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The Ghana National Association of Small Scale Miners (GNASSM) has cautioned politicians across the divide to stay out of the artisanal and small-scale mining (ASM) gold trade, warning that political interference could derail recent gains in Ghanaian ownership and domestic capital formation.
In a statement issued on January 01, 2026, GNASSM said the ASM gold market is now largely controlled by Ghanaians, a development it says is laying the foundation for sustainable economic growth and improved livelihoods in mining communities.
The Association noted that increased Ghanaian control of the sector is expected, in the medium term, to support the expansion of small-scale mining operations into larger enterprises, strengthen the national economy, and improve social conditions.
GNASSM warned that political actions that disrupt the current regulatory environment could undermine an orderly and transparent framework that has restored confidence among miners and legitimate gold traders.
“Today, the ASM gold market and the small-scale mining space are largely controlled by Ghanaians, facilitating the build-up of domestic capital,” the Association stated.
It therefore urged politicians on all sides to exercise restraint and allow miners and licensed traders to operate within the existing regime, stressing that stability is critical to sustaining compliance, investment and responsible mining practices.
“GNASSM therefore respectfully cautions politicians on all sides: allow miners and legitimate gold traders to conduct their business within the current existing orderly and transparent framework,” the statement added.
Meanwhile, the Minority in Parliament has called for a bipartisan investigation into the reported $214 million loss by the Bank of Ghana under the Gold-for-Reserves programme.
“We are demanding the following: a bipartisan parliamentary inquiry into the circumstances under which the republic of Ghana has lost $214 million heading to $300million to be done here by the parliament of Ghana. We are asking for a parliamentary adhoc investigative committee with power to subpoena all contracts, licences, intermediaries including this Bawa rock monopoly.
The call by the Minority comes after the International Monetary Fund (IMF) raised concerns over the reported losses, describing them as a potential risk to Ghana’s macroeconomic stability. The IMF attributed the losses to transactions involving artisanal and small-scale mining dore gold and referenced alleged “GoldBod off-taker fees.”
In its 5th review of Ghana’s ongoing IMF programme, the Fund disclosed that losses from the artisanal and small scale doré gold transactions under the programme had reached $214 million by the end of September 2025.
“In 2025 through end Q3, losses from the artisanal and small scale doré gold transactions component of G4R have reached US$214 million (0.2 percent of GDP), mostly on trading losses but also on GoldBod off takers’ fees.”
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