The government of Ghana is introducing a blockchain-based gold tracking system as part of ongoing efforts to restructure the gold sector and curb illegal exports, the acting Managing Director of the Precious Minerals Marketing Company (PMMC), Sammy Gyamfi has said.

In a television interview with Accra based Joy News on Tuesday, [March 25, 2025], the acting MD of PMMC said the technology-driven approach is tied to the Gold Board Bill currently before Parliament.

The bill proposes the creation of a new Gold Board which, would take charge of buying gold from small-scale miners, regulating pricing, and preventing smuggling.

Mr Gyamfi said Ghana was losing around US$2 billion each year to gold smuggling, money that could otherwise support public investment.

“The current system is failing the country. With this new setup, every licensed miner will be registered in a national database, and every production batch will have a unique digital code. As the gold moves through the chain from miner to buyer to exporter, each transaction will be recorded instantly on a blockchain platform,” Mr Gyamfi said.

According to him, pilot projects in selected mining communities have already begun, and the results have been encouraging.

If passed, the bill will empower the Gold Board to be the sole buyer of gold from licensed small-scale miners.

Mr Gyamfi said this move would bring structure to a sector that has long suffered from fragmented oversight and multiple agencies with overlapping roles.

The board is also expected to introduce a pricing system that is transparent and fair to miners while protecting the interest of the state.

“This is not another bureaucracy. The Gold Board is expected to bring in more revenue, reduce smuggling, and help stabilise the cedi,” Mr Gyamfi added.

Ghana remains the top gold producer in Africa, but the government maintains that poor oversight, illegal trade routes, and under-reporting continue to drain potential revenue.

The Gold Board will also include an anti-smuggling task force with powers to inspect gold shipments, carry out unannounced raids, seize unlicensed consignments, and prosecute offenders.

Mr Gyamfi said this is part of a broader effort to clean up the sector and account for every ounce of gold leaving the country.

If Parliament approves the bill, the tracking system will mark one of the first nationwide uses of blockchain technology in Ghana’s mineral sector.