GoldBod Unveils Bold Reforms to Transform Ghana’s Mining Sector

The Chief Executive Officer of the Ghana Gold Board (GoldBod), Mr. Sammy Gyamfi, has announced sweeping reforms and strategic initiatives to position Ghana’s mining sector as a globally competitive and sustainable industry.

Speaking at the maiden edition of the Mining and Minerals Convention at the Kempinski Gold Coast Hotel, Mr. Gyamfi said the GoldBod was driving a paradigm shift from raw mineral extraction to value retention, with the goal of maximising national benefit from Ghana’s mineral wealth.

Between January and August 2025, small-scale gold exports facilitated by GoldBod reached a record 66.7 tonnes valued at $6 billion, surpassing the entire 2024 figure of 63 tonnes worth $4.6 billion. For the first time, small-scale gold exports outperformed large-scale mining exports over the same period.

Key reforms announced include:

Aggressive licensing reforms to promote responsible sourcing.

Scrapping of the 1.5% withholding tax on unprocessed small-scale gold.

Introduction of a nationwide traceability system to ensure transparency and compliance.

Partnerships requiring large-scale miners to supply 20% of their output to the Bank of Ghana for reserve accumulation.

To combat illegal mining, the GoldBod has pledged ₵5 million and five Toyota Hilux pickups to enforcement agencies, alongside a program to reclaim 1,000 hectares of degraded forest reserves beginning November 2025.

On value addition, Mr. Gyamfi announced plans for a state-owned gold refinery and an ISO-certified Assay Laboratory at Kotoka International Airport. Discussions are also underway to establish a “Gold Village” as a continental hub for jewellery production.

Calling for stronger investment, he urged local banks, pension funds, and financiers to channel resources into mining, stressing Africa’s need to transition from raw exports to beneficiation, from middlemen to tech-driven trade, and from youth as labourers to youth as innovators and owners.

“Ghana is resetting and Africa is rising. The GoldBod is ready. All we need now is courage and capital. Let us fund the minerals and mining sector differently. Let us transform it together,” Mr. Gyamfi concluded.