Parliament has passed the Ghana Gold Board bill 2025 and is now awaiting presidential assent.
This paves the way for creating a regulatory body to oversee gold trade, boost value addition and strengthen the country’s mineral reserves.
The Ghana Gold Board will monitor and facilitate purchase, trade and export of gold and other precious minerals.
It also aims to support the Bank of Ghana (BoG) in accumulating gold reserves and helping generate foreign exchange.
Lawmakers backing the bill argue that it will bring much-needed structure to the gold sector, reduce illicit activities and ensure the country maximises revenue from its mineral wealth.
Ghana, Africa’s top gold producer, has long sought to tighten regulations in the sector while encouraging local refining and processing.
According to a memorandum accompanying the bill, Ghana has not been reaping full benefits from its gold resources. In 2024, the country’s total gold export revenue stood at US$11.5billion – with the small-scale mining sector contributing US$4.6billion (40 percent) and the large-scale mining sector accounting for US$6.9billion (60 percent).
Despite gold’s critical role in the country’s economy, the document noted that revenues have been largely limited to royalties and taxes… with minimal direct gains from gold trading.
Ghana also faces challenges in tracking foreign exchange inflows from exports, particularly within the small-scale mining sector.
The memorandum underlined a lack of centralised regulation, inconsistent oversight and inefficiencies that make it difficult for Ghana to retain foreign exchange from gold transactions. Weak enforcement has contributed to smuggling, tax losses and environmental damage.
Currently, multiple state agencies – including the BoG, Minerals Income Investment Fund (MIIF) and Precious Minerals Marketing Company (PMMC) – compete with private players such as licenced gold buyers and exporters.
The document also pointed out that private companies involved in gold transactions operate with minimal supervision, increasing the risk of illicit financial flows and unaccounted exports.
While 61 licenced exporters are legally required to repatriate 81 percent of foreign exchange proceeds within 30 days, compliance has been low; further reducing Ghana’s foreign exchange inflows.
The memorandum noted that Ghana’s gold, especially from small-scale miners, has struggled to meet standards of the London Bullion Market Association (LBMA); restricting exports primarily to the United Arab Emirates, India and Turkey.
The absence of large-scale local refineries has further compounded the problem, forcing Ghana to export semi-pure doré gold instead of refined bullion – hence missing out on potential value addition and economic gains.
