Key Points
- Ghana introduces a blockchain system to track gold from mining to export.
- The Gold Board Bill will help curb illegal gold exports and smuggling.
- Pilot projects have shown positive results, with further improvements expected.
The Government of Ghana is implementing a blockchain-based system to track gold from mining to export. This initiative is part of ongoing efforts to restructure the gold sector and combat illegal gold exports that cost the country billions annually.
Sammy Gyamfi, Acting Managing Director of the Precious Minerals Marketing Company (PMMC), announced this new technology-driven approach during an appearance on Joy News’ PM Express on Tuesday, March 25, 2025.
Blockchain aims to tackle gold smuggling and fraud
The proposed system will use blockchain technology to monitor the flow of gold from licensed miners to buyers and eventually exporters.
Each production batch will receive a unique digital code, and every transaction in the chain will be recorded on a blockchain platform, ensuring transparency.
This initiative is linked to the Gold Board Bill, which is currently under review in Parliament. If passed, the bill will create a new Gold Board responsible for regulating pricing, preventing smuggling, and buying gold from small-scale miners.
Mr. Gyamfi stated that the country loses around $2 billion every year due to illegal gold exports. He emphasized that the current system of oversight is inadequate, leading to significant revenue loss.
With blockchain technology, Ghana aims to restructure its gold sector and capture this lost revenue, which could fund public investment.
Pilot projects show encouraging results
Pilot projects have already begun in selected mining communities, and the results have been positive so far. These projects are testing the blockchain system and proving its potential to streamline the gold sector.
If the Gold Board Bill is passed, the Gold Board will become the sole buyer of gold from licensed small-scale miners, creating a more organized and regulated system.
Mr. Gyamfi also mentioned that the Gold Board will introduce a fair pricing system to benefit miners and protect the state’s interests. The new structure is designed to reduce gold smuggling, boost revenue, and stabilize the local currency, the cedi.
By addressing fragmented oversight and multiple agencies with overlapping roles, the government aims to create a more efficient gold industry.
Anti-smuggling task force and the future of gold in Ghana
In addition to tracking gold through blockchain, the Gold Board will have an anti-smuggling task force. This team will be empowered to inspect gold shipments, conduct unannounced raids, seize unlicensed consignments, and prosecute offenders.
This step is crucial in curbing illegal gold exports and ensuring that Ghana’s gold industry operates under clear, accountable systems.
Ghana is Africa’s top gold producer, yet the country continues to lose significant revenue due to poor oversight and illegal trading routes. By creating a more transparent system, the government hopes to regain control over the sector and stabilize its economy.
