President John Dramani Mahama has assented to the Ghana Gold Board Bill, 2025, establishing the Goldboard to oversee, monitor and regulate the buying, selling and export of gold and other precious minerals.
The Act, which converts the existing Precious Minerals Marketing Company (PMMC) into the Ghana Gold Board, is expected to promote value addition to gold, support responsible mining practices, facilitate the accumulation of gold reserves by the Bank of Ghana and ensure the retention of more foreign exchange earnings within the country.
Available statistics shows that Ghana is currently the leading exporter of gold in Africa, yet it does not derive optimal benefits from gold resources.
In 2024, the total value of gold exports from Ghana were approximately 11.5 billion dollars, with the small-scale mining sector contributing $4.6 billion, representing 40 per cent, while the large-scale mining sector accounted for $6.9 representing 60 per cent.
The revenue of the country from gold has been largely limited to royalties and taxes, with minimal benefits from the trading of gold itself.
The country also faces challenges with tracking foreign exchange inflows from gold exports, particularly within the small-scale mining sector.
Despite the critical role of the gold sector in Ghana’s economy, an uncoordinated and largely informal gold trade structure has resulted in significant losses of potential revenue.
The gold market is characterised by the absence of a centralised regulatory authority, inconsistent oversight and inefficiencies that hinder effective retention of foreign exchange.
In addition, gaps in policy enforcement have contributed to widespread smuggling, loss of tax revenues and environmental degradation.
Currently, the local gold marketing industry remains largely unstructured, with multiple state agencies such as the Bank of Ghana, the Minerals Income Investment Fund and the Precious Minerals Marketing Company, competing with private players, including licensed gold buyers and exporters.
However, these State agencies operate under fragmented regulatory frameworks that create inconsistencies, limiting the full economic potential of the gold sector, while private entities involved in gold transactions also operate with minimal supervision, exacerbating the risks of illicit financial flows and unaccounted exports.
