Ghana GoldBoard (GoldBod) has reported a significant revenue accrued from small-scale gold export between January and October 15.

The sector has earned US$8 billion in foreign exchange within ten months, according to data from the Ghana Gold Board (GoldBod) and the Precious Minerals Marketing Company (PMMC).

The data reports that small-scale miners exported 81,719.23 kilograms of gold during the period, valued at US$8.06 billion. This marks a sharp increase from US$4.61 billion recorded in 2024 and nearly quadruples the US$2.19 billion achieved in 2023.

Also, the data shows that gold export increased by 29% between 2024 and 2025, thus from 63,647 kilograms to 81,719 kilograms. When compared to 2023, GoldBod’s earnings have grown more than threefold.

The data highlights a consistent upward trend in both gold volume and export value over the three years, reflecting improved regulation, transparency, and compliance within Ghana’s small-scale mining sector.

The data also showed a robust month-on-month growth in the second quarter of the year, with a revenue of US$1.17 billion recorded in May, US$957.9 million in June, and US$897.6 million in April.

The country’s official gold buying and distribution authority has linked its significant gains to its partnership with PMMC and strengthened oversight of small-scale gold exports and other related gold-purchasing and regulations. The GoldBod-PMMC collaboration has proved efficient since mid-April 2025, when the former began operations, absorbing the functions of the latter.

The collaboration has been instrumental in curbing illicit trade and ensuring that proceeds from gold sales are properly repatriated into the Ghanaian economy.

Meanwhile, GoldBod has been quite instrumental in dealing with leakages in Ghana's gold trading by regulating the affairs of licensed traders.

It functions under the oversight and supervision of the Ministry of Finance of the Republic of Ghana.

GoldBod announced the suspension of the licence of a Tier 2 licensed gold buying company in Tarkwa over breach of several gold laws.

In a statement dated Wednesday, September 16, the governing body overseeing all gold trading and export activities in Ghana informed the public that the company’s license has been suspended and all its shops closed.

“The Ghana Gold Board (“GoldBod”) wishes to inform the general public that it has suspended the license and closed all trading shops of NK Benak Enterprise, a licensed gold buyer (Tier 2), with immediate effect,” the statement stated.

The suspension comes on the heels of the company’s breach of several gold trading laws, leading to the arrest of its CEO, who is currently facing prosecution.

“This action has been taken on grounds of NK Benak Enterprise’s complicity in several gold-related offences, which have led to the arrest of the sole proprietor, Bernard Nkrumah, and his prosecution before the High Court,” GoldBod added.

Consequently, Bernak has lost the right to trade with all other licensed gold trading companies. GoldBod emphasised in the statement, highlighting the commitment to ensuring the appropriate enforcement of all gold trading laws to ensure transparency.

“Notice is hereby given to all licensed traders, miners, and the general public to desist from trading and/or engaging in any form of gold transaction with NK Benak Enterprise forthwith. GoldBod remains committed to enforcing the laws and regulations that govern the gold trading sector in the spirit of accountability and transparency,” it added.

This is not the first gold trading company that has been suspended by GoldBod over breach of trading laws. In late August, GoldBod announced it had suspended the license of Evanex Gold Enterprise, a licensed gold buyer (Tier 2), with immediate effect. They took this action following an adverse investigative finding of illegal gold pricing made against the company, contrary to the terms and conditions of the license of the company.

The GoldBod has thereby cautioned licensed traders, miners, and the general public against trading or engaging in any form of gold transaction with Evanex Gold Enterprise forthwith.

"GoldBod remains committed to enforcing the laws and regulations that govern the gold trading sector in the spirit of accountability and transparency," a statement issued by GoldBod read.

GoldBod's works has earned praise among neighbouring and internatioal partners.

At the 2025 IMF/World Bank Annual Meetings, which is currently underway in Washington, finance ministers from Liberia, Sierra Leone, The Gambia, Sudan, and others endorsed GoldBod as a model for resource-driven growth.

Consequently, a high-level delegation from the Kimberly Process management in Mozambique visited GoldBod and embarked on a two-day study of the institution's model and the country’s experience in establishing and managing institutions that regulate gold trading and certification.

The Kimberly Process management is a government institution under the Ministry of Mineral Resources and Energy responsible for ensuring the legality of rough diamonds, precious metals, and gems in Mozambique.

The exchange programme focused on the work of the Ghana Gold Buying and Distribution Company (Goldbod), which has become a central player in the nation’s mineral economy. The delegation was welcomed and given an overview of the agency’s regulatory framework and operations by Deputy Chief Executive Officer of Goldbod, Richard Nunekpeku Esq.

History of GoldBod

The Ghana Gold Board (GoldBod) is a body corporate established by an Act of Parliament (ACT 1140) in the year 2025 to oversee, regulate and undertake the buying, selling, assaying, refining, exporting and other related activities in respect of Gold and other Precious Minerals in Ghana.

The GoldBod per section 78 of ACT 1140, took over the rights, obligations, assets, liabilities and workforce of the Precious Minerals Marketing Company (PMMC) Limited, which is an offshoot of the Ghana Diamond Marketing Board.

In 1963, the Ghana Diamond Marketing Board was established and charged with the responsibility of purchasing and marketing Ghana’s diamonds.

In 1965, by a Legislative Instrument (LI) 401, the Ghana Diamond Marketing Board was incorporated as a State-Owned Enterprise (SOE).

Upon the promulgation of the diamonds decree (NRCD 32) in 1972, LI 916 was enacted to change the company’s name to Diamond Marketing Corporation.

In 1989, PNDC Law 219 was enacted to yet again change the Company’s name to the Precious Minerals Marketing Corporation with enhanced functions to grade, assay, value gold, diamonds and other precious minerals of the country.

In the year 2000, the Corporation was converted by the Statutory Corporations Conversion to Companies Act (ACT 461) to a Limited Liability Company to operate under the Ghana Companies Code Act (ACT 179) 1963, as Precious Minerals Marketing Company (PMMC) Limited, with the same functions.

In the year 2016, the PMMC was appointed the national assayer by the government of Ghana.

To strengthen industry regulation and optimize national benefits, the Ghana GoldBod was established on 2 April, 2025 by the government of Ghana to restructure and streamline the precious mineral trading sector of Ghana.

The GoldBod initiative is a product of extensive stakeholder consultations and aims at maximising foreign exchange inflows, gold reserve accumulation and value addition for sustainable growth and transformation.