(Ecofin Agency) - • Ghana aims to secure LBMA license to boost refinery access to global markets
• Reforms include gold traceability, miner training, and certified lab setup
• Most artisanal gold activity remains informal, with $1.2B lost to smuggling

 Ghana, Africa’s top gold producer with 4.8 million ounces declared in 2024, is seeking to elevate its position in the global bullion market by obtaining a London Bullion Market Association (LBMA) license for its local refineries. The move is intended to increase revenue from gold exports and align the sector with international standards.

President John Dramani Mahama announced on June 3 that Ghana will implement a tracking and traceability system for gold extracted from artisanal and small-scale mines (ASM). The measure forms part of a broader reform strategy aimed at enabling domestic refiners to meet LBMA criteria.

At the Mining in Motion summit held in Accra and concluding on June 4, authorities detailed several complementary initiatives. Sammy Gyamfi, CEO of GoldBod, the regulator of Ghana’s artisanal gold sector, revealed plans to launch a training program in September 2025 focused on ethical, modern mining techniques for ASM operators. A gold analysis laboratory certified to LBMA standards is also expected to be operational by 2026.

The LBMA license is globally recognized and grants access to high-value institutional markets. To qualify, refineries must adhere to strict standards for transparency, quality, and responsible sourcing. Applicants must also demonstrate five years of compliant operations, verified by three LBMA members.

The Ghanaian government’s reforms aim to formalize a sector where, according to Interpol's ENACT project, 85% of artisanal gold activity is currently unregulated. This informality contributes to economic losses, including an estimated $1.2 billion lost to gold smuggling in 2022, according to UK-Ghana Gold.

The effectiveness of these reforms will depend on sustained implementation and enforcement. While the path to LBMA certification is rigorous, Ghana hopes to join South Africa’s Rand Refinery Ltd, the only African refinery currently holding the license, as a recognized player in the global gold market.