Ghana Recorded $11.4 Billion Gold Trade Discrepancy Between 2019 and 2023 – Sammy Gyamfi

Ghana recorded a significant discrepancy in its gold trade figures between 2019 and 2023, with an analysis by Swiss-based development organisation Swissaid identifying a gap of 229 metric tonnes valued at approximately $11.4 billion.

Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board (GoldBod), cited the findings, which compared Ghana’s reported gold exports with corresponding imports declared by its trading partners using United Nations trade data.

The findings have renewed concerns about gold smuggling, under-declaration of exports and weaknesses in monitoring the country’s gold trade.

The discrepancy represents a substantial difference between the gold Ghana reported exporting and the quantities its trading partners recorded importing. Such gaps can indicate unrecorded transactions or possible smuggling, although differences in reporting methods and timing can also contribute to trade-data discrepancies.

Gyamfi’s remarks have highlighted the importance of strengthening oversight of Ghana’s gold industry to ensure that the country receives the full economic benefits of its mineral resources.

Gold smuggling has long been a concern for Ghana, particularly in the artisanal and small-scale mining sector, where transactions outside official channels can limit the government’s ability to monitor gold movements and capture foreign exchange earnings.

The Ghana Gold Board, established in 2025, is expected to help formalise the gold trade, improve traceability and strengthen regulation of gold purchasing and exports.

Through tighter controls and improved monitoring, the government aims to ensure that more gold passes through authorised trading channels and that export proceeds are properly accounted for.

The reported $11.4 billion discrepancy underscores the potential economic consequences of weaknesses in gold-trade oversight. However, the figure represents a gap in trade records and should not automatically be interpreted as a confirmed amount of government revenue lost.

Gyamfi’s comments have renewed attention on the need for transparency, accountability and stronger enforcement measures to protect Ghana’s gold resources and maximise their contribution to national development.

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