ACCRA, July 15 – 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, with production on course to equal or exceed last year’s record output.
The strong performance is expected to further strengthen Ghana’s foreign exchange earnings, as gold remains the country’s largest export and a key source of dollar inflows while the economy continues its recovery from its most severe financial crisis in decades.
Ghana, Africa’s largest gold producer, has recorded rapid growth in artisanal and small-scale mining following reforms aimed at curbing gold smuggling and increasing official export revenues. In 2025, ASM production reached a record 104 metric tonnes, surpassing output from large-scale mining operations for the first time.
Speaking to reporters, GoldBod Chief Executive Officer Samuel Gyamfi said the state agency had maintained strong purchasing volumes during the first six months of the year.
According to Gyamfi, “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.”
The Gold Board also reported that the artisanal mining sector generated nearly $11 billion in foreign exchange earnings last year, exceeding the approximately $9 billion contributed by Ghana’s large-scale mining industry.
However, Gyamfi noted that the recent decline in international gold prices has moderated revenue expectations for 2026.
He explained that GoldBod had based its projections on an average gold price of around $5,000 per ounce and weekly purchases of approximately 2.5 metric tonnes.
Despite softer bullion prices, Gyamfi said Ghana remains on track to generate higher gold export earnings than in 2025, as average prices continue to trade above last year’s levels, although below the assumptions used in the board’s initial forecasts.
The continued expansion of Ghana’s artisanal mining sector underscores the growing importance of formalising small-scale gold production as the government seeks to maximise export revenues, strengthen foreign exchange reserves and improve oversight of one of the country’s most strategically important industries.
