Accra:The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has announced that reforms in the small-scale mining sector are intended to integrate unrecorded gold exports into the official trading system.
According to Ghana Web, Gyamfi spoke at the African Minerals Policy Forum, Mining in Motion 2026, highlighting gaps in Ghana's gold export records that underscore the need for stronger oversight. A SWISSAID analysis of UN trade data revealed a discrepancy of 229 tonnes between Ghana's declared gold exports and the imports reported by trading partners from 2019 to 2023. This discrepancy equates to approximately US$11.4 billion.
Gyamfi pointed out that significant quantities of gold have left Ghana without being recorded in official export documents or generating foreign exchange through the formal system. He noted a steep decline in recorded small-scale gold exports before the implementation of reforms, with official exports dropping from 75.7 tonnes in 2018 to 39.3 tonnes in 2020. The introduction of a 3% withholding tax on unprocessed small-scale gold further reduced recorded exports to 3.4 tonnes in 2021, valued at US$185 million.
Gyamfi attributed these issues to weak supervision, poorly coordinated trading arrangements, and ineffective systems for collecting gold and repatriating export earnings to Ghana. GoldBod's reforms aim to formalize more gold trading, enhance accountability, and ensure that Ghanaians benefit more from the country's natural resources.