The Bank of Ghana (BoG) has dismissed reports suggesting losses from its gold operations in 2025, describing such figures as speculative and stressing that the central bank is currently undergoing its annual external audit.
In a statement issued on December 25, 2025, the BoG said any claims relating to losses under the Domestic Gold Purchase Programme (DGPP) remain unverified until the completion and publication of its audited financial statements, which are expected in 2026 in line with statutory requirements.
The clarification follows concerns raised by the International Monetary Fund (IMF) in its Fifth Review of Ghana’s IMF programme, which reported US$214 million in losses under the Gold-for-Reserves (G4R) programme as at the third quarter of 2025.
The International Monetary Fund (IMF) has raised concerns about mounting losses under Ghana’s Gold-for-Reserves (G4R) programme, reporting US$214 million in losses linked to gold transactions involving the Ghana Gold Board (GoldBod) as of the end of the third quarter of 2025.
In its Fifth Review of Ghana’s IMF programme, the Fund noted that while the Domestic Gold Purchase Programme (DGPP) has helped the Bank of Ghana (BoG) build reserves and meet its 2028 reserve coverage target ahead of schedule, the expanding scale of gold purchases has also exposed the central bank to significant financial risks.
The IMF said the losses mainly stem from trading losses on artisanal and small-scale miners’ doré gold, as well as fees charged by GoldBod off-takers. These include service and assay fees applied to gold bought by the BoG.
Emmanuel Armah-Kofi Buah
The government has resubmitted the lithium mining agreement with Barari DV Ghana Limited to Parliament for consideration, following its earlier withdrawal to allow for extensive stakeholder consultations and a reset of Ghana’s lithium strategy.
The agreement, which covers lithium exploration at Ewoyaa in the Central Region, was recalled after widespread public concern over its fiscal, environmental and governance terms. Barari DV Ghana Limited is a local subsidiary of Atlantic Lithium.
As part of the review process, the Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, held high-level engagements with civil society organisations (CSOs) on Monday, December 13, 2025, to subject the agreement to intense scrutiny and incorporate broader public input.
Ghana’s gold reserves reached 38.04 tonnes as of October 31, 2025, according to new data published by the Bank of Ghana (BoG).
The latest figures reflect a steady upward trend in the central bank’s gold holdings, which have nearly doubled over the past two years under the government’s domestic gold purchasing programme.
The data shows consistent monthly growth, from 8.78 tonnes in May 2023 to over 38 tonnes by October 2025, underscoring the success of the Bank of Ghana’s efforts to build a strong gold buffer as part of its reserves management strategy.
AngloGold Ashanti Iduapriem Mine was on Friday, 5 December in Accra adjudged the Mining Company of the Year at the 11th Ghana Mining Industry Awards (GMIA), cementing its position as a leader in Ghana’s mining sector.
The award recognises the company that demonstrates outstanding performance in sustainable environmental management, occupational health and safety, corporate social investment, innovation, and fiscal contribution to the state.
Citation for the award highlighted Iduapriem Mine’s exceptional impact across multiple fronts, noting that the company strengthened Ghana’s economic fabric through strong local procurement, local participation, job creation, and skills development.
Dr Catherine Kuupol Kuutor
Dr. Catherine Kuupol Kuutor of Gold Fields Ghana Ltd has been crowned Mining Personality of the Year at the 11th Ghana Mining Industry Awards (GMIA), becoming the first woman to receive the industry’s top individual honour.
The ceremony, organised by the Ghana Chamber of Mines and held in Accra on Friday, celebrated excellence under the theme “Celebrating Excellence in Mining: Creating Value Beyond Minerals.”
The awards highlighted achievements in safety, innovation, technology, gender inclusion, community development and responsible mining.Dr. Kuupol Kuutor, Manager of the Tarkwa Mine, has been widely recognised for breaking barriers and demonstrating transformative leadership in Ghana’s mining sector.
Newmont sells Ghana’s Akyem Mine, concludes non-core asset divestitures
Newmont Corporation on Wednesday 16 April, officially completed the sale of its Akyem Mine in Ghana, marking the successful closure of its extensive global divestiture program announced in February 2024. The Akyem operation was sold alongside Newmont’s Porcupine mine in Canada, with both transactions bringing in a combined after-tax cash total of approximately $850 million, pending final closing adjustments.
