Omanghana
Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board, has placed Ghana’s gold sector at the center of the country’s ongoing economic reset strategy, positioning it as a key driver of growth, stability, and foreign exchange generation under the administration of John Dramani Mahama.
Since 2025, Gyamfi has led a series of reforms aimed at transforming Ghana from a traditional exporter of raw gold into a competitive player in global refining and value-added production. Central to this strategy is a shift toward domestic processing, including efforts to revive local refineries to meet international standards such as London Bullion Market Association accreditation, while also promoting downstream manufacturing through initiatives like Goldbod Jewellery Limited to produce high-quality, locally made products.
A major component of the reform agenda is the centralization of gold trading within the artisanal and small-scale mining sector. Beginning in January 2026, GoldBod assumed full control of the purchasing and sale of gold from this segment to reduce revenue leakages and ensure that foreign exchange earnings are retained within the national economy.
These measures have had a notable impact on Ghana’s macroeconomic performance. Gold exports exceeded $5 billion in the first half of 2025, while foreign exchange inflows from the sector contributed significantly to national reserves reaching approximately $12 billion. The strengthened inflows have also supported the appreciation and stabilization of the Ghanaian cedi, which traded around GH¢10 to the US dollar by early 2026, compared to nearly GH¢16 in previous periods.
Production within the artisanal mining sector has also seen substantial growth, rising to 104 metric tonnes in 2025 from 63 tonnes in 2024, reflecting increased formalization and improved regulatory oversight. These reforms have been reinforced by the implementation of new licensing systems under the Ghana Gold Board Act, 2025, which revoked earlier permits and introduced stricter controls and penalties to curb illegal trading activities.
Despite ongoing political debate over the extent of state involvement in the sector, the reforms have received support from key institutions. The Bank of Ghana, along with traditional authorities such as the Asantehene, has commended the initiative for helping to restore market confidence, improve liquidity, and strengthen Ghana’s overall economic outlook.
Source: Omanghana
