Omanghana
The Ghana Gold Board (GoldBod) purchased and exported gold valued at US$16.11 billion between January 2025 and May 2026, marking one of the most significant expansions of Ghana’s formal gold trading system in recent years.
According to data released by the Ministry of Finance, the aggressive gold aggregation program has contributed substantially to foreign exchange inflows, strengthened the country’s external reserves, and supported broader efforts to stabilize the Ghanaian economy.
The initiative forms part of government reforms aimed at improving transparency in the gold sector, reducing smuggling, and ensuring that more value from Ghana’s mineral resources contributes directly to national economic development.
GoldBod Handles More Than 135 Metric Tonnes of Gold
During the 17-month period, GoldBod purchased a total of 135.843 metric tonnes of gold bullion from various sources within Ghana’s gold production ecosystem.
A significant portion of the gold came from the Artisanal and Small-scale Mining (ASM) sector, which remains a major contributor to Ghana’s gold output.
Out of the total volume purchased:
- 135.221 metric tonnes, representing about 98 percent, was sourced directly from licensed artisanal and small-scale miners.
The strong participation of small-scale miners reflects GoldBod’s focus on bringing more informal gold production into the regulated market system while ensuring miners receive fairer access to official trading channels.
Gold Exports Generate Billions in Foreign Exchange
The formalization of gold purchases through GoldBod generated substantial foreign exchange earnings for the country.
In 2025 alone, the operations reportedly contributed more than US$10 billion in direct forex inflows, supporting Ghana’s balance of payments position and contributing to improved stability of the local currency.
The increased forex supply also helped strengthen the Bank of Ghana’s foreign reserve position, providing additional support for macroeconomic management.
Expanding Gold Buyer Network to Fight Smuggling
As part of efforts to reduce illegal gold trading and smuggling, GoldBod expanded its domestic purchasing network to 1,184 licensed gold buyers nationwide.
The expanded network includes:
- Two primary aggregators.
- Sixty-seven self-financing aggregators.
- Numerous licensed buying agents operating under GoldBod’s regulatory framework.
Officials say increasing access to legitimate gold purchasing channels is critical to ensuring that more locally produced gold is captured within the formal economy rather than diverted through illegal export routes.
GoldBod Takes Full Control of ASM Financing
A major structural change took effect in January 2026, when GoldBod assumed full financial responsibility for the artisanal and small-scale mining gold trading programme.
Previously, aspects of the gold purchasing system relied on Bank of Ghana pre-financing arrangements. Under the new structure, GoldBod now operates using its own US$279 million revolving seed capital provided by government.
The move is expected to reduce financial pressure on the central bank while allowing GoldBod to independently purchase, trade, and export gold.
Partnership with Large-Scale Mining Companies
GoldBod has also strengthened its relationship with major mining companies through a landmark agreement requiring participating large-scale mining firms to sell a portion of their gold output locally.
Under the Memorandum of Understanding (MoU), nine large-scale mining companies agreed to allow GoldBod to purchase 20 percent of their gold production in Ghanaian cedis.
The arrangement is expected to increase local participation in the gold value chain and further support national foreign exchange and reserve accumulation efforts.
Transparent Gold Pricing Introduced
To protect miners and improve confidence in the domestic gold market, GoldBod introduced a mandatory pricing system linked to international market benchmarks.
The pricing framework is based on the London Bullion Market Association (LBMA) daily AM and PM gold price fixtures, ensuring that local miners receive prices aligned with global market standards.
The reform is designed to promote transparency, reduce exploitation by middlemen, and create a more predictable trading environment.
Gold Sector Momentum Continues in 2026
GoldBod’s strong performance has continued into 2026, with the institution purchasing 54 metric tonnes of gold during the first half of the year.
Officials believe the current pace places Ghana on course to match or surpass the record performance achieved in 2025.
The government says the continued expansion of GoldBod’s operations will remain central to efforts to strengthen Ghana’s reserves, improve foreign exchange availability, support the cedi, and ensure that the country derives greater economic benefits from its natural resources.
The development reinforces Ghana’s position as Africa’s leading gold producer while marking a new phase in the country’s approach to managing and maximizing the value of its gold resources.
Source: Omanghana
