Editor’s Note
Ghana is spearheading a push for a unified global gold certification system to curb smuggling, illicit trade, and the financing of criminal networks, as announced at the Dubai Precious Metals Conference.
Ghana is mounting an international campaign for a unified global gold certification system to combat smuggling, illicit trade, and the financing of criminal networks. This initiative was unveiled by Lawyer Samuel Gyamfi, Chief Executive Officer of the Ghana Gold Board (GoldBod), during a high-level address at the Dubai Precious Metals Conference.
Speaking at the 2025 conference held at Atlantis Palm Jumeirah on Monday, November 24, 2025, Gyamfi said the global gold economy is under threat from unregulated flows that fuel money laundering, terrorism, and criminal enterprises. He warned that the world risks repeating the blood diamond era unless decisive multilateral action is taken.
he said, stressing the urgency of coordinated global action.
Gyamfi appealed directly to the Dubai Multi Commodities Centre (DMCC), United Arab Emirates (UAE) authorities, the London Bullion Market Association (LBMA), the Organisation for Economic Co-operation and Development (OECD), the World Gold Council, and global governments to back a system ensuring only responsibly sourced, verifiable gold enters the supply chain.
Gyamfi declared. He explained that such a system would bolster anti-money laundering and counter-terrorism financing efforts worldwide, similar to the Kimberley Process for diamonds.
The GoldBod chief revealed that Ghana’s artisanal and small-scale mining (ASM) sector produced 90 tonnes of gold in 2025, representing 53 percent of Ghana’s total gold export earnings and generating over nine billion dollars in foreign exchange. He noted that the sector now supports over one million jobs.
For years, Ghana has recorded massive discrepancies between the volumes of gold exported officially and those declared as imports by destination countries. Gyamfi said smuggled gold enabled by foreign buyers who look the other way is responsible for these gaps.
He warned that under Ghana’s new law, any entity purchasing ASM gold outside Ghana’s GoldBod mechanism would be treated as part of the smuggling chain.
he stated.
Gyamfi revealed that Ghana has deployed a special GoldBod task force, leading to arrests of both local and foreign illegal traders now facing prosecution. He emphasized that the government is determined to clean up the sector with fierce enforcement.
The CEO announced that a blockchain-powered Track and Trace system will be rolled out by the end of 2026 to ensure every gram of ASM gold is verifiably linked to a compliant mine. He explained that all licensed mines onboarded onto the system will be subjected to routine compliance audits to ensure they are not acting as cover for illegal operators.
The requirement for the tracking system is established within Section 31X of Act 1140, which was approved by Parliament earlier in 2025. Originally, Gyamfi had indicated in October 2025 that the rollout would begin in early 2026. However, during his remarks in Dubai, he extended the timeline to late 2026, pointing to the need for a thorough procurement and implementation process.
Since its establishment in early 2025 under Act 1140, the Ghana Gold Board has introduced sweeping reforms including exclusive authority to assay, grade, value, purchase, and export ASM gold; a new transparent pricing model for miners and licensed buyers; a strengthened regulatory framework to curb smuggling; deployment of a national aggregation system for gold collection; and licensing reforms to ensure responsible sourcing.
Between January and mid-October 2025, the Gold Board and the Precious Minerals Marketing Company generated more than eight billion dollars from small-scale gold exports, marking a sharp increase from 2024’s total. Gyamfi noted that these gains had significantly boosted Ghana’s economic indicators, including a 35 percent appreciation of the cedi this year, a 2.1 billion dollar trade surplus, reduced inflation, and a decline in government debt servicing costs.
Gyamfi also outlined the government’s plans to invest in geological surveys, modern assay technology, and capacity building for miners. Initiatives such as the Mining Support Program and the Responsible Co-operative Mining and Skills Development Program are geared toward improving recovery, modernizing ASM, and reducing environmental impact.
He reaffirmed Ghana’s commitment to eliminating mercury and other harmful substances from ASM through modern processing technologies. The CEO emphasized that safeguarding the environment while boosting production is essential, arguing that responsible mining is the only path to protecting livelihoods, conserving natural resources, and securing a viable future for communities that depend on the industry.
Closing his speech, Gyamfi described ASM as a pathway to inclusive growth rather than a source of destruction.
he said.
He expressed hope that future generations would look back with gratitude at the reforms being undertaken today, emphasizing that Ghana is demonstrating that responsible small-scale mining is both achievable and essential.