GoldBod's National Resource Governance Reforms Explained
The establishment of the Ghana Gold Board, commonly referred to as Goldbod, under the Ghana Gold Board Act, 2025 (Act 1140), represents a significant overhaul of the Ghanaian mining sector. For decades, the artisanal and small-scale mining (ASM) sector operated within a fragmented regulatory environment, leading to systemic leakages and losses exceeding $1.1 billion in taxes, royalties, and foreign exchange.
Prior to 2025, the ASM gold capture ratio was significantly below unity, indicating that gold was used as a capital flight mechanism rather than a national asset. The historical legislative framework attempted to regularise “Galamsey” but limited it to indigenes and residents with no use of sophisticated technology.
Act 1140 marks a transformative era by dissolving the Precious Minerals Marketing Company (PMMC) and transferring its mandate to Goldbod. The new framework centralises oversight through an exhaustive licensing regime, mandating that any person seeking to engage in the gold trading or marketing industry must obtain a license from Goldbod.
The impact of Goldbod’s centralised system was immediate and measurable, with officially recorded ASM gold exports rising from 63.6 metric tonnes in 2024 to 103 metric tonnes by the end of 2025. This represents an additional 39.4 tonnes of gold captured within the formal economy, translating into $3.8 billion in additional foreign exchange inflows.
The centralisation of the gold trade has been a cornerstone of the Bank of Ghana’s reserve accumulation strategy, with total gold holdings increasing by 24.6% to 38.04 tonnes by October 2025. The appreciation of the cedi resulted in direct fiscal savings on external debt servicing and Independent Power Producer (IPP) payments exceeding GHS 12.6 billion ($1.142 billion).
To address transparency concerns, Goldbod is preparing to launch a blockchain-based track-and-trace system by the end of 2026. The system will capture data from the point of production to the point of sale, creating an immutable record that enhances accountability.
The Africa Sustainable Energy Centre (ASEC) recommends strategic adjustments, including institutional separation of powers, fiscalization of policy costs, strengthening delivery oversight, acceleration of value addition, and community-centred formalisation. By integrating blockchain traceability and separating its regulatory powers, Goldbod can ensure that Ghana’s gold remains a blessing rather than a source of illicit flow and environmental ruin.
Image Source: MYJOYONLINE
