KEY POINTS
- GoldBod exported 88 tonnes of small-scale gold valued at $12 billion from January 2026.
- Large-scale mining companies exported 80.64 tonnes valued at $10.23 billion over the same period.
- The government plans to introduce a 3% discount on small-scale gold purchases in 2027 to reduce reserve accumulation costs.
Ghana’s Gold Board (GoldBod) exported 88 tonnes of gold from the small-scale mining sector, valued at $12 billion, between January and the presentation of the government’s 2027 Budget Statement, Finance Minister Cassiel Ato Forson has announced.
The GoldBod exports were disclosed by Forson when he presented the 2027 Budget Statement and Economic Policy to Parliament on Nov. 12. The minister said the small-scale gold exports exceeded the volume recorded by the large-scale mining sector over the same period. According to the budget statement, large-scale producers exported 80.64 tonnes of gold valued at $10.23 billion.
Forson said the earnings were increasing foreign exchange supply, strengthening Ghana’s reserves and supporting the stability of the cedi. The figures highlight the growing role of the domestic gold purchasing programme in Ghana’s efforts to accumulate foreign exchange reserves and manage pressure on its external position.
GoldBod was established to organise and regulate the country’s gold trading arrangements, particularly within the small-scale mining sector. Its activities form part of the government’s wider strategy to capture more value from gold production and improve the formalisation of mineral trading.
GoldBod exports and reserve accumulation costs
Beyond the export figures, the finance minister outlined measures intended to reduce the cost of generating foreign exchange through the government’s gold purchasing programme.
Forson said the baseline cost of accumulating foreign exchange had fallen from 16% in 2025 to 5% in 2026 under the Ghana Accelerated National Reserve Accumulation Programme. The government now wants to reduce that cost further to 2%. To achieve this, it plans to introduce a 3% discount on small-scale gold purchases in 2027, following consultations with industry stakeholders.
The proposed measure would reduce the price paid for gold purchased under the programme relative to the applicable purchase price before the discount. However, the budget did not specify an exact implementation date or publish a detailed pricing formula.
Government seeks support from mining associations
Forson urged the Ghana National Association of Small-Scale Miners and the Licensed Gold Buyers Associations to support the proposed changes.
The government wants the reform to lower the cost of building reserves while maintaining the contribution of small-scale gold exports to foreign exchange earnings.
The policy also raises questions about how the discount could affect miners and licensed buyers. Its impact will depend partly on the prices and payment arrangements available to gold sellers.
The government must therefore balance its objective of reducing programme costs with the need to keep formal gold purchasing channels attractive to miners.
The 2027 Budget presents GoldBod’s export performance as an important contribution to Ghana’s external financial position. The proposed discount signals a further adjustment to the programme as authorities seek to make reserve accumulation less expensive and more sustainable.
