Ghana’s GoldBod Revolution: How a New Licensing Regime is Transforming Gold and the Economy

On CNBC West Africa Closing Bell, Kian Smith’s Founder and Executive Vice Chairman, Nere Emiko, spotlighted Ghana’s emergence not just as Africa’s top gold producer, but as a pioneer in economic transformation through gold. The catalyst? The GoldBod’s record-breaking output and the country’s bold new gold licensing regime.

Record-Breaking Gold Exports and a New Era

In the first half of 2025, Ghana’s gold sector achieved a historic milestone: over 41.5 tonnes of gold from artisanal and small-scale mining (ASM) were exported between February and May, earning the nation approximately $4 billion. For the first time, ASM gold exports have overtaken those from large-scale mining, a shift fueled by GoldBod’s new role as the sole buyer and exporter of ASM gold. This new system has tightened regulatory controls and dramatically reduced gold smuggling, boosting both state revenue and foreign reserves.

The GoldBod Model: Order, Opportunity, and Impact

GoldBod’s reforms, including a comprehensive licensing program and aggressive aggregation strategy, have brought unprecedented order to Ghana’s gold trade. All players in the sector—from aggregators to refiners—now operate under a strict code of responsible sourcing, with every gram of gold traceable by year’s end. Not only does this enhance Ghana’s global credibility, it also opens new doors for local and international investors. While foreigners can no longer buy gold directly from miners, they are encouraged to partner with licensed Ghanaians or apply to off-take gold through GoldBod, further integrating Ghana into global value chains.

Economic Transformation and the Road Ahead

This gold-driven transformation is already delivering tangible benefits. Increased foreign exchange liquidity has strengthened the Ghanaian cedi, and the sector’s formalization is creating new jobs and improving livelihoods. The government’s vision extends beyond export: with value addition, digital traceability, and a focus on responsible mining, Ghana is positioning itself as a hub for gold refinement and jewelry manufacturing in Africa.

Ghana’s story is a testament to how visionary policy, strong institutions, and responsible resource management can turn mineral wealth into broad-based economic growth. As Nere Emiko emphasized, the GoldBod experiment is just beginning—but its early successes are setting a new standard for Africa’s mining sector and offering valuable lessons for countries seeking to harness their resources for transformative impact.

Watch the full interview here