Ghana’s Gold Board bought up to 54 metric tons of gold from artisanal and small-scale mining (ASM) in the first half of 2026 and output from the sector is on track to match or surpass last year’s record, the state entity’s Chief Executive Officer (CEO) said this Tuesday.
The figures and prediction point to another strong year for Ghana’s biggest export and foreign exchange earner, helping underpin dollar inflows and support an economy emerging from its worst financial crisis in decades.
Africa’s largest gold producer has seen ASM output surge following sector reforms to stem smuggling losses and boost foreign exchange earnings. Production reached a record 104 metric tons last year, overtaking large-scale mining output for the first time.
“We are around 50-54 metric tons this year in purchases,” Gold Board (GoldBod) CEO Samuel Gyamfi told reporters. “At this rate, we are likely to match or even surpass last year’s output.”
Gyamfi said the board generated nearly $11 billion in foreign exchange earnings from the ASM sector last year, while large-scale miners contributed about $9 billion.
However, the recent decline in gold prices had reduced earnings expectations, he said. GoldBod had based its 2026 forecasts on an average gold price of about $5,000 per ounce and weekly purchases of around 2.5 metric tons, he said.
Despite the lower prices, Ghana was still on course to generate higher gold export earnings than last year, Gyamfi said, as average bullion prices remain above 2025 levels, though below GoldBod’s initial projections.
–Reuters–
