Ghana’s Gold Purchases Stay on Record Pace as Artisanal Mining Strengthens Export Earnings

Ghana’s Gold Board (GoldBod) purchased between 50 and 54 metric tonnes of gold from the country’s artisanal and small-scale mining (ASM) sector during the first half of 2026, putting the country on track to equal or surpass last year’s record production and further reinforce its position as Africa’s largest gold producer.

The strong purchasing performance is expected to boost Ghana’s foreign exchange earnings, as gold continues to be the country’s largest export and one of its most important sources of US dollar inflows. Increased gold exports have played a significant role in supporting the economy as it recovers from its most severe financial crisis in decades.

GoldBod Maintains Strong Buying Momentum

Speaking to reporters, GoldBod Chief Executive Officer Samuel Gyamfi said the state agency has maintained robust purchasing volumes throughout the first six months of the year.

According to Gyamfi, GoldBod has purchased between 50 and 54 metric tonnes of gold from artisanal and small-scale miners so far in 2026.

“We are around 50 to 54 metric tonnes this year in purchases. At this rate, we are likely to match or even surpass last year’s output,” he said.

If the current pace continues through the second half of the year, Ghana could once again set a new production record, further strengthening its position in the global gold market.

Artisanal Mining Continues to Drive Growth

Ghana has witnessed rapid expansion in its artisanal and small-scale mining sector following government reforms aimed at formalising the industry, reducing illegal gold exports, and increasing official foreign exchange earnings.

The reforms have encouraged more miners to sell their gold through official channels, improving transparency while helping the government capture a larger share of export revenues.

In 2025, Ghana's ASM sector achieved a historic milestone by producing a record 104 metric tonnes of gold, surpassing output from the country's large-scale mining industry for the first time.

The achievement underscored the growing importance of small-scale miners in Ghana's gold industry and highlighted the success of policies designed to integrate informal mining activities into the formal economy.

Gold Remains Ghana's Largest Export

Gold continues to be the backbone of Ghana's export sector, generating billions of dollars in foreign exchange each year.

Strong gold exports have become increasingly important as the country works to rebuild its economy following a prolonged debt crisis that led to an International Monetary Fund (IMF)-supported economic reform programme.

Higher official gold purchases help strengthen Ghana's international reserves, improve foreign currency liquidity, and support the stability of the Ghanaian cedi.

The increased availability of export earnings also provides the government with greater fiscal flexibility while helping finance imports and meet external debt obligations.

Tackling Gold Smuggling

One of the key objectives behind recent reforms has been reducing gold smuggling, which has historically deprived Ghana of substantial export revenues and tax receipts.

By expanding official purchasing programmes through GoldBod, authorities aim to provide miners with competitive prices and create incentives to sell gold through legal channels rather than informal cross-border networks.

Greater formalization also improves data collection, enhances regulatory oversight, and strengthens confidence in the country's mining industry.

Economic Benefits Beyond Mining

The continued growth of the artisanal mining sector has wider implications for Ghana's economy.

The ASM industry provides employment and income for hundreds of thousands of people, particularly in rural communities where mining serves as a major source of livelihoods.

Increased production supports local businesses, transportation services, equipment suppliers, and other industries linked to the mining value chain.

However, policymakers continue to balance the sector's economic benefits with efforts to improve environmental protection, strengthen safety standards, and encourage responsible mining practices.

Outlook

With GoldBod already purchasing 50–54 metric tonnes of gold during the first half of 2026, Ghana appears well positioned to challenge or exceed the record 104 metric tonnes produced by the artisanal and small-scale mining sector in 2025.

If current production trends continue, higher gold exports are expected to further strengthen the country's foreign exchange reserves, support economic recovery, and reinforce Ghana's status as Africa's leading gold producer.

As the government continues its efforts to formalize artisanal mining and curb illegal gold trade, the sector is likely to remain a critical pillar of Ghana's economic growth, export performance, and long-term financial stability.