Gold Board (GoldBod) acquired up to 54 metric tons of gold from Artisanal and Small-scale Mining (ASM) during the first half of 2026, with output from this sector expected to either match or exceed last year’s record, as stated by the CEO of the state entity on Tuesday.
These figures and forecasts indicate another robust year for Ghana’s leading export and foreign exchange generator, which will bolster dollar inflows and support an economy recovering from its most severe financial crisis in decades.
As Africa’s largest gold producer, Ghana has witnessed a significant increase in ASM output following reforms aimed at curbing smuggling losses and enhancing foreign exchange revenues. Last year, production reached an unprecedented 104 metric tons, surpassing large-scale mining output for the first time.
“We are currently at approximately 50-54 metric tons this year in terms of purchases,” Gold Board (GoldBod) CEO Sammy Gyamfi informed reporters. “If this trend continues, we are likely to match or even exceed last year’s production.”
Mr. Gyamfi noted that the board generated nearly $11 billion in foreign exchange earnings from the ASM sector last year, while large-scale miners contributed around $9 billion.
Nevertheless, he mentioned that the recent drop in gold prices has tempered earnings expectations. GoldBod’s forecasts for 2026 were based on an average gold price of about $5,000 per ounce and weekly purchases of approximately 2.5 metric tons.
Despite the decline in prices, Sammy Gyamfi asserted that Ghana is still on track to achieve higher gold export earnings than last year, as average bullion prices remain above 2025 levels, albeit lower than GoldBod’s initial estimates.
