Ghana is introducing blockchain-based gold tracking to combat illegal exports

Ghana is implementing a blockchain-based gold tracking system to restructure the gold sector and illegal combat exports, says Sammy Gyamfi, acting managing director of Precious Minerals Marketing Company (PMMC). The initiative relating to the Gold Board Bill based on Congressional review aims to register all licensed miners in databases across the country, assign unique digital codes to production batches, and record transactions on the blockchain. The proposed gold board will oversee the purchase of gold from small miners, regulate pricing and tackle smuggling. The move could help Ghana recover $2 billion in annual losses in illegal trade, whilst ensuring revenues, stabilize Cedi and fair prices for miners. A smuggling prevention task force is also planned to implement compliance. The pilot project has shown promising results and, if approved, the system marks one of the first large-scale uses of blockchain in the Ghanaian mineral sector.