The Akyem Mine, a significant gold-producing asset located in Ghana’s Eastern Region, was one of six non-core operations identified for divestment by the world’s leading gold producer as part of a strategic realignment of its global portfolio. Newmont’s President and CEO, Tom Palmer, emphasized the importance of this milestone for the company’s future direction.
Ghana has reinforced its position as Africa’s leading gold producer and one of the world’s top six mining destinations with the official opening of Newmont’s US$1 billion Ahafo North Mine — a landmark project that symbolizes the country’s commitment to responsible mining, shared prosperity, and industrial transformation.
Commissioned on Thursday, October 30, 2025, at Afrisipakrom in the Ahafo Region, the inauguration ceremony drew national attention as Vice President Prof. Naana Jane Opoku-Agyemang, the Asantehene, Otumfuo Osei Tutu II, and Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, led the celebrations marking a new phase in Ghana’s gold story.
Chief of Staff Julius Debrah has addressed the nation following the tragic crash of a Ghana Armed Forces helicopter on Wednesday, August 6, confirming the loss of military and political figures in the line of duty.
In a solemn national address, Mr. Debrah extended condolences on behalf of the President and the government to the bereaved families of the fallen officials and service members.
“The President and government extend our condolences and sympathies to the families of our comrades and the servicemen who died in service to the country,” he said.
CEO of Minerals Commission Martin Ayisi
The Minerals Commission has announced a leadership reshuffle, with Martin Kwaku Ayisi reassigned to the Ministry of Lands and Natural Resources as Technical Advisor, effective September 16, 2025.
The announcement was made by Deputy Minister for Lands and Natural Resources, Yusif Sulemana (MP), during a joint management and staff meeting at the Commission on Tuesday, September 2, on behalf of the sector Minister, Hon. Emmanuel Armah-Kofi Buah (MP).
Ayisi, who has served as Chief Executive Officer (CEO) of the Commission, will now bring his extensive expertise in mining regulation, governance, and institutional reforms to bear in his new advisory role.
The Minerals Commission has a new Acting Chief Executive Officer, following the appointment of Isaac Tandoh, the current Deputy CEO in charge of Small-Scale and Industrial Minerals. His appointment takes effect on September 16, 2025.
The announcement was made by the Deputy Minister for Lands and Natural Resources, Yusif Sulemana , during a joint management and staff meeting at the Commission on Tuesday, September 2, on behalf of the sector Minister, Hon. Emmanuel Armah-Kofi Buah .
Tandoh, who brings over 23 years of high-level leadership experience in Ghana’s mining industry, has worked in several of the country’s largest and most complex mining operations, rising through the ranks to become a Mine Manager before joining the Commission.
Emmanuel Armah-Kofi Buah
The Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, has revealed that the government is taking steps to limit the issuance of prospecting licenses as part of efforts to strengthen regulation and enhance environmental protection within Ghana’s mining sector.
Speaking during his first official engagement with staff of the Minerals Commission in Accra on Monday(7 April), the Minister explained that the government’s decision is aimed at curbing abuses associated with prospecting licenses, which have often been used as a cover for illegal mining activities, especially in forest reserves and other sensitive ecological zones.
“Too many prospecting licenses are being issued. We must take a critical look at this trend,” Armah-Kofi Buah said. “Government is seriously considering limiting the issuance of these licenses in order to protect our natural resources and prevent their misuse.”
The Government of Ghana and GoldFields Ghana Limited have reached a significant milestone with an agreement on transitional arrangements for the Damang Mine, ensuring continued operations and safeguarding local jobs.
As part of the new arrangement, the government will issue a 12-month mining lease to GoldFields’ subsidiary, Abosso Goldfields Limited, subject to parliamentary ratification in May 2025. This move allows GoldFields to resume open-pit mining at the Damang site during the transition period while conducting feasibility studies to reassess the mine’s reserves and projected lifespan.
According to a statement released by the Presidency Communications Directorate, both parties are committed to working in good faith to ensure a smooth transition and eventual transfer of the mine to a viable Ghanaian operator.
