The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has announced that government interventions have led to a considerable reduction in gold smuggling, although he concedes the illicit practice has not been completely eliminated.

Speaking in an interview with PM Express on Joy News, Mr. Gyamfi emphasised that while measurable progress has been made, putting an exact figure on the reduction remains difficult.

“Two percent, I think, is low. I think we’ve reduced smuggling considerably.

I won’t give any figures, but I think it’s come down significantly. We’ve not eliminated it; you can’t eliminate crime.

It’s still there,” he stated.

According to the GoldBod CEO, the gains achieved so far are the result of a multi-pronged strategy introduced following the transformation of the Precious Minerals Marketing Company (PMMC) into GoldBod.

He highlighted reforms in pricing, improved market incentives, and strengthened enforcement mechanisms as key drivers behind the success.

“We are deploying multiple measures—competitive and transparent pricing coupled with market incentives and enforcement—and the combination of these measures is what is giving us the results we are seeing,” he explained.

Mr. Gyamfi pointed to a significant increase in gold volumes, particularly from the artisanal and small-scale mining (ASM) sector, as clear evidence that the system is yielding results.

He revealed that ASM gold production surged to 104 metric tons in 2025, compared to approximately 63 metric tons recorded in 2024.

Of this, he noted that only 45 metric tons were attributable to the central bank, underscoring the growing contribution of small-scale miners.

“ASM alone is 104 metric tons, which is unprecedented,” he stressed.

Looking ahead, the Gold Board is setting even more ambitious targets under the government’s National Reserve Accumulation Programme. Mr. Gyamfi disclosed that the agency aims to exceed 120 metric tons of gold output within the year.

“This year, we are projecting… to hit a target of over 120 metric tons. And so far, so good. So basically, that is the plan,” he said.

Since its establishment, GoldBod has also intensified its crackdown on illegal gold trading activities. Several individuals, including foreign nationals, have been arrested for engaging in smuggling.

Authorities have pursued prosecutions in such cases, with some offenders also facing repatriation.

Despite these efforts, Mr. Gyamfi acknowledged that completely eradicating gold smuggling remains a challenge.

However, he maintained that the current trajectory signals meaningful progress in safeguarding Ghana’s gold resources and strengthening regulatory oversight within the sector.