Latest news with #GhanaGoldBoard
Trade Arabia
3 days ago
- Business
- Trade Arabia
Ghana exports $4bn gold from ASM sector in four months
The West African nation of Ghana purchased and exported $4 billion worth of gold from the artisanal and small-scale mining (ASM) sector between February and May, according to Sammy Gyamfi, Managing Director, Ghana Gold Board. Speaking at the Mining in Motion 2025 Summit held in capital Accra, Gyamfi said gold purchasing and exportation was made through the newly established Ghana Gold Board, aimed at curbing illicit gold trading in Ghana. "Gold exports from ASM players have exceeded exports from the large-scale sector for the first time. Total gold exported from the ASM sector between February and May reached a new record of 41 tons," he stated. According to Gyamfi, the milestone has increased foreign currency contributed by the ASM sector for the government with in May 2025 alone the sector producing and exporting 11 tons of gold worth up to $1,172 billion in export revenue. "The data shows the potential of the ASM if properly annexed," he added. He also announced various upcoming initiatives aimed at empowering the ASM sector and its contribution gold sector expansion while addressing illicit mining. These include launching an ASM skills training program in September 2025 and investments in the Community Mining Scheme operated by the Ministry of Lands and Mineral Resources. According to Gyamfi, the Ghana Gold Board will also be launching an Anti-Smuggling Taskforce to address illicit export of gold and a gold tokenisation facility to maximize traceability of Ghanaian resources.
Zawya
4 days ago
- Business
- Zawya
Ghana Gold Board Reports $4 Billion in Revenue from Artisanal and Small-scale Mining (ASM) Sector in Four-Month Period
Ghana purchased and exported $4 billion worth of gold from the artisanal and small-scale mining (ASM) sector between February and May 2025, according to Sammy Gyamfi, Managing Director, Ghana Gold Board. Speaking at the Mining in Motion 2025 Summit on Tuesday, Gyamfi said gold purchasing and exportation was made through the newly established Ghana Gold Board, aimed at curbing illicit gold trading in Ghana. 'Gold exports from ASM players have exceeded exports from the large-scale sector for the first time. Total gold exported from the ASM sector between February and May reached a new record of 41 tons,' he stated. According to Gyamfi, the milestone has increased foreign currency contributed by the ASM sector for the government with in May 2025 alone the sector producing and exporting 11 tons of gold worth up to $1,172 billion in export revenue. 'The data shows the potential of the ASM if properly annexed,' he added. He also announced various upcoming initiatives aimed at empowering the ASM sector and its contribution gold sector expansion while addressing illicit mining. These include launching an ASM skills training program in September 2025 and investments in the Community Mining Scheme operated by the Ministry of Lands and Mineral Resources. The Ghana Gold Board will also launch an Anti-Smuggling Taskforce to address illicit export of gold and a gold tokenization facility to maximize traceability of Ghanaian resources. The board also plans to establish an international standardization facility in the country by 2026 to ensure responsible sourcing and sustainability across the entire gold value chain. Distributed by APO Group on behalf of Energy Capital&Power.
Zawya
6 days ago
- Business
- Zawya
Mining in Motion: Ghana Targets Global Artisanal and Small-Scale Gold Mining (ASGM) Integration
Ghana is formalizing its artisanal and small-scale gold mining (ASGM) sector to align with global standards, promote sustainability and boost economic integration. Despite ASGM contributing over 35% to the country's total gold output, much of the country's artisanal mining activity remains informal. Speakers during a Mining in Motion 2025 panel outlined steps to address this challenge and accelerate the global integration of Ghana's ASGM sector The session – titled Integrating ASGM into Global Supply Chains, sponsored by Emirates Gold- examined policy gaps, market barriers and innovative solutions to enhance the credibility and competitiveness of ASGM gold on the international stage. In recent months, Ghana has been making strides to foster a conducive environment for ASGM producers. According to Neil Harby, Chief Technical Officer, London Bullion Market Association, 'Recently introduced guidelines have improved Ghana's capacity to produce small-scale gold, but the risk-reward ratio still lacks.' As such, the Ghana Gold Board, established this year, has been created to oversee, regulate and manage all gold and precious mineral-related activities in Ghana. The Board aims to enhance regulation, maximize foreign exchange earnings, build gold reserves and promote value addition for national economic transformation. 'If you look at Ghana's reserves, they've been very static. So, we've sat down and looked at how we can leverage gold resources in the country. If we can convert a domestic asset but go through the processes to convert it to a foreign asset, then we can begin to build upon our gold reserves,' stated Dr. Steve Opata, Head of Risk, Foreign Reserves Management at the Bank of Ghana. Meanwhile, the Organization for Economic Cooperation and Development (OECD) has supported Ghana's efforts to formalize its artisanal and small-scale mining (ASM) sector by addressing illicit financial flows and promoting responsible sourcing through tools like the Due Diligence Guidance and ASM Hub. Collaborating with the Ghanian government, the OECD helps develop policies to regulate ASM, which plays a vital economic role but faces challenges including environmental harm and links to illicit activity. 'You have to be sure that you have some understanding of the mapping of the supply chain. You need the management systems to help you understand the circumstances of production around those mine sites. We want to allow commercial relationships between small-scale and artisanal miners and international producers,' stated Louis Maréchal, Sector Lead: Minerals and Extractives, OECD. As a key player in the global precious minerals industry, Emirates Bullion Market offers significant expertise in gold refining and infrastructure development. In recent years, the UAE has become increasingly instrumental in Ghana's gold sector. In 2024, the country emerged as one of the top export destinations for Ghana's gold, accounting – alongside Switzerland – for 36.5% of total exports. 'Sustainability is conducive to operating with local miners. We want to know how their operations support the communities they come from. We only promote sustainable mining while safeguarding investor interest,' stated Sudheesh Nambiath, Manager, Dubai Multi Commodities Center, Emirates Bullion Market. Meanwhile, Rand Refinery supports Ghana's gold upstream sector by offering smelting, refining and metal recovery services. The company holds exclusive rights to refine Goldplat's Ghana output, with a mutual agreement on processing by-products. 'Working as a team with in-country producers, ASM producers and large-scale miners, the intention is to unlock productivity at a commercial scale,' stated Jason McPherson, Head of Sourcing and Business Development, Rand Refinery. With the launch of the Ghana Gold Board and strategic upgrades to its mining code, Ghana is aligning its ASGM sector with global standards. The country is positioning itself as a leading destination for sustainable gold sourcing, investment and innovation – proving that responsible mining can drive both local empowerment and global integration. Distributed by APO Group on behalf of Energy Capital&Power.
