Ghana is introducing a blockchain-based gold tracking system to restructure its gold sector and combat illegal exports, says Sammy Gyamfi, acting Managing Director of the Precious Minerals Marketing Company (PMMC). The initiative, tied to the Gold Board Bill under parliamentary review, aims to register all licensed miners in a national database, assign unique digital codes to production batches, and record transactions on a blockchain. The proposed Gold Board would oversee gold purchases from small-scale miners, regulate pricing, and tackle smuggling. This move could help Ghana recover an estimated $2 billion lost annually to illegal trade while boosting revenue, stabilizing the cedi, and ensuring fair pricing for miners. An anti-smuggling task force is also planned to enforce compliance. Pilot projects have shown encouraging results, and if approved, this system would mark one of Ghana’s first large-scale uses of blockchain in its mineral sector.
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