Sierra Leone is exploring the adoption of Ghana’s successful gold aggregation framework, seeking to replicate the West African neighbour’s rapid growth in artisanal mining exports.
Finance Minister Sheku Fantamadi Bangura held high-level discussions in Accra on September 18 with Ghana Gold Board (GOLDBOD) Chief Executive Sammy Gyamfi, focusing on how Ghana’s model could help Sierra Leone curb smuggling, enhance transparency, and boost mineral revenues.
Bangura described Ghana’s approach as “an innovative step to formalise and strengthen its gold sector,” stressing that similar reforms could significantly increase Sierra Leone’s mining revenues through improved licensing, assaying, and traceability systems.
GOLDBOD has reported remarkable early success, purchasing and exporting GH¢40 billion (approximately $4 billion) in gold from the country’s Artisanal Small-Scale Mining (ASM) sector between February and May 2025. Ghana projects annual revenue potential of $12 billion from small-scale mining operations under the new system.
The Board operates under the GOLDBOD Act, 2025 (Act 1140), which centralises gold purchasing and export, using digital licensing to combat illicit trade and ensure proper accounting. All previous trading licenses were annulled from May 1, 2025, with unlicensed gold dealing now a punishable offence.
“Formalising the gold trade through licensing, assaying and responsible sourcing not only bolsters government oversight but also builds investor confidence,” Gyamfi said, highlighting how structured operations have replaced what was once largely informal “lottery mining.”
Ghana plans to launch a National Traceability System and Environmental Compliance program while supporting geological research and local refining partnerships, beginning in October 2025. The initiative also encourages domestic financial institutions to back data-driven mining operations.
For Sierra Leone, adopting this model could help address longstanding challenges, including rampant smuggling, weak regulatory frameworks, and limited government capture of mineral wealth. However, success will depend on investment in assaying infrastructure, regulatory capacity, and reforming entrenched informal trading networks.
The consultation underscores growing regional interest in Ghana’s innovative approach, showing how structured aggregation can convert artisanal mining into a reliable source of revenue, strengthen oversight, and drive economic development across West Africa.
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