The Ghana Gold Board (GoldBod) has partnered with the Gold Coast Refinery to enhance Ghana’s gold processing capacity.

GoldBod Chief Executive Officer Sammy Gyamfi at the signing ceremony on Tuesday, January 20, 2026, indicated that the agreement will significantly enhance the implementation of a track-and-trace system across the gold sector.

Adding that instead of raw gold, Ghana’s daily gold exports, estimated at one tonne will now be refined to the highest industry standard of 99.9 per cent purity before shipment.

“This development marks a major milestone in Ghana’s gold trade and will help maximise national benefits from our mineral resources,” Mr Gyamfi said.

He further highlighted the economic benefits, noting, “The millions of dollars we pay as refinery charges to refineries in Dubai, Switzerland, India, Hong Kong, and other foreign countries will now stay in our banking sector. That money will now stay in our economy.”

On job creation, he added, “What this agreement also means is that we are creating more direct and indirect jobs, particularly because Gold Coast Refinery has committed to operating 24/7 in line with the government’s 24-hour policy.”

This major step was taken towards deepening value addition within Ghana’s gold sector to reduce Ghana’s long-standing reliance on exporting raw gold.

This practice has historically led to significant revenue losses that could otherwise be captured through domestic refining and downstream processing.

GoldBod explained that the partnership will strengthen local gold processing so Ghana can fully benefit from its status as Africa’s top gold producer.

A technical, independent report recently presented to GoldBod by economists from the University of Ghana (UG) and the University of Ghana Business School (UGBS), Professor Festus Ebo Turkson, Professor Agyapomaa Gyeke-Dako and economist, Peter Junior Dotse has indicated that artisanal and small-scale mining (ASM) gold exports rose by 39.4 tons, increasing from 63.6 tons in 2024 to 103 tons in 2025.

According to the report, GoldBod has mitigated the rate at which gold was being smuggled out of Ghana; now, trading is done officially through the right channels, leading to an increase in the amount of forex coming into the country. The benefits to the economy are much bigger than the trading losses reported by the Bank of Ghana.

The report explains that each ton of gold is worth about US$96.5 million. Based on this value, the gold that was brought into the formal system is worth about US$3.8 billion in foreign currency.

This means the benefits are 18 times bigger than the US$214 million loss reported by the Bank of Ghana. In fact, the report says that formalising just 2.2 tons of gold would be enough to cover that loss.

Prof. Festus Ebo Turkson, one of the report’s authors, emphasised that “GoldBod converts illicit gold flows into formal FX, strengthens Ghana’s external position, and supports macroeconomic stability. Evidence shows it is a high-return policy intervention for the economy.”

The study also reveals that GoldBod’s initiatives reduced reliance on costly external borrowing. ASM exports facilitated by GoldBod in 2025 generated US$10.8 billion in FX inflows. Had Ghana borrowed equivalent funds externally at interest rates of 7–10%, it would have incurred annual interest costs of US$756 million to US$1.08 billion.

Even considering only the reduction in smuggling, the avoided annual interest costs range from US$266–380 million, creating a recurring economic benefit.

Beyond financial gains, the report highlights broader macroeconomic effects:

Strengthened international reserves (≈ US$11–12 billion), exchange-rate stabilisation, reduced domestic cost of external debt (≈ GHS 6.2 billion), lower import bill valuation (≈ GHS 50.6 billion for Jan–Oct 2025), disinflation through reduced exchange-rate pass-through.

The report also clarified that the reported losses by the MF in GoldBod’s trading activities were merely an accounting effect and not a cash deficit or loss. GoldBod purchases gold at near-retail exchange rates to deter smuggling, while FX inflows are recorded at the interbank rate. True economic costs are estimated at just 2.5% of the gold value.

According to the report, GoldBod should be seen as a policy tool for macroeconomic stabilisation rather than a profit-driven entity. Recommendations include sustaining price competitiveness to prevent smuggling, improving transparency in BoG reporting, gradually reducing policy costs, and strengthening governance and oversight.

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.