The Gold Board did not create gold that did not exist – Sammy Gyamfi on rise in exports

Ghana’s artisanal and small-scale mining sector exported 104 tonnes of gold in 2025, up from 63 tonnes in 2024, generating $10.8 billion in foreign exchange, according to GoldBod CEO Sammy Gyamfi.

Speaking at the 2026 Mining in Motion Conference, Gyamfi said the sector’s export volume surpassed that of large-scale mining for the first time in Ghana’s history.

He attributed the increase to reforms introduced by the Ghana Gold Board to bring more gold trading into the formal economy and ensure that foreign exchange earnings returned to the country.

“The Gold Board did not create gold that did not exist or was not already being produced,” he said. “Through reforms, we achieved what I call production clawback, recovering into the official economy gold that was already being produced but was previously lost to illegal gold trading and smuggling.”

Gyamfi said the foreign exchange generated by small-scale gold exports supported the country’s reserves and currency stability.

He also linked the inflows to the cedi’s reported 41% appreciation against the US dollar in 2025, saying the gains had positive effects on the wider economy.

The performance has continued into 2026, according to the GoldBod CEO. From January 1 to October 20, the board had aggregated and exported 85.4 tonnes of small-scale gold worth $11.6 billion.

He said the figure exceeded large-scale gold exports for the same period, which stood at 76 tonnes valued at $11 billion.

“The story is not different this year. In fact, it is better,” Gyamfi said, adding that GoldBod remained on track to surpass its 2025 performance.

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