Ghana’s artisanal and small-scale mining (ASM) sector has achieved a historic breakthrough in 2025, outperforming the large-scale mining industry in both export volume and value for the first time in the nation’s history.
Data released by the Ghana Gold Board (GoldBod) confirmed that as of December 24, 2025, the ASM sector successfully exported 103 tonnes of gold, generating an unprecedented US$10.8 billion in foreign exchange.
This milestone represents a monumental shift in the country’s extractive landscape, signaling the success of the Gold-for-Reserves (G4R) programme in capturing domestic output that was previously lost to informal channels or cross-border smuggling.
“Yesterday, the Ghana Gold Board surpassed its 2025 small-scale gold export target of 100 tons, generating over US$10 billion in foreign exchange for the country. The outcome underscores the viability of GoldBod’s mandate to sanitise and formalise gold trading in Ghana. This is a defining milestone in the ongoing reform of Ghana’s gold trading and export regime.”
GoldBod
The surge in ASM performance is directly linked to the first-year operational reforms of GoldBod, which established a streamlined aggregation and traceability framework.
The record of a respectable export of 96.6 tonnes valued at US10.8 billion by the large-scale mining sector underscored a radical transformation from previous years.
Historical records illustrate the severity of the sector’s past volatility; for instance, in 2021, the imposition of a 3 percent withholding tax caused official ASM exports to collapse to a mere 3.4 tonnes, valued at US$185 million.
The subsequent removal of this tax by GoldBod in 2025, combined with a “market-mopping strategy,” has effectively incentivized miners to return to the formal economy, proving that fiscal realism and aligned incentives are more effective than punitive taxation in driving national revenue.
Strategic Reform and the End of Informality
The 2025 data serve as a compelling “nuanced story,” according to GoldBod officials, who argue against the notion that high global gold prices were the sole driver of this growth.
While international market rates were favorable, the institutional capacity to channel that value into the Bank of Ghana’s reserves was the true catalyst.
CEO of GoldBod, Sammy Gyamfi, Esq., noted that the performance is “the result of deliberate policy choices and institutional reforms that incentivized miners to sell through formal channels.”
This approach moved away from “narrow fiscal extraction” and toward a strategy of volume capture, which has stabilized the local gold trade and significantly reduced the systemic leakages that once cost the state billions.
Economic Stabilization and Macroeconomic Gains
The economic impact of this ASM surge has been felt across the broader Ghanaian economy, contributing to a significant appreciation of the Cedi and a consistent decline in inflation.
By integrating over 103 tonnes into the formal system, GoldBod has provided the Bank of Ghana with the liquidity necessary to meet external obligations without resorting to expensive foreign borrowing.
Experts suggest that the “opportunity cost of not raising this foreign exchange” would have been far higher than any perceived operational costs.
Analysts point out that the state has saved billions in debt servicing and import costs, effectively lowering the cost of living for the average Ghanaian through improved currency stability.
Sustaining the ASM Breakthrough for National Development
Maintaining this momentum is critical for Ghana’s long-term resource management strategy. The 2025 performance has set a benchmark for how the ASM sector, when properly supported and formalized, can act as a “powerful ally of development.”
Sustaining this requires a continued commitment to spot-price buying and the digital traceability systems implemented by GoldBod.
By ensuring that miners receive up to 98 percent of the international market value, the state removes the primary motivation for smuggling.
This formalization not only secures the national treasury but also protects the livelihoods of over one million Ghanaians employed in the sector, fostering an inclusive mining ecosystem where “Ghanaian interests come first.”
The 2025 export figures remain a “stark reminder” of the risks associated with excessive taxes on local production.
Moving forward, the GoldBod framework is being viewed as a blueprint for other mineral-rich African nations seeking to balance formalization with revenue optimization.
As Ghana looks toward 2026, the priority remains the protection of these gains through “institutional cooperation and market realism,” ensuring that the ASM sector remains the backbone of the nation’s foreign exchange accumulation and a pillar of its macroeconomic sovereignty.
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