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.

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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.

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.