As gold prices surge, Ghana’s ability to benefit depends on transparency, traceability and stronger oversight of artisanal gold.
Key messages
- With gold prices hitting historic highs and demand shifting towards responsibly sourced supply, transparency is becoming a competitive advantage rather than a compliance exercise.
- Significant gaps between declared gold exports and partner-country imports point to weaknesses in accounting for ASM production, trade and revenues in Ghana.
- GoldBod’s early transparency progress is positive and commendable; however, emerging gaps in disclosures, traceability, due diligence and financial flows still constrain public trust and may hinder potential market access.
- Strengthened transparency and coordinated traceability systems across government will be critical if Ghana is to convert today’s gold rally into sustainable fiscal and development gains.
Gold has returned to the global spotlight as prices surged by more than 50% in one year, rising from just over USD 2,600 per ounce in January 2025 to above USD 5,000 by January 2026. As Africa’s top gold producer,
Ghana has attracted renewed attention. However, official disclosures point to structural weaknesses in gold production, trade and revenue systems that could limit the country’s ability to fully benefit from the current gold rally.
Despite rising gold exports and record prices, Ghana’s fiscal returns from gold have grown far more modestly in recent years. The chart below illustrates this widening disconnect, highlighting how export growth does not always translate into proportional improvements in government take. Although government revenues from gold have nearly quadrupled over the last decade, the export-to-revenue ratio has improved less than 1% per year on average.
Trade data: official figures reveal only part of the story
Recent analysis by SWISSAID shows a stark discrepancy between Ghana’s declared gold exports and the corresponding imports recorded by trade partners. Between 2019 and 2023, this gap totalled 229 tonnes (7.6 million ounces) of gold, worth an estimated USD 11.4 billion – around 15% of Ghana’s average GDP over the same period.
South Africa, for example, reports virtually no gold imports from Ghana, while Ghana declares annual exports to South Africa of between 25 and 34 tonnes. This suggests that the true scale of the mismatch may be even larger than official data indicates. The size of the gap points to significant volumes of unreported and potentially illicit artisanal and small-scale (ASM) activity, highlighting weaknesses in how gold production, trade and revenues are accounted for.
Ghana’s EITI reporting further highlights limitations in monitoring ASM production. Current disclosures rely largely on export volumes and therefore do not capture gold retained locally for jewellery, traded informally or smuggled across borders prior to export.
Regional inconsistencies further reinforce these risks. Togo, for instance, has no significant domestic gold production and has stopped reporting gold exports. Yet importing countries– such as the United Arab Emirates – continue to report substantial gold imports originating from Togo. These structural gaps expose Ghana to market, regulatory and reputational risks at a time of historically high gold prices.
GoldBod: A critical reform and transparency test
To strengthen oversight and boost ASM trade, the government established the Ghana Gold Board (GoldBod) in April 2025 as the national assayer and trader for ASM gold. GoldBod has since taken steps towards transparency by publishing its trade data and statutory quarterly reports, and by responding to stakeholder queries.
These transparency efforts are commendable. However, the impact of recent policy and institutional reforms will depend on the detail, quality, consistency and usability of the information disclosed.
Traceability: Where, how and who?
Responsible sourcing depends on knowing where gold is mined, how much and under what conditions, and who produces, sells and buys it. In Ghana’s ASM sector, these questions remain largely unanswered.
Informal “galamsey” operators mostly operate outside the licensing framework, leaving the location, scale and ownership of unregistered gold mining officially unknown. Given the severe social and environmental impacts associated with galamsey, the limited detail in GoldBod’s reports on actual due diligence and traceability practices, as envisaged under the Gold Board Act, raises questions about how the 577 gold trading licences were issued and what traceability methods were applied to the reported purchases of roughly 80 tonnes of gold.
Data inconsistencies raise further concerns. The reported supplies to the Bank of Ghana, about 70 tonnes between February and November 2025, are inconsistent with GoldBod’s public statement in October indicating that it had purchased and exported over 80 tonnes of ASM gold, valued at about USD 8 billion. This, and other indications of over- and under-supply balances, trading inefficiencies, and concentration risks highlight weaknesses in data reliability and oversight.
Past policy experience also matters. The 3% withholding tax introduced in 2019 was widely cited as having pushed ASM gold through neighbouring countries, prompting a reduction to 1.5% in 2022. The recent move to a zero-withholding tax raises fresh questions about Ghana’s exposure to illicit regional gold flows. The effective removal of a major ASM-linked revenue stream may also further constrain government revenues at a time of elevated debt distress.
With large volumes of ASM gold now channelled through a single entity, greater transparency and traceability are more essential than ever to demonstrate that GoldBod’s gold purchases are mined legally and responsibly.
With large volumes of ASM gold now channelled through a single entity, greater transparency and traceability are more essential than ever.
GoldBod is taking steps in this direction, including through an MoU with Goldstream Global DMCC for a USD 1 billion investment in 300 responsible mines. Public disclosure of such commercial arrangements to clarify pricing, risk allocation and accountability for volumes and payments, and to build confidence in responsible sourcing.
Revenues: Tracking the fiscal footprint
GoldBod has reported USD 279 million in government seed funding, USD 42 million in revenue, USD 3.3 million in expenditure and USD 68 million in cash balances. However, the budgeted seed funding has not yet been disbursed, leaving GoldBod reliant on Bank of Ghana to finance gold purchases. Expenditures also include potential quasi-fiscal items, such as a USD 121,000 donation to the Ghana Medical Trust Fund, which – while serving public purposes – requires transparent justification.
Responsible sourcing depends on knowing where gold is mined, how much and under what conditions, and who produces, sells and buys it.
As shown above, while high export earnings may provide short-term relief, they do not automatically translate into higher fiscal outcomes in the long term. This underscores the need for full disclosure of how GoldBod collects and uses public funds.
From transparency to traceability
GoldBod plans to publish its first audited financial statement and operationalise its gold traceability systems in 2026. EITI reporting requirements on ASM, contracts and licenses and state-owned enterprises among others offer practical tools to support this process, alongside Ghana EITI’s experience.
Clearer mapping of production sites, identification of operators and owners, and stronger coordination across government agencies – including licensing, beneficial ownership, custom and environmental oversight – would significantly improve the state’s capacity to trace ASM gold from pit to port.
Complementing these with a broader suite of reforms that go beyond the marketing of ASM gold to progressively incentivise formalisation offers a more balanced and viable pathway to enhance oversight, reduce leakages and support responsible sourcing.
With global markets increasingly prioritising responsibly sourced gold, Ghana has an opportunity to strengthen its position as a trusted origin. If governed well, GoldBod could become a valuable commercial asset, a stronger fiscal anchor and a model that can be more widely replicated in the region.
