GHANA is seeking to transform its gold sector by securing London Bullion Market Association (LBMA) certification for its domestic gold refineries—a move that could place the country alongside global bullion leaders and unlock access to premium institutional markets.
President John Dramani Mahama announced the plan on June 3, revealing that the government will roll out a gold traceability system and tighten oversight of artisanal and small-scale mining (ASM) to meet the LBMA’s stringent criteria.
Ghana pushes ASM sector into formal fold
With 4.8 million ounces of gold declared in 2024, Ghana remains Africa’s top producer, but much of its artisanal output is unregulated. According to Interpol’s ENACT project, 85 percent of ASM activity in Ghana currently operates outside legal frameworks.
The government’s strategy, laid out during the Mining in Motion summit in Accra on 4 June, aims to bring transparency, accountability, and ethical sourcing to the sector. Authorities hope this will strengthen investor confidence and stem the tide of illicit exports.
New training and testing systems underway
Sammy Gyamfi, CEO of GoldBod, Ghana’s ASM regulator, announced the launch of a national training programme in September 2025. The initiative will equip ASM operators with modern, environmentally conscious techniques aligned with global standards.
Meanwhile, a new gold analysis laboratory, designed to comply with LBMA testing protocols, is expected to begin operations in 2026, providing critical infrastructure to support the certification process.
To qualify for LBMA listing, refineries must demonstrate five years of compliant operations, backed by references from three LBMA-accredited members, and adhere to rigorous transparency and responsible sourcing benchmarks.
Curbing smuggling, raising revenue
The certification effort comes amid growing concern over revenue losses linked to gold smuggling. Ghana reportedly lost $1.2bn to illicit trade in 2022 alone, according to data from UK-Ghana Gold.
Officials believe that traceability systems and LBMA-level oversight can help plug these financial leakages while improving Ghana’s standing in global commodity markets.
‘Formalising ASM is no longer optional—it’s an economic necessity,’ said Gyamfi.
Ghana aims to join elite bullion ranks
Should Ghana succeed, it would become only the second African country, after South Africa’s Rand Refinery Ltd, to obtain LBMA certification. This status would open doors to the world’s largest institutional gold markets, where compliance and credibility are paramount.
President Mahama described the reforms as central to Ghana’s long-term strategy of transitioning from a raw commodity exporter to a value-added, internationally certified gold producer.
‘We want our gold to meet the highest standards—not just in purity, but in integrity,’ Mahama told delegates at the summit.
