Accra:The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has revealed that Ghana's artisanal and small-scale gold mining sector generates between $1 billion and $1.5 billion in foreign exchange each month.
According to Ghana Web, Gyamfi made this disclosure at the Mining in Motion Summit held in Accra. He emphasized the critical role of GoldBod in regulating gold trading, which is pivotal to the country's economic stability. The sector's contribution to foreign exchange is vital, as it helps the Bank of Ghana build reserves, allowing commercial banks to provide the necessary dollars for businesses to import essential goods like crude oil.
Gyamfi highlighted that artisanal and small-scale gold mining has surpassed large-scale mining, becoming Ghana's leading source of gold production. This shift underscores the need for effective regulation to maximize the benefits from the country's mineral resources. Gold contributes over 64% of Ghana's total export revenue, making the regulatory work of GoldBod crucial for the economy.
He noted the government's efforts over the past 18 months to transform the mineral sector, aiming to increase the benefits Ghana derives from its gold resources. The management of these resources impacts currency stability, inflation, and domestic fuel prices. Increased foreign exchange inflows could help strengthen the cedi and enhance the economy's resilience against external shocks.
Gyamfi affirmed that GoldBod's regulatory role is essential in maximizing the value of Ghana's gold resources and maintaining the flow of foreign exchange necessary to support businesses and the broader economy.