Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board (GoldBod), has called on artisanal and small-scale miners (ASM) to embrace a series of aggressive reforms designed to eliminate gold hoarding, curb smuggling, and ensure that the nation captures the full economic value of its mineral wealth.
Speaking at a high-level stakeholders’ forum hosted at the Kwame Nkrumah University of Science and Technology (KNUST) in Kumasi, Sammy Gyamfi emphasized that the success of these measures depends on the active cooperation of local miners to move the industry away from the shadows of illicit trade.
The CEO underscored that while the sector has seen a meteoric rise in formalized production, the ultimate goal is to create a transparent ecosystem where every ounce of gold mined translates into tangible developmental gains for the Ghanaian people.
“We are here to take stock of last year, check the challenges and improve so we can maximize the benefits of the ASM sector. GoldBod doesn’t want gold that is illegally mined; anyone who mines gold illegally is an enemy of the state. If you are a miner and you want your gold to benefit Ghana, bring the gold to the district gold market.”
Sammy Gyamfi, GoldBod CEO
The engagement, which brought together members of the Ghana National Association of Small-Scale Miners and the National Concerned Small-Scale Miners Association, served as a strategic platform to review the sector’s performance over the past year and address lingering operational bottlenecks.
Sammy Gyamfi revealed a staggering growth in the sector’s output, noting that formalized ASM gold production surged from 63 tonnes in 2024 to an impressive 104 tonnes in 2025.
He attributed this 65% increase to the institutionalization of Ghana Gold Board, which has provided a structured alternative to the foreign-dominated, unregulated channels that previously facilitated the mass smuggling of gold to neighboring countries.
By formalizing these flows, the government has been able to generate approximately $10.8 billion in export revenue within a single year, a figure that dwarfs the $3 billion IMF support programme and has played a pivotal role in stabilizing the Cedi and providing broader macroeconomic relief.
Strategic Infrastructure and District Buying Centres
To consolidate these gains, GoldBod has announced the 2026 rollout of District Gold Buying Centres (GDGBCs) across major mining communities. These centers are designed to act as primary hubs for the gold trade, effectively bringing the market to the miner’s doorstep to eliminate the influence of unlicensed middlemen who often exploit miners through underpricing. Gyamfi warned that “unlicensed buyers, some operating from neighboring countries, continue to fuel smuggling,” and urged all stakeholders to verify that their trading partners hold valid GoldBod licenses.
To incentivize participation in this formal market, the new system will offer “transportation and risk allowances” to both miners and licensed buyers who conduct their business at these designated centers.
Combatting Illicit Trade and Strengthening Regulation
Despite the record-breaking revenue figures, the persistence of “galamsey” and sophisticated smuggling syndicates remains a significant threat to national security and public health.
In response, GoldBod is set to “deepen collaboration with the Minerals Commission and security agencies” in 2026 to launch a renewed crackdown on illegal operations.
This enforcement drive will be complemented by a resource-sharing initiative, where GoldBod will provide mining associations with the necessary tools and funding to self-regulate and assist in the fight against environmental degradation.
Sammy Gyamfi reiterated that “improved regulation has contributed to the appreciation of the cedi,” making the elimination of under-declaration a matter of national economic survival.
Reinvestment and Long-Term Sector Sustainability
The long-term vision of these reforms extends beyond mere revenue collection to the industrialization of the small-scale sector.
Sammy Gyamfi assured the mining community that as gold flows through formal channels increase, the resulting capital will be reinvested directly into their operations.
This includes the provision of modern mining equipment and technical support aimed at “boosting productivity and promoting responsible mining practices.”
By aligning local production with international traceability standards, GoldBod aims to secure premium pricing for Ghanaian gold on the global market.
The forum concluded with a unified call to action from government officials, including Deputy Minister Hon. Rita Naa Odoley Sowah and representatives from the Minerals Commission, to treat the gold sector as a strategic pillar of Ghana’s sovereign wealth.
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