Pressure is mounting for the Ghana Gold Board (GoldBod) to clarify issues of certification, verification, and traceability of the gold exports from the small-scale mining sector.
This call is coming due to the fears that the huge surge in gold exports might fuel the menace of illegal mining, which the country has been struggling to battle.
Finance Minister, Dr. Cassiel Ato Forson, at the presentation of the 2025 Mid-Year Budget Review, announced that Ghana’s small-scale mining sector has, for the first time in history, overtaken the large-scale sector in gold exports, a feat that should be celebrated.
Finance Minister, Cassiel Ato Forson
The review announced that gold exports from the small-scale sector in just the first half of the year stood at 51.5 tonnes, valued at approximately US$5 billion. This more than doubles the 26.4 tonnes and US$1.8 billion recorded over the same period in 2024.
This new feat is a remarkable 100% and 180% increase in volume and value, respectively.
Dr. Cassiel Ato Forson attributed this unprecedented performance to reforms introduced by the newly established Ghana Gold Board (GOLDBOD), which began operations in April 2025.
But instead of cheers, the news has triggered alarm bells. Stakeholders are warning that this unprecedented milestone could undermine Ghana’s fight against illegal mining, known locally as galamsey, unless urgent steps are taken to ensure traceability and accountability of gold exports.
The Country Manager of the Natural Resource Governance Institute (NRGI), Denis Gyeyir, tells The High Street Journal that the Ghana Gold Company (GoldBod) must clarify how the gold being purchased, particularly for foreign exchange reserves, is being verified.
Denis Gyeyir wants the GoldBod to come clean on how the huge volumes of gold coming in is licensed and verified, and certified to ensure that they are from responsible sources.
Without this mechanism, the country manager fears that the country will risk aiding environmental destruction just to shore up the cedi. He fears the gold-backed reserve strategy, if not carefully scrutinized, could inadvertently incentivize illegal mining activities under the guise of small-scale operations.
In addition, Denis Gyeyir maintained that without these safeguards, the country’s reputation might be ruined in the future since it might be forced to answer questions to international bodies in the years to come.
To put it simply, Ghana might soon face the embarrassment of discovering that its reserve gold came at the cost of poisoned rivers, devastated farmlands, and entire communities trapped in the grip of galamsey.
Denis Gyeyir, Country Manager, Natural Resource Governance Institute
“There shouldn’t be a way that galamsey should find its way into the GoldBod. That shouldn’t happen in the first place, but we know it can happen, given how the processes have unfolded. For us, the budget raises a number of issues, particularly for our gold sector,” he told The High Street Journal.
He continued that, “I think if we do not take the issue of verification of the gold that is being bought seriously, we might end up having to answer questions going into the future. We have to be able to say that the gold coming is licensed and incredible gold, and that we are not destroying the environment as a result of a rush to get a lot more gold bought and used as a shore up for our cedi. I think that matter has to be taken seriously.”
GoldBod, which is central to the new gold reserve initiative, is now under increasing pressure to be transparent about the source of its gold purchases.
Stakeholders are demanding real-time audits, stronger regulation, and a public assurance that illegal mining is not being indirectly legitimized in the name of economic stability.
-highstreetjournal.com
