Take swift action against illegal gold trade and contamination risks for BoG reserves

Professional services firm PwC has urged the government and the Ghana Gold Board (GoldBod) to take decisive action against illegal gold trading and smuggling.

This, according to the firm, is to ensure that artisanal gold acquired to bolster the Bank of Ghana’s foreign exchange and gold reserves is “clean” and free from contamination linked to illegal or irresponsible mining practices.

In its analysis of the 2025 Mid-Year Budget Review, PwC’s call backs its earlier recommendations made in its March 2025 Budget Digest on the 2025 Budget Statement and Economic Policy, which highlighted the need for robust traceability mechanisms.

Such measures are crucial to maintain the credibility of the GoldBod and prevent any compromise of its integrity, PwC noted.

GoldBod has made significant strides after its operationalization, reporting a 100% increase in the volume of artisanal gold exports and a 180% rise in export value as at June 2025, compared to the numbers recorded in the first half of 2024.

This growth has played a key role in enhancing the central bank’s reserves, in effect, strengthening the overall economic footing.

Finance Minister Dr. Cassiel Ato Forson, previously disclosed that the GoldBod initiative has significantly boosted small-scale gold exports, channeling much-needed foreign exchange into national reserves.

“The Goldbod has boosted small-scale gold exports by 100% (tonnage) and 180% (value), funneling forex to reserves.” He said on July 24, during the Mid-Year Budget Review in Parliament.

The accumulation of gold reserves at the Central Bank has been key in restoring some strength to the economy, as evidenced by the Cedi’s stability against major foreign currencies, despite external challenges such as trade tariff shocks and geopolitical conflicts.

Earlier this month, the Bank of Ghana (BoG) reported an 8.05% increase in its gold reserves, reaching 32.99 tonnes as of June 2025, up from the 32.16 tonnes in May, and marking a 45% increase from the 23.38 tonnes in recorded in June 2024.