Accra: The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has revealed that recent government interventions have led to a substantial reduction in gold smuggling activities. Despite this progress, he noted that the illicit practice has not been entirely eradicated.
According to Ghana Web, Gyamfi, in an interview with PM Express on Joy News, highlighted that although quantifying the exact reduction is challenging, the measures have significantly curbed smuggling. He refrained from providing specific figures but emphasized that the drop is notable. 'We've reduced smuggling considerably. I won't give any figures, but I think it's come down significantly. We've not eliminated it; you can't eliminate crime. It's still there,' Gyamfi remarked.
The GoldBod CEO attributed the success to a multi-faceted strategy introduced after transforming the Precious Minerals Marketing Company (PMMC) into GoldBod. Key components of this strategy include reforms in pricing, improved market incentives, and enhanced enforcement mechanisms. 'We are deploying multiple measures, competitive and transparent pricing coupled with market incentives and enforcement and the combination of these measures is what is giving us the results we are seeing,' he explained.
Gyamfi noted a marked increase in gold volumes, especially from the artisanal and small-scale mining (ASM) sector, as evidence of the system's effectiveness. ASM gold production rose to 104 metric tons in 2025, up from about 63 metric tons in 2024. Out of this, only 45 metric tons were tied to the central bank, highlighting the increased contribution from small-scale miners. 'ASM alone is 104 metric tons, which is unprecedented,' he stressed.
The Gold Board is eyeing more ambitious targets under the National Reserve Accumulation Programme, aiming to surpass 120 metric tons of gold output this year. 'This year, we are projecting. to hit a target of over 120 metric tons. And so far, so good. So basically, that is the plan,' Gyamfi stated.
Since its inception, GoldBod has intensified efforts to combat illegal gold trading, leading to several arrests, including foreign nationals involved in smuggling. Legal actions have been pursued in such cases, with some offenders facing repatriation. Despite these efforts, Gyamfi acknowledged the difficulty in completely eliminating gold smuggling but noted the current efforts as significant progress in securing Ghana's gold resources and strengthening regulatory oversight within the sector.