(Ecofin Agency) - Ghana loses over $2.3 billion annually in mining revenues due to artisanal gold smuggling, according to the Wilson Center think tank. The government aims to tackle this issue by tightening regulations and entrusting the newly established Ghana Gold Board with the task.

President John Mahama approved the creation of the Gold Board on April 2, 2025. A press release issued on April 14 confirmed that the Board will act as the sole regulator for artisanal gold mining starting May 1.

The Board will monopolize gold buying, selling, exporting, and licensing for local market transactions. Licenses previously issued by the Ministry of Mines and the Precious Minerals Marketing Company (PMMC) will no longer remain valid from that date. Ghanaian gold traders can apply for new licenses from April 22, but foreign traders must now purchase gold exclusively through the Gold Board.

This reform seeks to curb rampant gold smuggling and stabilize Ghana's economy by leveraging foreign currency from gold exports. The Wilson Center estimates that smuggling costs Ghana $2.3 billion annually, depriving the nation of critical revenue. The government expects the Gold Board to reduce these losses while enhancing economic stability.

Despite its pivotal role, the Gold Board has shared little about its operational strategies. Meanwhile, this shift raises uncertainty about PMMC's future, as it previously managed gold purchases, sales, and licensing for commercial agents.

This article was initially published in French by Aurel Sèdjro Houenou

Edited in English by Ange Jason Quenum