building robust foreign reserves.
According to extractive experts and the GoldBod, these strategic interventions have enabled the Ghana Cedi to appreciate significantly, resulting in fiscal savings on external debt servicing that far outweigh the reported trading shortfalls.
Strategic Sovereignty and Economic Stabilization
The GNASSM emphasized that the establishment of GoldBod has successfully formalised a once-fragmented sector, effectively “displacing entrenched foreign buyers” who previously dominated the informal trade.
By offering competitive and transparent pricing mechanisms often reaching up to 98 percent of the London Bullion Market Association (LBMA) rates, GoldBod has incentivized miners to abandon illicit smuggling routes in favor of official channels.
This shift has not only boosted official export receipts to over $10 billion in 2025 but has also provided the Bank of Ghana with the necessary bullion to meet its 2028 reserve coverage targets three years ahead of schedule.
Governance, Traceability, and Social Impact
Beyond the financial metrics, the Gold Board has been lauded for its “environmental stewardship and capacity building” initiatives.
The introduction of a revolutionary “track-and-trace” system, scheduled for full implementation in the first quarter of 2026, is set to eliminate fraud by ensuring every gram of gold is traced to its source.
GNASSM noted that these governance reforms have empowered local miners to grow their operations into sustainable enterprises, thereby creating over one million direct and indirect jobs.
The Association maintained that the exclusion of unauthorized foreign middlemen has allowed for the “accumulation of domestic capital,” ensuring that the wealth generated from Ghana’s mineral resources remains within the local economy to improve social conditions.
Protecting the Future of Ghana’s ASM Sector
As the Bank of Ghana prepares to exit direct ASM gold trading to allow GoldBod to assume full operational control this year, GNASSM has called on Parliament to protect these gains from “short-term political interests.”
The Association argued that the current structure provides a “credible and structured gold acquisition channel” that protects miners from arbitrary valuations and reduces the risks of money laundering.
By treating gold as a strategic national asset rather than a simple commodity for trade, the government has managed to reduce inflation from 24 percent to single digits within a year. GNASSM concludes that the performance of GoldBod is a “benchmark for resource-led development” that should be safeguarded against external pressures.
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