Ghana’s Artisanal and Small-Scale Mining (ASM) gold export saw an exponential growth in 2025 from 2024, with approximately US$6.2 billion, a surge of nearly 135%, reflecting the sharpest year-on-year growth within the period.

This was announced in an infographic shared by Gold Board (GoldBod) on its official X (formerly Twitter) page.

According to the data shared, ASM gold export earnings rose from US$2.8 billion in 2018 to US$10.8 billion in 2025, representing an increase of about US$8.0 billion, or roughly 286%. The infographic also provided a year-on-year breakdown of exports, along with remarks on the exported commodity, stressing that the data covers exports made through official channels over the past seven years.

Ghana’s artisanal and small-scale mining (ASM) gold exports stood at 75.7 tons valued at US$2.8 billion in 2018, despite a nationwide ban on small-scale mining, indicating strong underground or regulated output.

Exports declined to 53.4 tons worth US$2.2 billion in 2019 and further to 39.3 tons valued at US$2.0 billion in 2020, reflecting continued enforcement of mining restrictions and possible COVID-19 disruptions. In 2021, exports collapsed sharply to just 3.4 tons valued at US$185 million following the introduction of a 3% withholding tax on unprocessed ASM gold, which discouraged official exports.

Volumes recovered in 2022 to 22 tons worth US$1.1 billion after the tax was reduced to 1.5%, with growth continuing in 2023 when exports rose to 37.4 tons valued at US$2.1 billion. A major jump was recorded in 2024, with exports increasing to 63.6 tons valued at US$4.6 billion, driven by improved formalisation and high global gold prices.

Ghana GoldBoard (GoldBod), the centralised gold regulator in the country, has received widespread praise for its remarkable achievements in the last year. The gold regulator declared a surplus of over GH₵960 million in 2025, with expenditures below GH₵120 million. This translates into a surplus of between GH₵700 million and GH₵800 million, according to unaudited accounts last year.

However, questions and demands for transparency into their trading model and accounts emerged after the International Monetary Fund (IMF) reported a US$214 million loss linked to gold trading. According to the IMF’s report, the alleged losses could undermine Ghana’s efforts to stabilise the economy.

These claims have been vehemently denied by the CEO of Gold, Sammy Gyamfi, who insists that his outfit is unaware of any losses as purported by the international financial institution.

According to him, GoldBod runs as a non-profit organisation, with a very few who understand its trading module. He described the claims as inaccurate, adding that the IMF’s assertions are based on misconceptions and an inaccurate understanding of GoldBod’s operational framework.

“Emphatically, no. GoldBod, even though it is not a profit-making public institution, has not made any losses,” Sammy Gyamfi stated.

Reacting to his remarks, Honorary Vice President of IMANI Africa, Bright Simons, during an appearance on Joy News’ Newsfile on Saturday, January 3, refuted Sammy Gyamfi’s claims, detailing that the Fund has both the mandate and the right to describe the issue as “trading losses.”

According to him, the Fund’s attribution of the US$214 million loss is coming from the results of its assessment of all member countries under its surveillance under Article IV consultations, which apply to all member countries, not only those on active IMF programmes.

“The IMF insists that we should call it trading losses. We did not use that term arbitrarily,” Simons said, stressing that IMF reviews are grounded in treaty obligations Ghana voluntarily signed up to as a member of the Bretton Woods institution.

Simons clarified that IMF surveillance is not optional, even for wealthy or non-borrowing countries. “The IMF is a treaty organisation. We are members. As long as you are part of that treaty, the IMF surveillance function applies,” he said.

He believes the IMF’s conclusions were not arbitrary but were reached through fair and respectful engagement with the country’s leaders.

He rejected suggestions that the issue could be reduced to a mere administrative or accounting problem. “You cannot all of a sudden convert a trading loss into something that’s a purely administrative matter. A trading loss means it’s a commercial loss,” Simons argued.

In November, the Ghana Gold Board made significant strides in its operations during the third quarter of 2025, particularly in gold collection and export, reserve building, and regulatory compliance among miners.

Its latest report shows that small-scale miners handed over 26,153.98 kilograms of gold, valued at approximately US$2.76 billion.

According to the Chief Executive Officer of the Board, Sammy Gyamfi, “The Ghana Gold Board continued to demonstrate strong institutional performance and sectoral leadership during the third quarter of its operational year (July–September 2025). The period was marked by steady progress in regulatory enforcement, gold aggregation and export, licensing and compliance, and inter-agency collaboration aimed at formalising Ghana’s gold value chain.”

“The GoldBod’s operational and financial performance reflects its growing institutional maturity and alignment with the objectives of the Ghana Gold Board Act, 2025 (Act 1140), which mandates it to regulate, promote, and ensure transparency in the purchase, assay, and export of gold and other precious minerals,” Sammy Gyamfi stated.