The Foreign Affairs Minister of the Kyrgyz Republic, Jeenbek Kulubayev, has expressed interest in Ghana's experience in formalising gold trading. This followed a courtesy call on the Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi. The engagement focused on opportunities within the gold mining and trading sector, particularly formalisation, technical expertise, and investment.
Mr Gyamfi briefed the delegation on the establishment of GoldBod in 2025 and its mandate to formalise Ghana's domestic gold trade. The Board aims to strengthen controls against smuggling and leakages, and increase the value retained from the country's gold resources. Since its inception, GoldBod has helped increase the volume of gold captured from the artisanal and small-scale mining (ASM) sector to 104 metric tonnes, from about 60 tonnes previously.
The ASM sector generated about US$10.8 billion in foreign exchange for the Ghanaian economy in 2025. Mr Gyamfi also highlighted GoldBod's efforts to deepen domestic value addition through refining. The Board is working with local refineries to process gold in Ghana before export. This approach ensures that by-products such as silver, as well as other economic opportunities associated with gold processing, are retained within the domestic economy.
The Kyrgyz Foreign Affairs Minister expressed his country's interest in stronger economic relations with Ghana, particularly in the critical minerals sector. He noted that Kyrgyzstan's gold sector had remained largely informal for about 25 years, with companies operating without the necessary licences. This situation negatively affected the country's economy and limited the sector's contribution to national development.
Mr Kulubayev said the situation changed after the new government assumed office in 2022 and made the formalisation of the gold sector a priority. The reforms have since yielded significant improvements, particularly in the development of infrastructure such as roads and a sports stadium. Despite the progress made, Mr Kulubayev said Kyrgyzstan was still seeking major investors to further develop its gold industry.
The Minister added that the country remained open to partnerships with Ghanaian businesses and companies with expertise in gold extraction and other related activities. He also pointed to opportunities for greater engagement between businesses from the two countries, including possible future visits involving entrepreneurs and investors.
Ghana's Foreign Affairs Minister, Samuel Okudzeto Ablakwa, called for a formal framework agreement to be signed between the two countries. This would establish a structured technical exchange framework and deepen bilateral institutional cooperation. The discussions form part of growing interest among gold-producing countries in Ghana's approach to regulating the domestic gold trade.
Key points
- Kyrgyzstan seeks to replicate Ghana's GoldBod model to formalise its gold sector.
- Ghana's GoldBod has helped increase the volume of gold captured from the ASM sector to 104 metric tonnes.
- The two countries are exploring opportunities for greater economic engagement, particularly in the critical minerals sector.
