Magdalene Andoh
Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, Esq., has called for an international gold certification regime to curb smuggling and strengthen responsible sourcing across the global supply chain. He made the call while addressing industry leaders at the 2025 Dubai Precious Metals Conference held at the Atlantis Palm Jumeirah Hotel.
Delivering a detailed statement on Ghana’s transformation of its artisanal and small-scale mining (ASM) sector, Gyamfi highlighted the sector’s extraordinary contribution to Ghana’s economic turnaround in 2025. He revealed that ASM alone produced 90 tons of gold, representing 53% of Ghana’s total gold export earnings, and generating over US$9 billion in foreign exchange.
Gyamfi noted that these gains had significantly boosted Ghana’s economic indicators, including a 35% appreciation of the cedi this year, a US$2.1 billion trade surplus, reduced inflation, and a decline in government debt-servicing costs.
Ghana battles illegal mining and gold smuggling
Despite ASM’s economic value, the CEO expressed deep concern about illegal mining activities and the environmental destruction they cause. He stressed that “no volume of gold is worth a human life,” pledging the government’s renewed commitment to protecting rivers, forests, and communities.
Gyamfi pointed to longstanding discrepancies between Ghana’s official export figures and import data from destination countries, blaming gold smuggling and the complicity of foreign buyers.
He warned: “If you are not buying from a licensed large-scale mine, you must buy only from the GoldBod. Failure to do so makes you a gold smuggler or an abettor of smuggling, and the laws of Ghana will catch up with you.”
GoldBod’s major reforms and new systems
Since its establishment in early 2025 under Act 1140, the Ghana Gold Board has introduced sweeping reforms, including:
Exclusive authority to assay, grade, value, purchase, and export ASM gold
A new transparent pricing model for miners and licensed buyers
A strengthened regulatory framework to curb smuggling
Deployment of a national aggregation system for gold collection
Licensing reforms to ensure responsible sourcing
Anti-smuggling operations leading to arrests and prosecutions
Gyamfi also announced that by 2026, GoldBod will introduce a blockchain-powered Track and Trace system to ensure full transparency and traceability of every gram of gold purchased.
Global call to action
The CEO urged the DMCC, OECD, LBMA, the World Gold Council, and governments worldwide to rally behind developing countries striving to formalize ASM. He advocated for a global certification scheme for gold, similar to the Kimberley Process for diamonds, to block smuggled gold from entering legitimate supply chains.
“Gold smuggling fuels money laundering, terrorism financing, and criminal networks,” he said. “We cannot allow this menace to thrive.”
Investing in sustainable ASM
Sammy Gyamfi outlined the government’s plans to invest in geological surveys, modern assay technology, and capacity-building for miners. Initiatives such as the Mining Support Program and the Responsible Co-operative Mining and Skills Development Program (rCOMSDEP) are geared toward improving recovery, modernizing ASM, and reducing environmental impact.
He reaffirmed Ghana’s commitment to eliminating mercury and other harmful substances from ASM through modern processing technologies.
A new future for mining
Closing his speech, Gyamfi described ASM as a pathway to inclusive growth rather than a source of destruction.
“ASM is about uplifting communities and safeguarding our environment. At GoldBod, we are reshaping the sector into a force for economic transformation,” he said.
He expressed hope that future generations would look back with gratitude at the reforms being undertaken today.
