The Ghana National Association of Small Scale Miners (GNASSM) has urged lawmakers from both sides of the political spectrum to protect the progress made in the artisanal and small-scale mining (ASM) gold sector, cautioning against interference driven by short-term political motives or external pressures.
In a statement released on January 1, 2026, and signed by General Secretary Godwin N. Amarh, GNASSM emphasized that the value of ASM gold trading should not be judged solely on annual profit and loss figures but should be viewed through a wider lens that includes economic, social, and governance benefits.
The Association pointed to statistics from the previous administration, noting that 63.6 metric tons of ASM gold were exported in 2024 during the Gold-for-Oil and Gold-for-Reserves programs, despite the Bank of Ghana recording losses. Under the current Mahama administration, GNASSM highlighted that 101 metric tons of ASM gold had been exported by December 23, 2025, with the Bank of Ghana again posting financial losses.
“These figures demonstrate that ASM gold trading cannot simply be assessed on a narrow accounting basis of profit and loss for a single year. Its wider macroeconomic, social, and governance benefits must be considered,” the Association stated.
GNASSM praised the Mahama government for establishing the Ghana Gold Board (GoldBod), which has helped formalize gold trading and brought structure to the sector. According to the Association, Goldbod’s initiatives have provided a transparent platform for ASM gold, excluded foreign buyers from direct trading, and fostered collaboration with small-scale miners to ensure policies and programs align with their needs. Moreover, GoldBod’s support for sustainable mining practices, traceability, and environmental management has strengthened the sector, benefiting both miners and the broader economy.
The Association also lauded GoldBod for introducing transparent and competitive pricing mechanisms that shield miners from arbitrary valuations, while its liquidity structure ensures all legitimately mined gold is purchased. This has helped curb smuggling, money laundering, and financing of terrorism. GNASSM argued that these measures have allowed Ghana to maintain control over the ASM gold market, accumulate domestic capital, and lay the foundation for the growth of small-scale mines into larger operations, which can contribute more significantly to the national economy.
GNASSM urged politicians to respect the existing framework that allows miners and legitimate gold traders to operate transparently and within an orderly system. The Association appealed to parliamentarians to continue supporting the Goldbod initiative, as it was passed with bipartisan support and is crucial for the success of the ASM sector.
“We are disappointed by the current interference, which is negatively affecting the market. Our miners are being sidelined instead of being allowed to focus on their work for the benefit of the country,” GNASSM said, warning that political interference could harm Ghana’s foreign exchange reserves and overall economic development.
Meanwhile, the Minority in Parliament has called for a bipartisan investigation into the reported $214 million loss by the Bank of Ghana under the Gold-for-Reserves program.
“We demand a bipartisan parliamentary inquiry into how Ghana lost $214 million, potentially rising to $300 million. We request a parliamentary ad-hoc committee with the power to subpoena contracts, licenses, and intermediaries, including Bawa Rock's monopoly,” the Minority stated.
The call follows concerns raised by the International Monetary Fund (IMF), which highlighted the reported losses as a potential risk to Ghana’s macroeconomic stability. According to the IMF’s 5th review of Ghana’s ongoing program, the losses were attributed to transactions involving artisanal and small-scale mining doré gold, as well as alleged fees associated with GoldBod off-takers.
As of September 2025, the IMF reported that losses from these transactions had reached $214 million (about 0.2 percent of GDP), mostly from trading losses and off-taker fees.
Source: Theghanareport.com
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