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GHANA · GOLD
Key Facts
- —The country Ghana is a West African democracy of about 34 million people and Africa’s largest gold producer. President John Dramani Mahama leads it.
- —What happened Sammy Gyamfi, chief executive of the Ghana Gold Board (GoldBod), said on Tuesday 20 October that small-scale miners’ gold exports reached US$11.6 billion this year.
- —The numbers GoldBod aggregated and exported 85.4 tonnes of small-scale gold from 1 January to 20 October 2026. Large mines shipped 76 tonnes worth US$11.1 billion in the same period.
- —Who is GoldBod The Ghana Gold Board is a state agency with exclusive rights to buy, assay and export gold from small-scale miners. It was created by the Ghana Gold Board Act, 2025.
- —Last year Small-scale miners exported about 104 tonnes in 2025, the first year they out-shipped large mines. Their gold earned US$10.8 billion in foreign currency.
- —What it means for you Gold buyers, refiners and investors in Ghana’s cedi and bonds can see that state-run buying is bringing a large share of the metal and its dollars into official channels.
- —Still open No full-year 2026 total, no profit figure for the state buyer and no export destinations were given.
Ghana small-scale gold exports have reached US$11.6 billion this year, the head of the state gold buyer said on Tuesday 20 October. The figure covers 85.4 tonnes shipped between 1 January and 20 October 2026.
For US investors, the number shows how much of Africa’s biggest gold flow now passes through one government agency. Ghana small-scale gold also edges past the US$11.1 billion that large mining companies exported in the same period.
What GoldBod Told a Mining Conference
Sammy Gyamfi, chief executive of the Ghana Gold Board (GoldBod), spoke at the Mining in Motion conference on Tuesday 20 October, Ghana’s Citi Newsroom reported. He said GoldBod had aggregated and exported 85.4 tonnes of gold from artisanal and small-scale miners since 1 January, worth US$11.6 billion.
GoldBod is the state agency that holds exclusive rights to buy, weigh, assay, value and export gold in Ghana, according to its own website. Gyamfi said it remains on track to beat its 2025 export figures.
How Small Miners Compare With Large Mines
Large-scale mines, the big companies with industrial pits and plants, exported 76 tonnes worth US$11.1 billion over the same 293 days. Ghana small-scale gold therefore leads in both tonnes and value.
Small-scale miners are local operators who dig by hand or with small machines, and Ghanaians call the illegal kind galamsey. GoldBod’s job is to buy their output and move it into official export channels.
From 63 Tonnes in 2024 to About 104 in 2025
Gyamfi said small-scale gold exports were 63 tonnes in 2024 and about 104 tonnes in 2025. Last year was the first time in Ghana’s history that small miners out-shipped the large mines.
Ghana small-scale gold earned US$10.8 billion in foreign exchange in 2025, he said. The 2026 total of US$11.6 billion is already above that, with more than ten weeks of the year still to run.
A Gold Price Below Early Forecasts
In July, Gyamfi told reporters that GoldBod had bought about 50 to 54 tonnes so far in 2026, MyJoyOnline reported. GoldBod’s forecasts had assumed gold at about US$5,000 an ounce and weekly purchases of about 2.5 tonnes.
A fall in the gold price had already trimmed those expectations by then, although prices stayed above 2025 levels. GoldBod’s own price table showed gold at US$4,124.50 an ounce on Tuesday afternoon.
Gold Dollars and the Cedi
Gyamfi said foreign currency from Ghana small-scale gold supports the banks that trade dollars, helps build the country’s reserves and steadies the cedi. He said the cedi gained 41% against the US dollar in 2025 and that gold inflows contributed.
The Bank of Ghana, the central bank, manages those reserves and sets interest rates. The cedi has since lost ground this year, as the Rio Times reported in its look at the cedi against the dollar.
What It Means for US Readers
Refiners and traders around the world buy Ghana small-scale gold, and one state agency now sits between them and the miners. US buyers deal with GoldBod’s rules on assay and export rather than with local dealers.
Investors in Ghana’s cedi, bonds and mining shares watch the gold dollars because they back the currency and the government’s budget. The Rio Times covered the president’s goal of ending raw ore exports by 2030 on Monday, which points the same way.
What Is Not Known
GoldBod has not said what share of the US$11.6 billion it bought for its own account and what share passed through licensed exporters. It has also not published a full-year forecast for 2026 or a profit figure.
The countries that bought the gold have not been named, and the report gives no split between gold bars and other forms. How much of the Ghana small-scale gold came from legal mines and how much from illegal pits is also open.
More: Ghana news in English, every day from The Rio Times.
Frequently Asked Questions
How much Ghana small-scale gold was exported in 2026?
GoldBod’s chief executive said 85.4 tonnes worth US$11.6 billion left Ghana from 1 January to 20 October 2026. The figure is a year-to-date total, not a full-year number.
What is GoldBod?
GoldBod is the Ghana Gold Board, a state agency created by the Ghana Gold Board Act, 2025. It holds exclusive rights to buy, assay, value and export gold from small-scale miners.
Did small miners or large mines export more gold?
Small-scale miners did, with 85.4 tonnes and US$11.6 billion against 76 tonnes and US$11.1 billion for large mines. The two groups were close in value.
Why does Ghana’s gold matter for the cedi?
Ghana small-scale gold sales bring in US dollars that banks use and the central bank adds to its reserves. GoldBod says these inflows helped the cedi gain 41% in 2025.
Is the US$11.6 billion a profit for the government?
No. It is the value of the gold exported, not what GoldBod earned, and the agency has not published a profit figure.
Sources: Citi Newsroom (Ghana), 20 October 2026; Ghana Gold Board (GoldBod), 20 October 2026; MyJoyOnline (Ghana), 15 July 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief