The Ghanaian government is implementing a blockchain-based gold tracking system as part of its efforts to restructure the gold sector and combat illegal exports, local reports indicate.
In a television interview with Accra-based Joy News, the acting Managing Director of the Precious Minerals Marketing Company (PMMC), Sammy Gyamfi, said the approach is tied to the Gold Board Bill currently before Parliament.
The bill proposes establishing a new Gold Board to oversee gold purchases from small-scale miners, regulate pricing, and curb smuggling.
According to Mr. Gyamfi, Ghana loses approximately $2 billion annually to gold smuggling – funds that could otherwise be used for public investment.
“The current system is failing the country. With this new setup, every licensed miner will be registered in a national database, and every production batch will have a unique digital code.
As the gold moves through the chain from miner to buyer to exporter, each transaction will be recorded instantly on a blockchain platform,” Mr Gyamfi said.
He noted that pilot projects in selected mining communities are already underway, with promising results.
If passed, the bill will grant the Gold Board exclusive authority to purchase gold from licensed small-scale miners.
Mr. Gyamfi emphasized that this initiative aims to streamline the sector, which has long struggled with fragmented oversight and overlapping regulatory roles.
The board is also expected to introduce a transparent and fair pricing system that benefits miners while protecting state interests.
“This is not another bureaucracy. The Gold Board is expected to generate more revenue, reduce smuggling, and help stabilize the cedi,” Gyamfi added.
Ghana, which in 2024 launched a gold coin to mop excess cash in the economy, remains Africa’s top gold producer, but the government argues that:
- Poor oversight
- Illegal trade routes, and
- Under-reporting
continue to drain potential revenue.
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Additionally, the Gold Board will establish an anti-smuggling task force with the authority to inspect gold shipments, conduct un-announced raids, seize unlicensed consignments, and prosecute offenders.
Mr. Gyamfi emphasized that this initiative is part of a broader effort to clean up the gold sector and ensure full accountability for every ounce of gold leaving the country.
If approved by Parliament, the tracking system will represent one of the first nationwide applications of blockchain technology in Ghana’s mineral sector.
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