• Ghana’s GoldBod targets 127 tonnes annual ASM output
• Weekly purchases of 2.45 tonnes planned
• ASM output hit record 96.4 tonnes in 2025

Ghana’s GoldBod, the regulator of the artisanal and small-scale mining (ASM) sector, is targeting annual production of about 127 tonnes over the next three years. The forecast, announced on Wednesday, Feb. 25, builds on reforms introduced in the sector and would exceed the record 3.1 million ounces, or 96.4 tonnes, produced in 2025.

To reach that level, GoldBod plans to strengthen its gold procurement system from artisanal miners. The strategy hinges on purchasing at least 2.45 tonnes per week through official channels. The board intends to secure enough funding to hold inventories equivalent to three to four weeks of purchases.

In March, GoldBod is scheduled to assume full responsibility for signing purchase agreements and managing the sale of all ASM gold it acquires. The move is designed to streamline the buying system and will be accompanied by measures to bring small-scale miners fully into the formal economy. These include pricing incentives and bonuses for licensed miners recognized by GoldBod, aimed at curbing smuggling and redirecting output toward official channels.

Artisanal mining now drives Ghana’s gold output

For Ghana, Africa’s largest gold producer, achieving this target would reinforce its regional position and support export revenues. The ASM segment has become the main source of national output. In 2025, artisanal production rose by more than 60% to 3.1 million ounces, overtaking industrial mines, which produced 2.9 million ounces and remained broadly stable.

Authorities estimate that a 127-tonne annual output could generate more than $20 billion in export earnings at current price levels, which is around $5,160 as of press time. For comparison, total gold export revenues reached $20.9 billion in 2025, including both artisanal and industrial production.

The target underscores GoldBod’s long-term ambitions one year after its creation. However, the roadmap must still deliver results, particularly as the country expects further growth in overall gold production this year.

Beyond mining, Accra sees the expansion of the ASM sector as a tool to strengthen foreign exchange reserves. An agreement is planned under which GoldBod would transfer all foreign currency proceeds from gold exports directly to the central bank.

Aurel Sèdjro Houenou