Ghana’s newly established Ghana Gold Board (GOLDBOD) is aiming high, targeting up to $12 billion annually in gold revenue starting next year.
This ambitious goal is part of the government’s broader plan to double small-scale gold production and formalize artisanal mining operations across the country.
The GOLDBOD, established this year to regulate all aspects of gold trading in Ghana, is confident that its efforts will pay off.
According to Sammy Gyamfi, CEO of GOLDBOD, the board expects to generate around $6 billion by the end of this year, with a projected increase to $12 billion in annual inflows from next year. This growth will be driven by increased gold purchases from artisanal miners, with the goal of moving above 3 tons a week, up from about 1.5 tons a week in January .
Small-scale mining has become a significant contributor to Ghana’s gold output, accounting for more than 40% of the country’s total gold production.
In 2023, gold exports surged by more than 50% to hit $11.6 billion, with total national production reaching 151 tonnes, of which 66 tonnes came from the small-scale sector alone. By doubling small-scale gold production, Ghana aims to capitalize on the commodity’s high global prices, which have hovered near $3,300 per ounce .
The Ghana Gold Board’s efforts to formalize artisanal mining operations are crucial to achieving its ambitious revenue targets. By bringing these operations into the formal sector, the government hopes to retain more value and limit revenue losses through smuggling.
This move is expected to have a positive impact on inflation, gross domestic product, and the foreign component of Ghana’s debt profile .
Ghana’s gold industry is poised for significant growth, driven by the Ghana Gold Board’s efforts to double small-scale gold production and formalize artisanal mining operations.
With a projected revenue target of $12 billion annually, the country is banking on its gold reserves to drive economic recovery and reduce dependence on debt-driven financing.
As the GOLDBOD works towards achieving its goals, it is expected to make a positive impact on Ghana’s economy and contribute to the country’s overall development.