Yahoo
24-05-2025
- Business
- Yahoo
Ghana to double small-scale gold mining output, expects $12bn annual revenue
The Government of Ghana anticipates annual revenues of $12bn (139.41bn cedis) from small-scale gold mining, if the output from its small-mine and artisanal mining operations is doubled as planned, according to a Bloomberg report. The recent surge in gold exports, driven by soaring international prices, has been largely attributed to the contributions of small-mine and artisanal production. To streamline operations and combat illicit trade, the Ghana Gold Board was established this year to oversee all gold transactions, aiming to enhance foreign-currency reserves. Ghana Gold Board CEO Sammy Gyamfi was quoted as saying: 'Our goal is to move above three tonnes [t] a week in purchases, up from about 1.5t a week in January.' 'We expect to be able to bring in about $6bn by the end of this year, but we are confident that we will reach the $12bn in annual inflows from next year.' Following a debt default in 2022, Ghana has been excluded from international capital markets. Nevertheless, the country is capitalising on its primary foreign exchange earner amidst rising gold prices, which are currently trading near $3,300/oz, the report said. Last year, Ghana's gold exports experienced a surge of more than 50%, amounting to $11.6bn, solidifying its position as Africa's leading gold producer. Despite representing roughly one-third of the nation's gold output, small-scale mining has contributed to an uptick in black market trading. To address this, the Ghana Gold Board has intensified its gold acquisitions from artisanal miners, as Gyamfi highlighted in an interview in the capital of Accra. He emphasised that the anticipated revenue growth from small-mine production would positively influence inflation, gross domestic product and the foreign component of Ghana's debt profile. Earlier this month, the Ghana Gold Board successfully negotiated with nine additional large-scale mining companies to procure 20% of their gold production. This move is part of the Bank of Ghana's domestic gold purchase programme, aimed at bolstering the country's gold and foreign reserves. These agreements extend beyond the initial cohort of mining companies involved in the central bank's scheme, marking a significant expansion of the national gold procurement strategy. "Ghana to double small-scale gold mining output, expects $12bn annual revenue" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
16-05-2025
- Business
- Zawya
Empowering Africa's Artisanal and Small-Scale Mining (ASM) Sector: Key Reforms and Strategies to Take Center Stage at African Mining Week 2025
The upcoming African Mining Week (AMW) – Africa's premier gathering for mining stakeholders, taking place on October 1 – 3, 2025 in Cape Town – will feature a key session on the strategies and policies adopted by Africa's mineral-rich nations to formalize and empower small-scale mining operations. The ASM Regulation: Balancing Formalization and Livelihood Protection panel, will shine a light on regulatory frameworks and initiatives designed to bring artisanal and small-scale mining (ASM) into the formal mining value chain. The session will explore how these efforts enhance the sector's contribution to mineral exploration, production and economic growth. In Ghana, small-scale gold mining – which accounts for 40% of the country's total gold production – supports over one million jobs and generates more than $5 billion in export revenue. To strengthen and formalize the sector, the government has introduced initiatives including the Community Mining Scheme ( District Mining Committees, the Ghana Land Restoration and Small-Scale Mining Project as well as the Ghana Gold Board. These programs aim to regulate, professionalize and expand the sector as the country seeks to maintain its position as Africa's top gold producer. As part of its broader growth strategy, Zambia – Africa's largest copper producer – is also driving efforts to strengthen its ASM sector. The country's Ministry of Mines and Mineral Development ( increased the issuance of artisanal mining rights from 304 in 2023 to 680 in 2024, and small-scale exploration licenses from 399 to 615. With a goal to scale copper production to 3 million tons per annum by 2030, Zambia has also established a dedicated department for ASM mining and is preparing to enact its Local Content Regulation in 2025 to promote domestic participation, job creation and value addition. In Zimbabwe, ASM remains a key driver of growth in the gold sector ( According to Fidelity Gold Refineries, small-scale miners were key contributors to the 40.6% increase in gold output in Q1 2025 compared to Q4 2024. Programs including the Gold Mobilization Program and Gold Development Initiative Fund are enabling miners with funding and technical training, thereby boosting output and sectoral sustainability. Ethiopia is advancing the formalization of its ASM sector through the National ASM Strategy, designed to promote a responsible, inclusive and productive mining environment. Employing over 1.26 million people and contributing 65% of the country's foreign exchange earnings, the ASM sector plays a crucial role in supporting Ethiopia's broader development and economic objectives. As the continent's premier gathering for mining stakeholders, AMW enables ASM mining companies to connect with technology providers, ensuring they are equipped with the tools they need to explore and develop Africa's rich geological resources. The forum will feature exclusive networking sessions and project showcases, providing a platform for regional and global emerging mining firms to connect with growing and lucrative investment opportunities across the African mining value chain. Distributed by APO Group on behalf of Energy Capital&Power.
