Tuesday, July 1, 2025
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๐—š๐—ข๐—Ÿ๐——๐—•๐—ข๐—— ๐˜๐—ฎ๐—ฟ๐—ด๐—ฒ๐˜๐˜€ $๐Ÿญ๐Ÿฎ ๐—ฏ๐—ถ๐—น๐—น๐—ถ๐—ผ๐—ป ๐—ถ๐—ป ๐—ฎ๐—ป๐—ป๐˜‚๐—ฎ๐—น ๐—ฟ๐—ฒ๐˜ƒ๐—ฒ๐—ป๐˜‚๐—ฒ ๐—ณ๐—ฟ๐—ผ๐—บ ๐˜€๐—บ๐—ฎ๐—น๐—น-๐˜€๐—ฐ๐—ฎ๐—น๐—ฒ ๐—ด๐—ผ๐—น๐—ฑ ๐—ฝ๐—ฟ๐—ผ๐—ฑ๐˜‚๐—ฐ๐˜๐—ถ๐—ผ๐—ป

Ghanaโ€™s newly established Ghana Gold Board (GOLDBOD) says it is targeting up to $12 billion annually in gold revenue starting next year, as it moves to double small-scale gold production and formalise artisanal mining operations across the country.

The ambitious projection, announced by the CEO of GOLDBOD, Sammy Gyamfi, follows a significant uptick in gold exports over the past year, largely fueled by output from small-scale and artisanal miners. Gyamfi said the regulator aims to increase its weekly gold purchases from 1.5 tonnes in January to over 3 tonnes by year-end.

โ€œOur goal is to move above 3 tons a week in purchases,โ€ Gyamfi stated in an interview with Bloomberg. โ€œWe expect to be able to bring in about $6 billion by the end of this year, but we are confident that we will reach the $12 billion in annual inflows from next year.โ€

The initiative comes as Ghana, Africaโ€™s leading gold producer, seeks to bolster its foreign exchange reserves and clamp down on black-market trading, which has flourished in recent years due to weak regulation of the small-scale mining sector.

The country is also grappling with the economic fallout from a sovereign debt default in 2022 and limited access to international credit markets.

Small-scale mining now contributes more than 40% of Ghanaโ€™s total gold output, up from the historical average of around one-third. According to preliminary estimates cited by GOLDBOD, gold exports surged by more than 50% in 2023 to hit $11.6 billion, with total national production reaching 151 tonnes. Of this, 66 tonnes came from the small-scale sector alone.

With global gold prices hovering near $3,300 per ounce after hitting multiple records in the past year, Ghana is banking on the commodity to drive economic recovery and reduce dependence on debt-driven financing.

Gyamfi said that formalising small-scale operations and increasing official gold purchases will help the country retain more value and limit revenue losses through smuggling.

โ€œThe expected increase in earnings from small-mine output will have a positive impact on inflation and gross domestic product, and on the foreign component of our debt profile,โ€ Gyamfi said.

GOLDBOD was established this year to regulate all aspects of gold trading in Ghana, including purchases from artisanal and small-scale miners, and is a central part of the governmentโ€™s broader plan to tighten controls over the sector while boosting revenue.

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