Michael Edem Akafia, President of the Ghana Chamber of Mines
Ghana’s mining sector witnessed a historic milestone in 2024, with gold production reaching a record 4.8 million ounces, a 19.3% year-on-year increase from 4.0 million ounces in 2023. This landmark achievement was announced by Michael Edem Akafia, Esq., President of the Ghana Chamber of Mines, during his address at the Chamber’s 97th Annual General Meeting in Accra.
Delivering his first AGM address as Chamber President, Mr. Akafia attributed the surge primarily to the exceptional performance of the small-scale gold mining sector, which increased its attributable output by 70.1%, from 1.1 million ounces in 2023 to 1.9 million ounces in 2024. This growth propelled the sector’s share of national gold production from 27.7% to 39.4%, significantly narrowing the gap with large-scale producers, whose contribution dropped from 72.3% to 60.6%.
“This is the second-highest output level ever recorded by the small-scale sector since its formalisation,” Mr. Akafia said. “The sector’s impressive growth not only boosted national output but also affirmed the impact of recent supportive policy measures and favourable gold price dynamics.”
The Deputy National Director of A Rocha Ghana, Daryl Bosu, has welcomed the government’s decision to revoke laws that permit mining in forest reserves, describing it as a “positive and necessary step” towards restoring ecological integrity and protecting Ghana’s natural heritage.A Rocha Ghana leads dialogue on balancing transition minerals and nature conservation
The Government of Ghana this week laid before Parliament the Environmental Protection (Mining in Forest Reserves) Revocation Instrument, 2025, which seeks to repeal L.I. 2462 and L.I. 2501—two controversial regulations that had allowed mining activities within forest reserves.
According toBosu, the revocation is a long-awaited victory for environmental advocates who have persistently campaigned against policies that opened forest ecosystems to large-scale mining.
The Precious Minerals Marketing Company (PMMC) has undergone a significant transformation following the passage of the GoldBod Bill in Parliament.
In a dramatic late-night session, Ghana’s Parliament passed the Ghana Gold Board(GoldBod) Bill, 2025, at 3:10 a.m., despite a strong protest from the Minority, who staged a walkout in opposition to the bill’s passage.
This move marks a pivotal shift in Ghana’s gold sector, as PMMC transitions into GoldBod with an expanded mandate and enhanced regulatory powers.
The Acting Managing Director of PMMC had earlier highlighted the historical evolution of the company, tracing its roots from the Ghana Diamond Marketing Board in 1965 under Legislative Instrument (LI) 401, through its transition to the Diamond Marketing Corporation in 1972 under NRC Decree 32, and later into the Precious Minerals Marketing Corporation (PMMC) in 1989.
Chairman Wontumi
The Economic and Organised Crime Office (EOCO) has picked up the owner of Akonta Mining Company Ltd , Bernard Antwi Boasiako, popularly known as Chairman Wontumi, following a visit to the Criminal Investigations Department (CID) headquarters on Tuesday, May 27.
Sources close to the development confirm that Chairman Wontumi, who appeared before the CID earlier in the day to assist with ongoing investigations, was later picked up by officials of EOCO for further questioning.
The precise nature of the investigations remains undisclosed, however his legal team is yet to speak on the development.
Ing. Dr. Kenneth Ashigbey, Chief Executive Officer; Ahmed Dasana Nantogmah, Chief Operating Officer
The Ghana Chamber of Mines has announced a major leadership shake-up with the appointment of Ing. Dr. Kenneth Ashigbey as its new Chief Executive Officer (CEO), effective June 1, 2025.
Joining him in a newly established role is Ahmed Dasana Nantogmah, who has been appointed as Chief Operating Officer (COO).
These key appointments signal a bold new phase in the Chamber’s mission to champion innovation, sustainability, and inclusive growth in Ghana’s mining industry.
Emmanuel Armah-Kofi Buah
President John Mahama has appointed the Member of Parliament ( MP) for Ellembelle, Emmanuel Armah-Kofi Buah as the Minister of Lands and Natural Resources.
This is contained in a statement issued and signed by the Spokesperson of the President Felix Ofosu Kwakye on Tuesday(21 January)
The statement also named Ibrahim Murtala Muhammed as Minister of Environment, Science and Technology with Issifu Seidu as Minister of State, Climate Change and sustainability.
