Ghana is intensifying its efforts to transform its artisanal and small-scale gold mining (ASGM) sector into a globally recognized, sustainable, and regulated industry, aiming to boost foreign exchange, enhance community development, and elevate its standing in the international gold market.

At the recently held Mining in Motion 2025 conference, panelists from the session "Integrating ASGM into Global Supply Chains," sponsored by Emirates Gold, shared updates on Ghana’s ongoing efforts to formalize its artisanal and small-scale gold mining (ASGM) sector. Though ASGM contributes over 35% of Ghana’s total gold output, much of the activity remains informal, with limited regulation and access to global markets.

Ghana has launched major policy and institutional reforms, including the creation of the Ghana Gold Board, an oversight body established to regulate, manage, and optimize all gold and precious mineral-related activities across the country.

“We’ve sat down and looked at how we can leverage gold resources in the country. If we can convert a domestic asset but go through the processes to convert it to a foreign asset, then we can begin to build upon our gold reserves,” said Dr. Steve Opata, Head of Risk and Foreign Reserves Management at the Bank of Ghana.

The Board is also expected to improve gold traceability, support value addition, and position Ghana as a reliable source of responsibly mined gold on the global market.

Neil Harby, Chief Technical Officer at the London Bullion Market Association (LBMA), acknowledged Ghana’s progress, noting that “recently introduced guidelines have improved Ghana’s capacity to produce small-scale gold, but the risk-reward ratio still lacks.”

International institutions like the Organization for Economic Cooperation and Development (OECD) are playing a key role in supporting Ghana’s efforts to align with global standards. The OECD’s Due Diligence Guidance and ASM Hub are helping address illicit financial flows and environmental risks, while encouraging transparent and responsible sourcing.

“You need the management systems to help you understand the circumstances of production around those mine sites,” said Louis Maréchal, Sector Lead for Minerals and Extractives at the OECD. “We want to allow commercial relationships between small-scale and artisanal miners and international producers.”

The United Arab Emirates, through entities like Emirates Bullion Market and the Dubai Multi Commodities Center in has also emerged as a major partner in Ghana’s gold ecosystem. In 2024 alone, the UAE and Switzerland accounted for 36.5% of Ghana’s total gold exports.

We want to know how their operations support the communities they come from,” said Sudheesh Nambiath, Manager at Emirates Bullion Market. “We only promote sustainable mining while safeguarding investor interest.”

Private players like Rand Refinery are further supporting upstream development by providing refining and metal recovery services. The company, which holds exclusive rights to process Goldplat’s Ghana output, is actively working with both large-scale and small-scale producers.

“We intend to unlock productivity at a commercial scale,” said Jason McPherson, Head of Sourcing and Business Development at Rand Refinery.

As highlighted in a report by Energy Capital & Power, Ghana’s formalization of the ASGM sector, backed by the Ghana Gold Board, updated mining codes, and international partnerships, signals a major shift. The country is no longer content with being a top gold producer; it is positioning itself as a global leader in sustainable, inclusive mining.