The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has disclosed that Ghana’s artisanal and small-scale gold mining sector generates between US$1 billion and US$1.5 billion in foreign exchange every month.

Speaking at the Mining in Motion Summit in Accra on Tuesday, October 20, 2026, he said the sector had become a major source of foreign exchange, making GoldBod’s role in regulating gold trading critical to the country’s economic stability.

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Gyamfi explained that artisanal and small-scale gold mining (ASGM) had overtaken large-scale mining as Ghana’s leading source of gold production, underscoring the need for effective regulation to ensure the country derives maximum benefits from its mineral resources.

“Gold contributes over 64 per cent of Ghana’s total export revenue, and this makes our work extremely important to the economy,” he said.

According to him, the foreign exchange generated by the sector helps the Bank of Ghana build its reserves while providing commercial banks with the dollars needed by businesses to import crude oil and other essential goods.

“Every month, that sector generates between US$1 billion and US$1.5 billion in foreign exchange for the central bank to accumulate reserves and for commercial banks to meet the forex needs of their customers,” Gyamfi stated.

He attributed GoldBod’s progress over the past 18 months to the government’s drive to transform the country’s mineral sector and increase the benefits Ghana derives from its gold resources.

“The urgency of the need for us to transform this country is what has been a driving force for what we have been doing within these last 18 months,” he said.

Gyamfi further indicated that the management of gold resources had implications beyond the mining industry, particularly for currency stability, inflation and domestic fuel prices.

He said increased foreign exchange inflows could help strengthen the cedi and make the economy more resilient to external shocks.

He maintained that GoldBod’s regulatory role remained critical to maximising the value of Ghana’s gold resources and sustaining the flow of foreign exchange needed to support businesses and the wider economy.

ANAS/MA

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