Gold Board (GoldBod) purchased between 50 and 54 metric tons of gold from Ghana’s artisanal and small-scale mining (ASM) sector during the first half of 2026, with production on course to equal or exceed last year’s record output.
Speaking to journalists on Tuesday, GoldBod Chief Executive Officer Sammy Gyamfi said the strong performance reflects continued growth in the ASM sector, which has become a key contributor to Ghana’s gold industry and foreign exchange earnings.
The figures point to another productive year for Ghana’s largest export sector, providing continued support for foreign exchange inflows and the country’s economic recovery.
Ghana, Africa’s leading gold producer, has experienced a significant increase in artisanal and small-scale mining output following reforms aimed at reducing gold smuggling and strengthening foreign exchange generation. In 2025, ASM production reached a record 104 metric tons, surpassing output from the large-scale mining sector for the first time.
According to Mr Gyamfi, GoldBod has purchased approximately 50 to 54 metric tons of gold so far this year and expects total production to match or even exceed last year’s record if the current pace continues.
He also revealed that the ASM sector generated nearly US$11 billion in foreign exchange earnings in 2025, compared with about US$9 billion from large-scale mining operations.
Mr Gyamfi acknowledged that recent declines in global gold prices have affected revenue projections. He explained that GoldBod’s 2026 estimates were based on an average gold price of around US$5,000 per ounce and weekly purchases of approximately 2.5 metric tons.
Despite softer prices, he expressed confidence that Ghana will record higher gold export earnings this year than in 2025, noting that average bullion prices remain above last year’s levels even though they have fallen short of GoldBod’s original projections.
Source: citinews
