Goldbod Generates Over $8 Billion in Forex From Small-Scale Gold Exports in 2025
- Ghana’s small-scale gold export sector has generated over $8 billion in foreign exchange so far in 2025
- The figures have been provided by the Ghana Gold Board (GoldBod), which used to be the Precious Minerals Marketing Company (PMMC)
- Small-scale miners exported 81,719.23 kilograms of gold during the period, valued at US$8.06 billion
The Ghana Gold Board (Goldbod) generated over $8 billion in foreign exchange between January and October 2025.
The board, which overlapped with the regime of the Precious Minerals Marketing Company, exported 81,719.23 kilograms of gold during the period.
Source: Facebook
This marks a sharp increase from US$4.61 billion recorded in 2024 and nearly quadrupled the US$2.19 billion achieved in 2023.
The data from Goldbod shows the best month was in May, with $1.17 billion worth of gold exported
Goldbod attributed the positive results to its continued partnership with Precious Minerals Marketing Company and strengthened oversight of small-scale gold exports.
The collaboration has been instrumental in curbing illicit trade and ensuring that proceeds from gold sales are properly repatriated into the Ghanaian economy.
The surge in export earnings is expected to boost Ghana’s foreign reserves and support the country’s ongoing economic recovery efforts.
Goldbod impact on cedi strength
In comments on the impact of the Goldbod on the economy, data analyst Alfred Appiah noted that when the cedi was depreciating a few weeks ago, there was a dollar supply weakness angle.
He noted that the Bank of Ghana said its Gold for Forex program, administered by the Goldbod, took a hit in August due to smuggling and weather conditions.
"From the monthly export data released by the Goldbod, we see that on a year-over-year basis, every month showed a significant increase in export weight except in August, when the increase was under 1%. That also explains why the Goldbod started offering a temporary bonus in August."
"Clearly, the success of currency stabilisation depends on the activities of the Goldbod. That means, at least in the short term, the trade-off between exchange rate stability and environmental pollution will persist."
About the Ghana Gold Board
The Goldbod is one of the top priorities of the Mahama administration.
It is aimed at economic revitalisation and would, among other things, be responsible for the sustainable management and marketing of the country's gold resources.
It would also include formalising the small-scale gold mining sector and providing mining support services for the industry.
The Goldbod has been clamping down on the smuggling of gold and has coordinated multiple arrests.
In April, the government restructured Ghana’s gold trading framework following the passage of the Ghana Gold Board Act (Act 1140), 2025.
The law revoked all licences previously issued by the Precious Minerals Marketing Company and the sector minister, except for those granted to large-scale mining companies.
Foreigners are no longer allowed to partake in the local gold value chain. Foreign nationals may still apply to purchase gold directly from the board.
Ghana Gold Board galamsey fears
The Minority in Parliament accused the government of legitimising illegal small-scale mining by establishing the Goldbod.
Illegal mining takes place at thousands of sites around the country, including the forested regions famous for their cocoa farms, vast gold deposits, and critical waterbodies.
Source: Getty Images
Illegal mining, also known as galamsey, has been in practice for many years, but prices of gold have risen globally to an all-time high, crossing $4,000 per gram, and have also caused a corresponding surge in illegal mining across Ghana.
Ghana is Africa's largest gold producer and is ranked sixth globally.
US citizen arrested by Goldbod
YEN.com.gh reported that an American and a Moroccan were nabbed by a Goldbod Taskforce for alleged illegal gold trading worth GH¢2.2 million.
Four Ghanaians were also arrested as part of the operation on October 10, 2025.
The foreign suspects have been identified as Smart Philander, an American, and Nina Elfseky, a Moroccan.
They were arrested at the SSNIT Emporium near Marina Mall in Accra after weeks of surveillance.
Proofreading by Samuel Gitonga, copy editor at YEN.com.gh.
Source: YEN.com.gh
