Collins Sefa Ghana’s small-scale mining sector recorded a historic milestone in the first half of 2025, exporting 51.5 tonnes of gold valued at approximately US$5 billion, according to Finance Minister Dr. Cassiel Ato Forson. This represents a 100% increase in volume and a 180% rise in value compared to the same period last year.
Speaking during the presentation of the 2025 Mid-Year Fiscal Policy Review, Dr. Forson attributed this exceptional growth to strategic reforms spearheaded by the newly established Gold Board (GOLDBOD), which has intensified formalization efforts within the artisanal and small-scale mining (ASM) sector.
“For the first time in Ghana’s history, gold exports from the small-scale mining sector have exceeded those from the large-scale sector,” Dr. Forson said. He emphasized that the reforms—ranging from an improved licensing regime to new gold aggregation systems—are now capturing value that was previously lost to illegal trade and smuggling.
The Finance Minister noted that the foreign exchange inflows from GOLDBOD’s regulated operations have significantly strengthened Ghana’s foreign reserves, enhanced the balance of payments, and offered crucial support for the Ghana cedi.
“This tells a story,” Dr. Forson remarked. “A story of a country that has been denied the full benefits of its gold resources… where illegal gold trade has been allowed to fester. But today, we are rewriting that narrative.”
Ghana’s move to formalize small-scale mining represents a major shift in the country’s resource strategy—away from over-reliance on large-scale mining firms, and toward empowering small-scale miners to become legitimate contributors to national development. By bringing these operators into the formal economy, the country is not only increasing revenue but also enabling entrepreneurship and job creation in rural mining communities.
Dr. Forson warned that the government will deal “ruthlessly” with individuals and syndicates involved in illegal gold trade or smuggling, calling such acts “nation-wrecking activities” that sabotage Ghana’s economic progress.
Meanwhile, Ghana’s broader economic outlook also showed signs of resilience. The trade surplus surged to US$5.57 billion by June 2025 (from US$1.37 billion a year earlier), and the current account surplus climbed to US$3.44 billion, signaling stronger exports and more prudent import controls. Net capital and financial inflows also rose to US$937.58 million, indicating renewed investor confidence in the economy.
