The Ghana Gold Board (GoldBod) and the Precious Minerals Marketing Company (PMMC) have revealed Ghana’s small-scale gold export sector has generated over US$8 billion in foreign exchange.
According to the data released by Goldbod, between January and 15th October 2025, over US$8 billion was generated for foreign exchange through the small-scale gold export sector.
The data showed small-scale miners exported 81,719.23 kilograms of gold during the period, valued at US$8.06 billion.
The data showed an increase from US$4.61 billion recorded in 2024, and nearly quadruple the amount achieved in 2023, which was US$2.19 billion.
Sizable monthly gains were in May (US$1.17 billion), June (US$957.9 million), and April (US$897.6 million).
In related news, Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board (GoldBod), has clarified that the Goldbod is not in the market buying galamsey gold.
The CEO explained that licensed private individuals make the purchases of gold, not GoldBod.
Speaking on Joy FM’s Super Morning Show, Sammy Gyamfi explained, “To create the impression that nobody was buying galamsey gold and all of a sudden GoldBod is now giving it a market is clearly wrong”.
“There has always been a market for gold anywhere in the world, including Ghana. Have we ever woken up to any news that there is stranded gold in Ghana? There’s always demand,” he said.
He detailed, “Gold Board itself is not on the market buying gold. These licensed buyers are not stationed at mining sites. They sit in their offices, mostly in district and regional capitals, and buy gold brought to them. They have no technology or system to tell whether the gold was mined responsibly or not”.
“It is this five-month-old corporation called Gold Board that has now been given the mandate to find a solution to that problem. You think we can find a solution in five months to a problem that has existed for decades?” he asked.
Sammy Gyamfi further revealed Goldbod’s plans for next year, “By next year, we will commence the rollout of this system. Licensed miners will have to seal and scan their gold with unique codes so buyers can know exactly where it is coming from. Aggregators will also have to trace the origin even after melting.
Currently, because small-scale gold is not traceable, we are limited to markets in Dubai, Hong Kong, India, and Turkey. With traceability, we can access LBMA refineries in Switzerland and China, where prices are higher.
“People are having the wrong impression that Gold Board is in the market buying galamsey gold. Nothing of that sort is happening,” he said.
Sammy Gyamfi, also quizzed critics, claiming the GoldBod is responsible for promoting illegal mining, popularly known as galamsey.
The Goldbod CEO quizzed how a five-month-old Goldbod could be responsible for an age-long galamsey problem?
Sammy Gyamfi explained, “Let me clear some misconceptions that GoldBod is promoting galamsey. And my simple question to them is how can a five-month-old statutory corporation, GoldBod, be responsible for an age-long galamsey problem?”
“Galamsey has been with us for decades. Last year, there was no GoldBod, but we saw a lot of protests against galamsey because galamsey has reached unprecedented and alarming levels. So how can you say that a corporation that was established barely five months ago is the one to blame for galamsey?” he added.
Sammy Gyamfi, however, clarified that the Goldbod was established to promote environmentally friendly mining practices.
He added, “GoldBod was established to promote sustainability initiatives and environmentally friendly mining practices. If you look at section 31G and H of the GoldBod Act, we have that function. So GoldBod is rather supposed to come and support the fight”.
He further added that the Ministry of Lands and other agencies are responsible for the fight against galamsey.
“We don’t have that mandate; the mandate is that of the Ministry of Lands and Natural Resources and their allied agencies. They have that statutory obligation to fight galamsey. But in stipulating our functions, Parliament said, GoldBod, since you will be in that space, you should support the fight,” he explained.
Mr Gyamfi added. “And in less than five months since our establishment, we’ve done what no institution in Ghana has done”.
“This national anti-illegal mining operation secretariat, which was formed to be a multisectorial central coordinating body for this galamsey fight, for us to optimise resources, they didn’t have money, they didn’t have vehicles.
“In less than five months, GoldBod has given them GH₵5m and five Toyota Hilux vehicles, and we plan to give them more vehicles. And since we gave them support, you’ve seen the renewed fight all over the place,” he said.
“So how can the same GoldBod, established to support the fight against illegal mining and actually supporting the fight against illegal mining by putting in resources, be accused of promoting galamsey?” he questioned.
See the post below:
PMMC/GoldBod generates $8 billion US dollars in foreign exchange for Ghana from small-scale gold exports alone (January- 15th October, 2025) pic.twitter.com/DNJAgasjAx
— Sammy Gyamfi (@SammyGyamfi_) October 16, 2025