Ghana National Association of Small Scale Miners (GNASSM)<\/figcaption><\/figure>\n<\/div>\n <\/p>\n
The Ghana National Association of Small Scale Miners (GNASSM) has called on lawmakers to stop political interference in the country\u2019s gold trading sector, warning that recent debates risk undermining reforms aimed at economic recovery.<\/p>\n
In a statement released Thursday, the miners\u2019 group urged legislators from both the National Democratic Congress (NDC) and New Patriotic Party (NPP) to allow the artisanal and small scale mining (ASM) sector to operate without external pressures that could disrupt market stability.<\/p>\n
The statement followed a press conference by the Minority in Parliament on December 29, which demanded a bipartisan inquiry into reported losses of 214 million dollars under the Bank of Ghana\u2019s gold programmes. The Minority said the losses, flagged in an International Monetary Fund (IMF) report, could reach 300 million dollars by year end.<\/p>\n
GNASSM cautioned that focusing solely on annual profit and loss figures oversimplifies government interventions in the gold market. The association noted that 63.6 metric tonnes of ASM gold were exported in 2024 under previous Gold for Oil and Gold for Reserves programmes, during which the central bank recorded losses.<\/p>\n
Under the current administration, around 101 metric tonnes of ASM gold had been exported as of December 23 under the Domestic Gold Purchase Programme, also with reported losses for the Bank of Ghana, according to GNASSM.<\/p>\n
The miners argued that these figures do not reflect broader economic benefits, including increased market formalisation, transparency in pricing, and domestic capital formation that strengthen Ghana\u2019s foreign exchange position.<\/p>\n
GNASSM welcomed the establishment of the Ghana Gold Board (GoldBod) in April 2025, saying it had strengthened formal gold acquisition, excluded foreign traders from direct ASM transactions, improved pricing transparency, and enhanced state capacity to purchase gold locally.<\/p>\n
The association called for continued collaboration with GoldBod, environmentally responsible mining practices, and competitive pricing for miners. It also urged NPP and NDC lawmakers to allow licensed miners to operate within existing laws, noting the Ghana Gold Board Act had been passed on a bipartisan basis.<\/p>\n
\u201cWe do not expect a debate at this stage, but rather support to build the gold and related sector in a way that strengthens Ghana\u2019s economy,\u201d the statement said.<\/p>\n
GNASSM stressed that political debates were creating adverse effects and derailing miners from their core work of contributing to the national economy. The group urged politicians to focus on supporting GoldBod and related institutions to strengthen Ghana\u2019s foreign exchange reserves rather than engaging in destabilising market debates.<\/p>\n
The Bank of Ghana has described loss claims as speculative, noting its annual external audit remains incomplete and audited financial statements will be published in 2026 according to statutory requirements.<\/p>\n
GoldBod Chief Executive Officer Sammy Gyamfi has said the board expects an income surplus of at least 600 million cedis for the 2025 financial year based on unaudited statements. He explained that GoldBod\u2019s role involves buying, assaying, and exporting gold on behalf of the central bank, while all trading and sales agreements remain the Bank of Ghana\u2019s responsibility.<\/p>\n
The IMF, in its fifth review report under Ghana\u2019s Extended Credit Facility programme completed December 17, noted that losses from artisanal and small scale gold transactions reached 214 million dollars by September 2025. The Fund attributed these losses primarily to trading shortfalls and board intermediary fees.<\/p>\n
The Minority has formally submitted a motion to the Clerk of Parliament seeking establishment of an ad hoc investigative committee with subpoena powers to examine contracts, licences, and intermediaries linked to the gold programme.<\/p>\n
The statement was signed by GNASSM General Secretary Godwin N. Amarh.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Ghana National Association of Small Scale Miners (GNASSM) The Ghana National Association of Small Scale Miners (GNASSM) has called on lawmakers to stop political interference in the country\u2019s gold trading sector, warning that recent debates risk undermining reforms aimed at economic recovery. In a statement released Thursday, the miners\u2019 group urged legislators from both the […]<\/p>\n","protected":false},"author":1,"featured_media":458475,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":{"0":"post-458474","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n
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