Speaking on Joy News' PM Express Business Edition with George Wiafe, he was cautious about putting a precise figure to the scale of the problem.
“2%, I think, is low. I think we’ve reduced smuggling considerably. I won’t give any figures, but I think it’s come down significantly. We’ve not eliminated it; you can’t eliminate crime. It’s still there,” he said.
He explained that the gains recorded so far are the result of a multi-pronged strategy that combines pricing reforms, incentives, and enforcement.
“But we are deploying multiple measures; competitive and transparent pricing coupled with market incentives and also enforcement, and the combination of these measures is what is giving us the results we are getting,” he added.
Gyamfi pointed to sharp increases in gold volumes as evidence that the system is working, especially within the artisanal and small-scale mining (ASM) sector.
“We got 104 metric tons of ASM gold in 2025; before that, in 2024, we got just about 63 tons. What is attributable to the central bank is just 45 tons. So, ASM alone is 104 metric tons, which is unprecedented,” he said.
He also highlighted the impact on foreign exchange inflows, linking it to both higher volumes and favourable global prices.
“FX, thanks to the price and also the increase in the volumes, we got over $10 billion,” he noted.
Looking ahead, Gyamfi disclosed that the Gold Board is targeting even higher output under the government’s reserve accumulation strategy.
“This year, we are projecting under the National Reserve Accumulation Program; we are hoping to even hit a target of over 120 metric tons. And so far so good. So basically, that is a plan,” he said.
Source: Myjoyonline.com