The Ghanaian government is rolling out a blockchain-based gold tracking system to combat illegal gold exports and bring transparency to the sector.
This announcement was made by Sammy Gyamfi, acting Managing Director of the Precious Minerals Marketing Company (PMMC).
Why it matters
Ghana loses an estimated $2 billion annually to gold smuggling—money that could boost public investment.
The blockchain system aims to track every transaction in the gold supply chain, ensuring accountability.
The big picture
- The tracking system aligns with the Gold Board Bill currently before Parliament, which proposes creating a Gold Board to regulate pricing, buy gold from small-scale miners, and curb smuggling.
- If passed, the Gold Board will be the sole buyer of gold from licensed small-scale miners, reducing loopholes in the current system.
- A national database will register all licensed miners, and each gold batch will have a unique digital code recorded on a blockchain ledger.
Zoom in
- Pilot projects in mining communities have shown promising results.
- The board will introduce a transparent pricing system to protect miners and state revenues.
- An anti-smuggling task force will be established to inspect, seize, and prosecute unlicensed gold shipments.
What’s next
If Parliament approves the bill, this will be one of Ghana’s first large-scale blockchain applications in the mineral sector. Gyamfi insists this is not just “another bureaucracy” but a move to stabilize the cedi and increase state revenue.
Source: Daily Graphic
