A Mandate for Transparency by 2026
Ghana is moving to overhaul its gold sector by implementing a blockchain-powered track and trace system by the end of 2026. The initiative aims to provide full traceability and certified origin for all gold purchased and exported from the country, marking a significant step in formalizing the industry and curbing illicit activities.
Sammy Gyamfi, CEO of the Ghana Gold Board, announced the plan at the 2025 Dubai Precious Metals Conference. The system is a core component of sweeping reforms designed to clean up the artisanal and small-scale mining (ASM) sector and eliminate illegal operations from the supply chain. Gyamfi confirmed the timeline was extended from an initial Q1 2026 target to allow for a comprehensive procurement and deployment process.
Under the new framework, the system will verify the legitimate and sustainable origin of every gram of processed gold. It will also include compliance audits to prevent licensed mines from being used as fronts for illegal mining. Gyamfi noted that this is not just a policy goal but a legal requirement under the Gold Board Act, intended to strengthen regulatory oversight and support Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) efforts.
Economic Impact and Enforcement
The ASM sector plays a vital role in Ghana’s economy. In 2025, it contributed 90 tonnes of gold, accounting for about 53% of the nation’s total gold exports and generating over $9 billion in foreign exchange. The sector now supports more than one million jobs and is crucial to the country’s economic recovery.
However, unregulated mining continues to pose a significant threat to Ghana’s rivers, forests, and public health. To address this, the Gold Board has increased enforcement by launching a dedicated task force that has already arrested and begun prosecuting several illegal traders. The board is also investing in an International Organization for Standardization (ISO) certified assay laboratory to modernize gold testing and ensure quality control.
A Call for Global Standards
Gyamfi described gold smuggling as a major driver of money laundering and urged the international community to establish a global certification regime. He drew a parallel to the Kimberley Process for diamonds, arguing that a similar system is needed to prevent smuggled gold from entering legitimate markets.
He called on key international bodies—including the Dubai Multi Commodities Centre (DMCC), the OECD, the London Bullion Market Association (LBMA), and the World Gold Council—to support developing countries in their efforts to formalize their ASM sectors. The reforms have already shown positive economic results, contributing to a 35% appreciation of Ghana’s currency, the cedi, and a $2.1 billion trade surplus this year. Between January and October 15, 2025, small-scale gold exports generated over $8 billion, a 75% increase over the total for all of 2024.