Keypoints:
- GoldBod bought up to 54 tonnes by June
- Artisanal output may beat the 2025 record
- Gold earnings still forecast above 2025
GHANA’S artisanal and small-scale gold sector could equal or surpass its record 2025 output after the Ghana Gold Board purchased between 50 and 54 tonnes during the first half of 2026.
The outlook strengthens the sector’s position at the centre of Ghana’s foreign exchange strategy. Artisanal miners produced a record 104 tonnes in 2025, overtaking large-scale mining for the first time and helping lift the country’s gold export earnings to unprecedented levels.
Half-year purchases signal strong output
GoldBod Chief Executive Samuel Gyamfi said the volume acquired between January and June suggested that production could at least match last year’s performance.
‘At this rate, we are likely to match or even surpass last year’s output,’ Gyamfi told reporters on Tuesday.
GoldBod’s first-half purchases were equivalent to roughly half of the artisanal sector’s reported 2025 production, placing the industry broadly on course for another year above 100 tonnes.
The state gold buyer had planned to purchase approximately 2.5 tonnes each week as part of efforts to draw more production into formal trading channels.
The latest forecast follows Ghana’s record $20.9bn gold export performance in 2025, when stronger official purchases and elevated bullion prices transformed the country’s trade position.
Small miners overtake major producers
Artisanal and small-scale miners generated nearly $11bn in foreign exchange last year, compared with about $9bn from large-scale mining companies, Gyamfi said.
GoldBod data published in January showed that artisanal exports had reached about 103 tonnes, valued at $10.8bn, by December 24, 2025.
Large-scale mining companies exported 96.6 tonnes worth approximately $9.2bn over the same period.
That reversal marked a major shift in Ghana’s mining economy. Small-scale gold had long been associated with fragmented trading networks, under-declaration and smuggling, but GoldBod’s centralised purchasing system has channelled more production into official exports.
The institution was created to formalise the artisanal trade, strengthen traceability and retain more foreign currency within Ghana. A recent assessment of GoldBod’s economic role argued that stronger gold capture could support reserves and Ghana’s wider macroeconomic recovery.
Lower prices trim revenue assumptions
The outlook is not without risks. GoldBod prepared its 2026 projections using an average bullion price of about $5,000 an ounce, but market prices have since fallen below that planning assumption.
Gyamfi nevertheless expects Ghana’s gold export earnings to exceed the 2025 total because average prices remain above last year’s levels and production volumes have remained resilient.
That combination could provide further dollar inflows for an economy recovering from a severe financial crisis, while supporting the cedi and strengthening Ghana’s external reserves.
Formalisation must address mining damage
Higher official purchases may reduce smuggling, but production growth also increases pressure on authorities to separate licensed small-scale mining from illegal operations that damage rivers, farmland and forests.
Ghana’s challenge is therefore not only to collect and export more gold, but to ensure that production entering the formal market meets environmental and licensing standards.
The debate has intensified as illegal gold mining continues to fuel environmental, economic and political tensions.
GoldBod’s 2026 performance will ultimately be judged by more than tonnage. Its ability to sustain foreign exchange inflows, improve traceability and support responsible mining will determine whether record production becomes a lasting economic gain.
