GoldBod Purchases Over 135 Tonnes of Gold, Contributes to Cedi Stability and Reserve Growth

The Ghana Gold Board (GoldBod) purchased a total of 135.843 tonnes of gold between January 2025 and May 2026, with approximately 98 per cent sourced from the artisanal and small-scale mining (ASM) sector, Deputy Minister of Finance Thomas Nyarko Ampem has disclosed.

Addressing Parliament, Mr Ampem stated that 135.221 tonnes of the total volume were acquired from the ASM sector, while the remainder came from large-scale mining companies.

According to the Deputy Minister, GoldBod purchased, aggregated and exported 104 tonnes of ASM gold in 2025 alone, generating more than US$10 billion in revenue for the country.

He noted that GoldBod’s operations played a significant role in strengthening Ghana’s economy, contributing to a 41 per cent appreciation of the Ghana cedi in 2025 and boosting the country’s foreign reserves from US$8.98 billion in December 2024 to US$13.8 billion by the end of 2025.

Mr Ampem made the disclosure while responding to questions from the Member of Parliament for Oforikrom, Michael Kwesi Addo, on the quantity of gold purchased by GoldBod, its sources of supply, and expenditure on gold purchases.

The Deputy Minister revealed that GoldBod spent approximately US$16.1 billion on gold purchases between January 2025 and May 2026, with US$9.8 billion of that amount expended during the 2025 calendar year.

He explained that the government’s objective was to transform Ghana’s gold sector by reducing smuggling, formalising trade and ensuring that more value from the country’s gold resources remains within the national economy.

“Through GoldBod, gold is transparently aggregated, assayed, refined and exported, generating foreign exchange and strengthening the country’s reserves with tangible benefits for Ghanaians,” he stated.

Mr Ampem said GoldBod had intensified collaboration with the National Anti-Illegal Mining Operations Secretariat (NAIMOS) to tackle illegal mining activities and improve regulatory compliance within the sector.

He further described GoldBod as a key pillar of Ghana’s macroeconomic recovery strategy, aimed at mobilising foreign exchange and curbing gold smuggling.

Citing reports, including those from Reuters, the Deputy Minister said Ghana lost an estimated US$11.4 billion through gold smuggling between 2019 and 2023, adding that GoldBod’s interventions were helping to reverse the trend.

On licensing, Mr Ampem informed Parliament that as of May 31, 2026, GoldBod had licensed 1,184 gold buyers under its regulatory framework. These comprise two aggregators, 67 self-financing aggregators, 736 Tier Two buyers and 379 Tier One buyers.

He explained that all licensed buyers are required to purchase gold exclusively from licensed miners for onward sale to GoldBod.

Meanwhile, the Deputy Minister disclosed that the Ministry of Finance made its latest payment of GH¢100 million to the Minerals Development Fund (MDF) on June 3, 2026. Combined with earlier transfers made between January and May, total payments to the fund this year amount to GH¢402.4 million.

On cocoa financing, Mr Ampem assured Parliament that government reforms would address recurring payment delays to Licensed Buying Companies (LBCs). He said a new domestic financing model would ensure adequate liquidity for cocoa purchases throughout the year.

He also revealed that a new COCOBOD Bill to be presented to Parliament would prohibit the use of COCOBOD funds for quasi-fiscal activities, which he said had weakened the institution’s finances and affected its ability to meet core obligations.

According to him, excessive borrowing and reliance on costly domestic financing instruments under previous management contributed to COCOBOD’s debt challenges, culminating in defaults on cocoa bill repayments in 2023.

Mr Ampem expressed confidence that the proposed reforms and stricter financial discipline would help eliminate persistent delays in payments to Licensed Buying Companies.