Ghana Launches ASM Gold Formalisation Program Targeting $20 Billion in Annual Foreign-Exchange Inflows
Ghana plans to direct approximately 127 metric tons of artisanal and small‑scale mining (ASM) gold annually into official trade channels under revised sector reforms, aiming to increase foreign-exchange earnings and curb smuggling, Cassiel Ato Forson announced on Wednesday.
Across Africa, ASM gold leakage costs countries billions each year as undeclared production is smuggled through porous borders to global trading hubs such as Dubai.
Ghana, Africa’s top gold producer, lost an estimated $11.4 billion between 2019 and 2023, according to the non-profit foundation Swissaid.
Formalisation Targets $20 Billion Annually
Forson told Parliament that the Ghana Gold Board will be required to purchase a minimum of 2.45 tons of ASM gold weekly, consolidating these acquisitions into a formal pipeline expected to generate over $20 billion in annual inflows.
The initiative comes after a surge in ASM output, driven by rising gold prices and the establishment of GoldBod in 2025, which helped lift national gold production to roughly 186 tons that year.
Starting next month under the new policy, GoldBod will fully manage off‑take agreements and the sale of all ASM gold procured.
The regulator will raise financing to maintain three to four weeks of gold purchases in inventory and will use derivative and hedging instruments to mitigate price risks. The Bank of Ghana currently funds ASM gold purchases.
“To disincentivise smuggling, GoldBod may offer price incentives, including spot-market price purchases and bonuses for licensed miners,” Forson said.
All foreign-exchange proceeds from the programme will be sold exclusively to the Bank of Ghana at pre-agreed rates under a formal agreement between the central bank and GoldBod.
Broader Reforms and Sector Modernisation
The minister also highlighted that formalisation will extend to environmental compliance, enforcement, traceability systems, expansion of local refining capacity, and operational cost reforms.
At the same time, Ghana is advancing reforms to the mining sector’s financial regime, which some large-scale producers argue could restrict investment and slow output.
The ASM formalisation programme represents a significant step toward increasing transparency, securing revenue, and strengthening Ghana’s position as a leading gold producer while protecting the country from illicit trade losses.
