Ghana aims to channel roughly 127 metric tons of artisanal gold annually into official trade under new reforms. The government hopes the shift will boost foreign-exchange earnings and curb billions lost to smuggling through porous borders into global hubs.
Ghana, Africa’s top gold producer, forfeited an estimated $11.4 billion between 2019 and 2023 due to undeclared artisanal mining output. Finance Minister Cassiel Ato Forson told Parliament the Ghana Gold Board must buy a minimum of 2.45 tons of ASM gold weekly.
The purchases will be consolidated into a formal pipeline targeting more than $20 billion in annual inflows for the national economy. The surge in artisanal production follows rising global gold prices and Ghana’s creation of the GoldBod in 2025, lifting output to about 186 tons. Under the new policy starting next month, GoldBod will handle all off-take agreements and sell all ASM gold it procures.
The regulator plans to maintain three to four weeks of gold stock, using derivatives and hedging tools to manage market price risks. To dissuade smuggling, GoldBod may offer premium prices and bonuses for licensed miners, Forson said in Parliament on Wednesday.
All foreign exchange from the programme will be sold exclusively to the Bank of Ghana at pre-agreed rates under a new deal. Formalisation efforts will also expand to environmental standards, traceability systems, local refining capacity, and reduced operating costs for miners.
Ghana continues broader reforms in the mining sector’s financial framework, which large-scale producers warn could slow investment and output growth.