The Ghana Gold Board (GOLDBOD) advocates for increased Ghanaian ownership and value retention within the nation's gold mining sector. GOLDBOD Chief Executive Officer Sammy Gyamfi stated that Ghana must move beyond mere extraction to ensure local communities and businesses capture a larger share of mineral wealth.
Mr. Gyamfi made this call on August 18 at the National Mining Dialogue in Accra. He argued that over a century of gold production has not translated into sufficient economic transformation for many mining communities. Foreign ownership, imported inputs, and limited local processing have allowed too much value to leave the country, he explained.
This push for local ownership fits into Ghana's broader economic strategy to maximize benefits from its natural resources. The country is a major gold producer, and ensuring more value stays domestically can boost economic growth and job creation. This initiative aligns with past government efforts to formalize artisanal mining and increase local content in various sectors.
“Production without ownership is limited. Production without value addition is leakage. Production without community transformation is a broken social contract,” Mr. Gyamfi asserted. He cited Obuasi as an example, questioning why a community with generations of gold mining has not achieved significant industrial development. He stressed that deliberate policy, not just extraction, builds national value.
GOLDBOD is actively working to change the structure of Ghana’s gold economy. The institution promotes local refining, gold trading, and downstream industries like jewellery manufacturing. In 2026, nearly 9 tonnes of gold aggregated by GOLDBOD were refined in Ghana, a significant shift from previous reliance on overseas refining.
The institution also plans a Ghana Gold Village in partnership with the private sector. This village will support jewellery manufacturing, gold fabrication, and skills development. It aims to provide access to international markets for local gold products. Additionally, GOLDBOD intends to introduce a gold tokenisation programme in 2027. This programme will allow citizens and other Africans to participate in gold-backed investments.
Mr. Gyamfi emphasized that young people in mining communities must be central to securing the industry's future. He noted that communities often see mineral wealth leave while youth struggle for decent jobs. A social license cannot survive if young people believe mining offers them only casual labour, he added.
He proposed stronger pathways for young people into mining-related businesses. These include transport, equipment maintenance, environmental services, and logistics. He also called for mining companies to make clearer commitments to local employment and enterprise development. GOLDBOD’s approach is guided by an “IPE” framework: Involve, Protect, and Expand.
The “Involve” component seeks to give mining communities a greater role in decisions affecting them. It also promotes increased Ghanaian ownership across the mining value chain. “Mining communities must be recognised not as land donors, but as economic shareholders,” Mr. Gyamfi stated. The “Protect” component focuses on environmental safeguards and stronger enforcement against illegal operators.
Under “Expand,” GOLDBOD aims to increase indigenous participation in exploration, production, and refining. GOLDBOD is collaborating with the Ghana Geological Survey Authority to identify mineralized areas. This partnership seeks to reduce risks associated with geological exploration, encouraging more local investment.
Ghana’s growing dependence on gold for export earnings makes managing this resource crucial. Gold accounted for approximately 63.1 percent, or $20.2 billion, of Ghana’s $32 billion in merchandise exports in 2025. Artisanal and small-scale miners produced about 3.11 million ounces, representing 52.4 percent of Ghana’s estimated 5.94 million ounces of gold production that year.
These figures demonstrate the importance of integrating Ghanaian miners into a formal and productive value chain. “The objective is not simply to produce more gold. It is to ensure that every ounce of gold produced in Ghana creates greater value for Ghana,” Mr. Gyamfi concluded. The long-term goal is to transform mining communities into centers of industry and opportunity, not just extraction sites.