Sammy Gyamfi is the Chief Executive Officer of GoldBod
The Ghana Gold Board has revealed plans to reduce and eventually eliminate operational costs associated with the Gold-for-Reserves (G4R) programme, a strategic initiative that has already contributed significantly to Ghana’s foreign exchange reserves in 2025.
The G4R programme, launched to formalise gold trading and optimise the contribution of the sector to the national economy, has been instrumental in accumulating foreign exchange while supporting the country’s small-scale mining sector.
Under the programme, GoldBod buys gold from licensed aggregators and small-scale miners at competitive prices, which has helped to bring informal gold trading into the formal economy, improve traceability, and provide a steady source of revenue for the state.
While the programme has delivered substantial economic benefits, the Board acknowledged that it has also incurred operational costs.
“Incurring costs under the G4R programme is not desirable, but it is unavoidable due to the strategic design of the initiative,” the GoldBod CEO said.
“The programme intentionally uses realistic market incentives to encourage participation by small-scale miners and aggregators, ensuring optimal foreign exchange accumulation for the country,” he added.
Looking forward, the GoldBod, in collaboration with the Bank of Ghana and the Ministry of Finance, is developing a comprehensive policy blueprint for the programme.
This blueprint, set to be rolled out in 2026, aims to streamline the G4R operations and reduce costs without compromising its effectiveness or the benefits it delivers to Ghana’s economy.
In addition, the Board is engaging key stakeholders in the small-scale mining sector, including the Ghana National Association of Small-Scale Miners and the Concerned Small-Scale Miners Association, to develop pricing regulations.
These consultations focus on establishing an acceptable minimal discount rate for local gold purchases, ensuring fair pricing for miners while safeguarding the programme’s sustainability.
The resulting regulations will be submitted to Parliament for approval, providing a formal framework to govern the programme in the coming years.
The GoldBod emphasised that these measures are part of a broader strategy to create a cost-efficient, sustainable, and transparent gold trading ecosystem in Ghana.
By combining policy reform, stakeholder consultation, and rigorous oversight, the Board aims to ensure that the G4R programme continues to generate economic gains while supporting the formalisation of small-scale mining and protecting the country’s financial and environmental interests.
With these reforms, the GoldBod is positioning the G4R programme as a model for responsible gold trading, traceability, and economic empowerment in the West African region, demonstrating that strategic interventions in the mining sector can deliver tangible benefits to both the state and its citizens.