The Ghana National Association of Small Scale Miners (GNASSM) has appealed to politicians across the political spectrum to refrain from interfering in the country’s artisanal and small-scale mining (ASM) gold trade, cautioning that politicisation of the sector could undermine recent progress in local ownership, investment, and regulation.
In a statement dated January 1, 2026, the association said the ASM gold market is now predominantly controlled by Ghanaians, a shift it described as critical to building domestic capital and promoting sustainable economic development in mining communities.
GNASSM noted that increased local participation in the ASM gold trade has improved transparency and confidence among miners and licensed buyers, while creating opportunities for small-scale operators to expand into more formal and larger enterprises over time.
According to the association, the current regulatory framework has helped stabilise the sector, improved compliance, and strengthened livelihoods in mining areas, after years of challenges linked to illegal mining and foreign dominance.
“Today, the artisanal and small-scale gold market is largely in Ghanaian hands, supporting domestic capital formation and long-term national growth,” the statement said.
Warning Against Political Disruption
The miners’ group warned that any political actions that alter or disrupt the existing regime could reverse these gains and weaken an orderly market that has taken years to rebuild.
GNASSM therefore called on political actors to exercise restraint, particularly ahead of policy debates and reforms, and allow miners and legitimate gold traders to operate within the current legal and regulatory framework.
“Stability is essential for sustaining compliance, investment, and responsible mining practices,” the association stressed.
Parliamentary Scrutiny of Gold-for-Reserves
The appeal comes amid heightened political and institutional scrutiny of Ghana’s Gold-for-Reserves (G4R) programme. The Minority in Parliament has called for a bipartisan parliamentary investigation into reported financial losses linked to the initiative, which was introduced by the Bank of Ghana (BoG) to boost foreign exchange reserves and stabilise the cedi.
The Minority is demanding the establishment of an ad hoc parliamentary committee with powers to subpoena contracts, licences, and intermediaries involved in the programme, including entities referred to as dominant off-takers.
IMF Raises Red Flags
Concerns over the programme were amplified after the International Monetary Fund (IMF) flagged the losses as a potential risk to Ghana’s macroeconomic stability. In its fifth review of Ghana’s IMF-supported programme, the Fund disclosed that losses from the artisanal and small-scale doré gold transactions under the G4R initiative had reached $214 million by the end of September 2025, equivalent to about 0.2% of GDP.
The IMF attributed the losses largely to trading losses, as well as fees paid to GoldBod off-takers involved in purchasing ASM gold for the programme.
“In 2025 through end-Q3, losses from the artisanal and small-scale doré gold transactions component of G4R have reached US$214 million,” the IMF report stated.
Call for Balance
While acknowledging the need for accountability and oversight, GNASSM maintained that reforms should be carefully managed to avoid destabilising the ASM gold trade. The association urged policymakers to balance transparency and investigation with the need to preserve the gains made by local miners and traders in a sector that supports thousands of livelihoods across Ghana.
Source: Africa Publicity
