CLGB urges stronger backing for players within the ASM segment

The Chamber of Licensed Gold Buyers (CLGB) is urging the Ghana Gold Board (GoldBod) to expand its support for the artisanal small-scale gold segment, including licensed gold buyers and miners, stating that additional investment is needed to sustain the recent improvements in the country’s gold output and export earnings.

The appeal comes as the Chamber formally acknowledges the progress made by GoldBod, the state institution set up last year to regulate the small-scale gold trade and curb leakages from the sector.

The CLGB said GoldBod’s reforms have delivered tangible results by drawing more miners into the formal economy and helping retain more revenue in the country.

Under the GoldBod Act, enacted in 2025, the agency is the sole authorised buyer and exporter of gold produced by licensed small miners. Officials say the system is helping to track the origin of gold, verify its purity and ensure proper taxes and royalties are paid, longstanding challenges that have contributed to smuggling and weak value retention.

Data shared by the Chamber indicates that artisanal and small-scale mining (ASM) output surged to roughly 1.9 million ounces in 2024, up nearly 70% from about 1.1 million ounces in 2023.

ASM’s contribution to national production rose to around 39% from 28% over the same period. National gold output climbed to about 4.8 million ounces last year, from 4.0 million ounces previously, and is projected to reach as high as 5.1 million ounces in 2025.

Between February and May this year alone, GoldBod exported 41.5 tonnes of small-scale gold valued at about US$4 billion, according to the Chamber. A May shipment of 11 tonnes marked a new monthly record.

The increase in formalised output has coincided with a pick-up in foreign-exchange inflows, strengthening Ghana’s balance-of-payments position, while the central bank has also accumulated more gold reserves to support the cedi.

Some industry watchers say the trend highlights the economic weight of the small-scale subsector, which employs hundreds of thousands of Ghanaians.

The Chief Executive Officer (CEO) of CLGB, Kwaku Amoah, said, “For years, the country has struggled to bring artisanal mining into the formal structure of the economy.”

“The figures now show that, when properly regulated, the sector can deliver revenue, jobs and responsible mining practices.”

Despite the progress, the Chamber said more work is required to build capacity across the value chain. It is recommending increased access to finance and training for small miners to help them satisfy environmental and regulatory standards while improving productivity. It also wants technology upgrades, including mechanisation and safe-processing equipment, to reduce losses and limit pollution.

The organisation is also pressing for a quicker rollout of digital traceability systems and internationally recognised assay laboratories to protect the integrity and marketability of Ghanaian gold. Ensuring all exports meet ISO or LBMA standards would improve pricing power and reduce disputes with buyers abroad, industry sources say.

Mr. Amoah added that Ghana must deepen downstream linkages if it is to capture more value from the resource. Gold refining, fabrication and jewellery production remain limited, with most exports leaving the country as doré bars.

He noted that GoldBod has started accepting applications for refining and jewellery manufacturing licences, a development the Chamber sees as an opportunity to expand jobs and local retention. Encouraging refinery and manufacturing inside Ghana will help capture further value, create jobs and deepen the economic impact of gold production of the ASM, as applications for refinery, fabrication and jewellery have since been opened.

In this regard, Goldbod has demonstrated that it is forward-looking with its goals in consolidating the formalisation of the ASM gold Trade segment.

The group also warned against complacency in the fight against smuggling. While official export figures have risen, border agencies and regulators remain under pressure to disrupt illicit networks.

“The gains made can only be sustained if governance remains strong and enforcement consistent,” Mr. Amoah said.

Ghana regained its position as Africa’s top gold producer in recent years, overtaking South Africa as new large-scale mines came onstream and the informal sector’s role expanded.

The Chamber said the momentum should serve as motivation to strengthen collaboration among GoldBod, the Ministry of Lands and Natural Resources, the Ghana Chamber of Mines and licence-holding buyers to safeguard the industry’s long-term growth.

The CLGB said it will continue to back measures that boost transparency, accountability and ethical sourcing, noting that formalisation is key to ensuring the industry benefits local communities and supports national development.