The Chief Executive Officer (CEO) of the Ghana Gold Board (GoldBod) has outlined a sweeping set of reforms and strategic interventions aimed at transforming Ghana’s gold industry during a keynote address at the “Mining in Motion” Summit held at the Kempinski Hotel in Accra.

Addressing a high-profile audience, including President John Mahama, His Royal Majesty Otumfuo Osei Tutu II, the Minister for Lands and Natural Resources, Hon. Emmanuel Armah-Kofi Buah, members of the diplomatic corps, and industry leaders, the GoldBod CEO praised the visionary leadership of President John Dramani Mahama for initiating the establishment of the GoldBod to sanitise and regulate Ghana’s gold trading space.

Ghana, which currently leads Africa in gold production, has long struggled to optimise the full benefits of its rich gold reserves, the CEO noted.

He described the situation as “a butcher starved of protein,” attributing past failures to a fragmented and poorly-regulated gold trading sector that facilitated rampant smuggling and deprived the nation of much-needed foreign exchange.

“The establishment of GoldBod has marked a new dawn,” he stated.

“We have tightened regulatory controls, launched a ruthless fight against gold smuggling, and introduced effective gold aggregation systems across the country.”

According to the CEO, these reforms have led to unprecedented gains in the sector.

From February to May 2025 alone, GoldBod purchased and exported artisanal small-scale (ASM) gold worth approximately GH₵40 billion, translating to $4 billion USD in export value.

Notably, ASM gold exports have, for the first time, surpassed those from the large-scale sector, with 41.5 tonnes of ASM gold exported from January to May 2025.

In May 2025 alone, the GoldBod recorded 11 tonnes in gold exports from the ASM sector, valued at $1.172 billion USD, contributing significantly to forex liquidity, currency stability, and improved living conditions across the country.

The CEO emphasised that artisanal miners are now recognised as potential “allies of development” when trained and supported properly.

He announced plans to train artisanal miners in environmentally-friendly and modern recovery techniques beginning September 2025, in partnership with the Ministry of Lands and Natural Resources.

To further strengthen the sector, GoldBod has begun licensing all participants in the gold trading space, including aggregators, refiners, smelters, and exporters.

Licensees will be subject to rigorous due diligence in line with anti-money laundering and counter-terrorism financing regulations.

He also extended an open invitation to international investors and foreign entities, stating that while foreigners are prohibited from direct gold purchases on the local market, they may partner with Ghanaian licensees or apply for licenses to establish refineries and jewellery manufacturing operations in Ghana.

A significant portion of GoldBod’s surplus will be directed toward land reclamation and sustainable development programmes, including “Blue Water” and “Tree for Life.”

Additionally, investments will be made in education, healthcare, and social infrastructure in mining communities.

On the enforcement front, he declared the era of illegal gold trading and smuggling as over, announcing the imminent launch of a permanent anti-smuggling task force in collaboration with the National Security Secretariat.

Looking ahead, the CEO revealed that GoldBod will soon transition from exporting dore gold to bullion exports, working closely with local refineries on a path to London Bullion Market Association (LBMA) accreditation.

He also reaffirmed GoldBod’s commitment to the establishment of a “Gold Village” — an initiative by President Mahama aimed at positioning Ghana as the hub of gold jewellery and ornament production in Africa.

In support of this, the agency will invest in geological research to ensure sustainable and data-driven mining practices.

Plans are underway for the construction of a state-of-the-art, ISO-certified, LBMA-compliant assay laboratory by 2026, to ensure accurate testing and valuation of all gold exported from Ghana.

In conclusion, the CEO called on global partners, including the LBMA, OECD, and World Gold Council, to collaborate with Ghana on its journey toward responsible sourcing, supply chain traceability, and value addition.

“Ghana is ready. GoldBod is prepared. And together, we can uplift communities, protect the environment, and deliver shared value,” he declared.