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In a decisive move to motivate licensed miners and clamp down on gold smuggling, the Ghana Gold Board (GoldBod) has announced a special temporary bonus of GHC832 per pound of gold, effective Wednesday, 27 August 2025.
The bonus, which applies exclusively to licensed miners across the country, raises the approved selling price of gold from GHC8,868 per pound to GHC9,700 per pound.
GoldBod says the initiative is a direct response to mounting complaints from miners about declining local prices, a situation attributed to the recent sharp appreciation of the cedi against the dollar. With the cedi strengthening, local gold prices have faced downward pressure, reducing the incomes of miners despite Ghana’s rising gold output and contribution to foreign exchange earnings.
In a press statement signed by Media Relations Officer Prince Kwame Minkah, GoldBod stated:
“This novelty is in response to legitimate complaints from licensed miners about the significant reduction in the local price of gold in the last few months due to the continuous appreciation of the Ghana cedi. The special bonus will ensure that licensed miners, who have contributed immensely to the country’s increased gold output and foreign exchange earnings, do not indirectly suffer.”
GoldBod emphasised that the measure is also designed to make local sales more attractive and to discourage miners from smuggling gold onto the black market, where they often seek better returns.
Industry watchers say the move could stabilise confidence among small- and medium-scale miners, many of whom have struggled to cope with fluctuating local prices. However, questions remain about how long the temporary bonus can be sustained, given the fiscal strain it may impose if global gold prices dip further or if the cedi continues to appreciate.
GoldBod insists it has adequately resourced and directed its licensed traders nationwide to ensure prompt payment of the special bonus to all qualified miners who sell directly to the Board.
The policy, signed off by GoldBod CEO Samuel Gyamfi, underscores government’s strategy of balancing macroeconomic gains from a strong cedi with the livelihood concerns of those in the mining sector.
Whether this “special bonus” becomes a lasting policy tool or a short-term relief package will largely depend on its ability to curb smuggling, retain miners in the formal market, and sustain Ghana’s gold revenue in the face of volatile global and local market dynamics.
Read the attached press statement below:
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