Artisanal and small-scale mining (ASM) is no longer the side story of Ghanaian gold. According to GoldBod, small-scale exports rose from 63 tonnes in 2024 to about 104 tonnes in 2025, overtaking large-scale exports for the first time. It is also where most of the sector’s legal, environmental and reputational risk sits.
Licensed small-scale mining
- Small-scale mining licences are granted under the Minerals and Mining Act, 2006 (Act 703), and only to Ghanaian citizens.
- Since 2025, licensed small-scale gold is bought by GoldBod and its licensed aggregators and buyers, and exported only by GoldBod.
Galamsey
“Galamsey” is the common name for illegal mining: mining without a licence, or in prohibited areas such as water bodies and forest reserves. It has caused serious damage to rivers and farmland and remains one of Ghana’s most contested policy issues. In October 2026 the parliamentary Minority called for GoldBod’s chief executive to resign over remarks about small-scale mining outside prohibited areas. GoldBod said the remarks were taken out of context and referred to a policy for bringing eligible informal miners into the regulated system.
Formalisation
GoldBod says it is developing an ASM Formalisation and Financing Support Programme with the Ministry of Lands and Natural Resources, the University of Mines and Technology and the Minerals Income Investment Fund, with technical support from Rand Refinery. It is expected to roll out in 2027.
What it means for investors and buyers
- Supply chain risk: gold from unlicensed sites taints a supply chain. International due diligence standards, including the OECD guidance used by UAE refiners, expect buyers to identify and manage this risk.
- Partners: any small-scale partner should hold a current licence for the specific site, with environmental permits in place.
- Opportunities: equipment, finance, mercury-free processing, assaying and training for licensed miners, particularly as formalisation expands.
Sources
- Citi Newsroom: GoldBod records $11.6bn in ASM gold exports in 2026
- Minerals Commission: Overview of Act 703
- DailyGuide: Minority demands GoldBod CEO’s resignation; GoldBod responds (26 October 2026)
- OECD Due Diligence Guidance for Responsible Supply Chains of Minerals
This article is for information only and is not legal, tax or investment advice. Rules and figures change; confirm the current position with the relevant authority or a qualified adviser before acting. Image: illustration (AI-generated).
