Ghana has generated an unprecedented $8 billion in foreign exchange from small scale gold exports between January and October 15, 2025, according to data jointly released by the Ghana Gold Board (GoldBod) and the Precious Minerals Marketing Company. While the figures represent a remarkable achievement for the sector, they’ve ignited intense debates about transparency, environmental sustainability, and whether mining communities are actually benefiting from this extraordinary wealth.
The achievement underscores strengthened oversight, improved certification processes, and enhanced transparency in gold trading, with small scale miners exporting 81,719.23 kilograms of gold valued at $8.06 billion during the period. This marks a dramatic surge from $4.61 billion recorded in 2024 and nearly quadruples the $2.19 billion achieved in 2023.
The transformation follows the passage of the Ghana Gold Board Act (Act 1140) in April 2025, which consolidated authority over who can buy, assay, and export small scale gold. President John Dramani Mahama signed the GoldBod bill into law, making the entity the sole regulator overseeing the buying, selling, and export of small scale gold mined in the country. The restructuring revoked all licenses previously issued by the PMMC and sector minister, except those granted to large scale mining companies.
For the first time in Ghana’s mining history, small scale exports have surpassed those of the large scale sector, which recorded export value of $5.6 billion for the same period in 2025. This milestone suggests a fundamental shift in the country’s gold production landscape, though it raises questions about whether all these exports represent legitimately mined and properly documented gold.
The revenue surge comes amid persistent concerns about illegal mining activities, commonly known as galamsey. As of September 2024, 60% of Ghana’s water bodies had suffered pollution due to galamsey, with the Pra, Ankobra, Birim, and Offin rivers now heavily contaminated with deadly chemicals including mercury and cyanide used by some operators to extract gold more easily.
Environmental activists and labor unions have intensified calls for accountability. The Trades Union Congress recently revealed that several influential figures linked to both the governing National Democratic Congress and opposition New Patriotic Party are deeply engaged in illicit mining activities, profiting while Ghana’s environment deteriorates. The TUC called for immediate revocation of licenses belonging to politically connected individuals involved in illegal operations.
President Mahama’s administration has responded with comprehensive measures to address environmental concerns. The government announced a new permit regime for excavator imports and implementation of a nationwide tracking system to monitor heavy duty mining equipment, alongside prohibition of toxic chemicals like mercury in gold processing. The president emphasized that indiscriminate environmental degradation and water pollution from illegal mining will no longer be tolerated.
However, past efforts to combat galamsey have faced significant challenges. Attorney General Godfred Yeboah Dame said 76 people had been convicted since August 2021, and more than 850 were facing trial over galamsey, yet the problem continues to escalate. Previous interventions, including military operations and equipment seizures, failed to produce lasting results, partly due to alleged corruption and lack of political will.
The health implications are equally concerning. The Ghanaian Times reported an increase in cases of kidney diseases, and according to medical experts, the use of mercury by illegal miners is a contributory factor. Research has documented mercury in placentas of pregnant women in mining areas, with some babies born with severe defects linked to environmental contamination.
Ghana’s state water utility recently raised alarms that at the current rate of environmental contamination, Ghana would need to import fresh water by 2030. This warning underscores the urgency of balancing economic gains from gold exports with long term environmental sustainability and public health protection.
Communities in mining districts across the Western, Ashanti, and Eastern regions bear the heaviest burden. Despite the billions generated, visible improvements in infrastructure, healthcare, education, and clean water remain scarce in many areas. Critics argue that a significant portion of export revenues should be allocated directly to development projects in communities producing the wealth.
GoldBod has taken enforcement actions, including coordinating multiple arrests for illegal gold trading. In October 2025, an American and a Moroccan were nabbed by a GoldBod Taskforce for alleged illegal gold trading worth GH₵2.2 million, alongside four Ghanaian suspects. The arrests demonstrate the agency’s commitment to clamping down on smuggling and unauthorized operations.
The path forward requires transparency that builds public confidence. GoldBod must publish detailed audited reports showing how gold is valued, its origins, destinations, and actual financial returns to Ghana. Every license approval, revocation, and export should be traceable and publicly disclosed to prevent political misuse of regulatory powers.
GoldBod Chief Executive Sammy Gyamfi stated the agency’s goal is to move above 3 tons per week in purchases, up from about 1.5 tons weekly in January, with expectations to reach $12 billion in annual inflows by next year. Whether these ambitious targets can be achieved while ensuring environmental protection and community benefits remains the critical question.
The international community has taken notice. With gold accounting for over 90% of Ghana’s mineral exports and the mining sector contributing 17.1% to GDP growth in Q3 2024, the stakes couldn’t be higher. Unchecked environmental destruction threatens not only ecological sustainability but also Ghana’s economic foundations and international reputation.
As Ghana celebrates record breaking export figures, the true measure of success will be whether the country can transform paper wealth into tangible improvements for its citizens. Without rigorous oversight, environmental restoration, and direct community benefits, the gold boom risks enriching a few while impoverishing the nation’s most valuable asset: its land, water, and people’s health.
The coming months will reveal whether GoldBod’s reforms represent genuine transformation or merely new structures managing old problems. Ghana’s future depends on ensuring that every ounce of gold exported leaves not just foreign exchange in national accounts, but also clean rivers, restored lands, and thriving communities in its wake.
