Ghana has unveiled an ambitious plan to channel 127 metric tonnes of artisanal and small scale gold production into official trade annually as part of sweeping reforms aimed at curbing smuggling and boosting foreign exchange reserves.
The initiative will be driven by the newly created Ghana Gold Board, also known as GoldBod, which will oversee the purchase and marketing of gold from licensed small scale miners. Authorities say the board will buy an average of 2.4 tonnes of gold per week once the system becomes fully operational.
Artisanal and small scale mining accounts for a significant share of Ghana’s gold output, but for years large volumes have been lost to informal trading networks. Government data indicates billions of dollars worth of gold have been smuggled out of the country over the past decade, depriving the state of tax revenue and foreign exchange inflows.
Finance officials say the reform will formalise the supply chain, improve traceability and ensure more earnings are retained within the domestic economy. The policy also seeks to stabilise the local currency by increasing gold backed reserves at the central bank.
Ghana remains Africa’s leading gold producer and the metal is its top export commodity. By restructuring how small scale gold is purchased and exported, authorities hope to reduce illegal flows while strengthening environmental compliance and regulatory oversight in the sector.
The success of the reforms will depend on pricing incentives, enforcement capacity and whether informal operators are willing to transition into the licensed framework.
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