Ghana has called on the international community to adopt a coordinated global certification system for gold as part of efforts to curb illegal trade and prevent smuggled metal from entering formal markets. The proposal was outlined by the Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, during the 2025 Dubai Precious Metals Conference.
Gyamfi argued that the lack of a unified global standard—unlike the UN-backed Kimberley Process used to regulate diamonds—has made it easier for illicit gold to cross borders undetected. He warned that this gap in regulation has fueled money laundering, terrorism financing, and other forms of organised crime, posing risks to both producing and importing countries.
He said a multilateral gold certification regime would promote greater transparency, make it harder for criminal networks to profit from illegal mining, and help restore confidence in the international gold market. “A global verification system, much like the Kimberley Process, would significantly reduce the chances of smuggled gold entering legitimate supply chains,” Gyamfi told delegates.
Ghana is seeking collaboration with key global institutions, including the United Arab Emirates, the Dubai Multi Commodities Centre (DMCC), the World Gold Council, and the London Bullion Market Association (LBMA). Gyamfi said these partnerships would strengthen global Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) measures.
The appeal comes amid ongoing concerns over discrepancies between Ghana’s official gold export figures and import data recorded by partner countries—differences that experts say point to widespread smuggling. Gyamfi cautioned that the illegal trade has weakened governance structures and strengthened criminal operations across several gold-producing states.
He also outlined Ghana’s ongoing reforms aimed at tightening oversight of its artisanal and small-scale mining (ASM) industry, a sector where illegal mining is most prevalent. These reforms include stricter licensing requirements, stronger enforcement operations, and the introduction of a blockchain-based Track and Trace system by 2026 to authenticate the origin of all ASM-sourced gold.
Gyamfi stressed that without global cooperation and support for developing countries working to formalise their mining sectors, efforts to secure the gold supply chain will remain limited. He urged governments, industry leaders, and regulatory bodies to back the proposed certification system and help close loopholes exploited by smugglers.
Source:Africa Publicity
