Ghana’s Gold Sector Achieves Record $10bn Inflow Amid Bold State Reforms and Mine Transitions

Ghana’s mining and gold trading sector has entered a transformative era, marked by record-breaking production volumes and a significant shift toward state-led control. In 2025, the country achieved a historic milestone in artisanal and small-scale mining (ASM), producing 104 metric tons—a substantial increase from the 63 tons recorded in 2024. This surge, bolstered by favorable global prices and aggressive regulatory reforms, has generated over $10 billion in foreign exchange inflows. Parallel to this, the Minerals Investment and Income Fund (MIIF) reported record mineral royalty inflows of GH"5.43 billion for 2025, a 10.8% increase from the previous year. These results underscore the strengthening of Ghana’s mineral revenue framework through disciplined enforcement and improved financial management.

Central to this growth is the Ghana Gold Board’s (GoldBod) strategy to assert greater state control over the gold trade. CEO Sammy Gyamfi has defended the state takeover, arguing that the previous framework favored foreign entities at the expense of local players. By implementing a centralized trading system that guarantees 100% payment before gold is released, the state has improved dollar liquidity and significantly reduced gold smuggling, though Gyamfi admits the practice has not been entirely eliminated. These reforms build upon a foundation of structural transformation at the Precious Minerals Marketing Company (PMMC), now GoldBod. Former Managing Director Nana Akwasi Awuah recently credited these foundational reforms for the company’s sweep at the 2024 SIGA PELT Awards, where it was named the Overall Best Specified Entity and Most Profitable State-Owned Enterprise.

On the operational front, the landscape of Ghanaian mining is shifting toward increased local participation and state ownership. Gold Fields is currently progressing with the handover of its Damang Mine to the Ghanaian government, a transition scheduled for completion in April 2026. This move is accompanied by vocal support for local ownership from figures such as former Chief Justice Sophia Akuffo, who advocates for Ghanaian firms like Engineers and Planners to take leading roles in the sector. Similarly, at the Bogoso-Prestea Mine, local mining service providers under the LOCOMS group have expressed strong support for Heath Goldfields Limited (HGL), praising the company for stabilizing operations and prioritizing local contractor payments after years of management instability.

Looking ahead, the government aims to further industrialize the sector by emphasizing value addition and local refining. Vice President Professor Naana Jane Opoku-Agyemang has called for a shift from exporting raw materials to processing gold locally to drive national prosperity. To support this, GoldBod is rolling out District Gold Buying Centres to enhance market access and transparency for small-scale miners. While the global gold market recently faced its worst weekly drop since 1983 due to U.S. interest rate pressures, experts maintain that long-term fundamentals remain robust. For the coming year, the Gold Board has set an ambitious production target of over 120 metric tons, signaling continued confidence in the nation’s gold-backed economic recovery.