Ghana will stop exporting raw gold by 2026 as part of a government drive to add more value to its mineral resources and improve earnings from the gold sector.

On Tuesday, the Ghana Gold Board (GoldBod) announced that it is working with local refineries to shift from exporting doré—semi-processed gold—to fully refined bullion. This marks a major change in the way the country earns from its position as Africa’s top gold producer.

Acting Chief Executive of GoldBod, Mr Sammy Gyamfi, told participants at the Mining in Motion Summit in Accra that an international-standard assay laboratory would be operational by 2026. The lab will meet ISO certification and comply with London Bullion Market Association (LBMA) standards. He said land for the facility had already been secured.

“We will soon move Ghana away from the export of doré to bullion in the short to medium term,” Mr Gyamfi said during his speech on Tuesday, 3 June 2025. “This international standard assay lab will make sure that all gold exported from Ghana is subjected to fire assay for accurate purity determination and valuation.”

The shift is expected to increase Ghana’s earnings from gold exports, as refined bullion sells at higher prices on the global market compared to semi-processed gold.

Ghana’s small-scale mining sector has emerged as the country’s leading gold producer. Between January and May 2025, GoldBod purchased and exported 41.5 tonnes of gold worth around $4 billion, overtaking large-scale mining firms for the first time.

In May alone, small-scale miners sold 11 tonnes of gold to GoldBod, valued at $1.172 billion, according to figures presented at the summit.

The state agency, which replaced the Precious Minerals Marketing Company earlier this year, has introduced tighter regulations that now account for over 90 per cent of artisanal gold output. This has helped strengthen the cedi and improve Ghana’s foreign exchange reserves.

Under the new structure, all players in the gold trade—from aggregators to exporters—must be licensed. Foreign nationals are no longer allowed to buy gold directly from local markets. Instead, international buyers must go through GoldBod or partner with licensed Ghanaian dealers.

GoldBod also plans to roll out digital traceability systems by the end of the year. This will allow every gram of purchased gold to be traced back to its source, ensuring that only gold from legal and licensed operations is accepted.

Starting in September, GoldBod will partner with the Ministry of Lands and Natural Resources to train small-scale miners in modern recovery techniques and environmentally safe practices.

The training will address longstanding issues linked to illegal mining and land degradation.

“The days of illegal gold trading and uncontrolled gold smuggling have come to an end,” Mr Gyamfi said, adding that a permanent anti-smuggling task force would be established with the National Security Secretariat.

He also said GoldBod supports President John Dramani Mahama’s plan to set up a “Gold Village,” aimed at making Ghana a centre for jewellery and ornamental gold production on the continent.

GoldBod will invest part of its trading surplus in projects to reclaim degraded lands, conduct geological surveys, and provide education and health services in mining areas. These efforts will align with broader government plans to restore lands affected by mining.

Speaking at the event, which was attended by the Asantehene, Otumfuo Osei Tutu II, and the Minister for Lands and Natural Resources, Mr Emmanuel Armah-Kofi Buah, Mr Gyamfi encouraged international groups, including the LBMA, World Gold Council, and the OECD, to work with Ghana on responsible mining practices.

Between February and May 2025, GoldBod’s purchases amounted to over GH?40 billion, helping to support the national currency and improve liquidity in the foreign exchange market.