Economist and political risk analyst, Dr Theophilus Acheampong, has called for stronger safeguards in Ghana’s gold sector to prevent illegally mined gold from entering the formal export system.
Speaking on JoyNews’s Newsfile on Saturday, September 20, Dr Acheampong said GoldBod must guarantee that none of the gold it purchases originates from galamsey operations.
“We need to ensure that every gram that GoldBod is buying is actually not galamsey gold. We need the chain of custody, and we need to be able to prove that at the end of the day it is not galamsey gold that is entering the formal systems,” he stated.
Highlighting the significance of the mineral to Ghana’s economy, Dr Acheampong cited Bank of Ghana statistics showing that the country’s total exports between January and August 2025 amounted to around $18 billion. Of this, gold exports alone contributed $11.2 billion – representing roughly 62 to 63 per cent of total exports.
“For all of last year, our total exports were about $12 billion. If you break down this year’s figure, gold remains the largest contributor, coming from both the small-scale and large-scale sectors.
“It is therefore very important that we ensure the system stands,” he added.