GoldBod,formerly the Precious Minerals Marketing Company (PMMC)—has purchased more than GHS40 billion (approximately $4 billion USD) worth of gold from the artisanal small-scale mining (ASM) sector between February and May 2025, according to the company’s CEO, Sammy Gyamfi.
Speaking at the Mining in Motion Summit in Accra on Monday, Mr. Gyamfi said the purchases were conducted on behalf of the Bank of Ghana as part of the country’s broader efforts to bolster foreign exchange reserves and stabilize the national currency. The volume of gold exported by GoldBod over the period totaled 41.5 metric tonnes, a figure that now surpasses Ghana’s large-scale mining exports for the first time, marking a major shift in the country’s gold production landscape.
“In May alone, GoldBod exported 11 tonnes of gold valued at $1.172 billion,” Gyamfi said, underscoring the scale of operations. “This performance is unprecedented in our history.”
The surge in ASM gold exports follows a series of reforms led by GoldBod, including the deployment of a nationwide gold aggregation system, tighter regulatory controls, and a crackdown on gold smuggling. According to Gyamfi, these measures enabled the company to capture over 90% of gold produced by the artisanal sector—traditionally one of the most unregulated and leakage-prone segments of Ghana’s mining industry.
The gold purchases, Mr. Gyamfi said, are part of a broader macroeconomic strategy that has contributed to improved foreign currency liquidity, a rebound in reserves, and a sustained appreciation of the Ghanaian cedi. These developments have been welcomed by investors and economic observers as signs of stabilizing fundamentals.
GoldBod is also spearheading a licensing overhaul to formalize the gold value chain. New licensing categories—including aggregation, refining, smelting, transportation, and export partnership licenses—are now being rolled out. All licensees must adhere to responsible sourcing codes and are subject to ongoing due diligence in collaboration with the Bank of Ghana and the Financial Intelligence Center.
Gyamfi emphasized the government’s position that artisanal miners, when properly regulated and supported, can be partners in national development. “Artisanal miners are not enemies of the state,” he said, echoing President Nana Akufo-Addo’s remarks at the same summit. “If properly harnessed, the ASM sector holds tremendous potential for inclusive economic growth.”
Foreign entities are prohibited from direct gold purchases at the local level, as per the GoldBod Act, but may engage in off-take agreements with the board or partner with Ghanaian-licensed aggregators. They are also encouraged to invest in domestic value addition through gold refineries and jewelry manufacturing.
Source:TheDotNews