Prez. Mahama Affirms Goldbod’s Control over Ghana’s Gold Exports
By Praisebell Rosemond Larbi
President John Dramani Mahama has affirmed that the establishment of the Ghana Gold Board (Goldbod) has strengthened the country’s control over gold exports, significantly improving foreign exchange repatriation from the small-scale mining sector.
According to the President, Ghana exported about 104 tonnes of gold from the small-scale mining sector in 2025, following the creation of Goldbod, with 100 per cent of the foreign exchange proceeds repatriated through the Bank of Ghana.
President Mahama made the disclosure while delivering the keynote address at the opening of the 2026 Africa Trade Summit in Accra, organised by the African Trade Chamber.
The summit brought together African business leaders, policymakers and development partners to deliberate on trade integration, industrial financing and value addition, particularly within the framework of the African Continental Free Trade Area (AfCFTA).
Goldbod and Resource Sovereignty
In his address, President Mahama said Ghana’s approach reflects a broader resetting agenda for economic transformation, anchored on value addition and greater sovereignty over natural resources.
“As part of our resetting agenda for economic transformation, we’re looking to add value to our exports such as cocoa, cashew, oil palm, cassava, gold, manganese, bauxite, oil and others,” he stated.
On the issue of resource governance, the President argued that Africa must move beyond historical extractive models that leave the continent poor despite its resource wealth.
“On the issue of resource sovereignty, we must break the colonial model of large, foreign-owned concessions extracting value for the benefit of foreign interests while Africa remains in poverty. We must be boldly selfish and claim a fairer share of our natural resource endowment,” he said.
Using Ghana’s gold sector as a case study, President Mahama said the creation of Goldbod has corrected long-standing inefficiencies in export controls and foreign exchange inflows.
“In Ghana, we’re exercising greater sovereignty over our natural resources, and the establishment of the Ghana Goldbod has given us greater control over our gold exports,” he explained.
Sharp Improvement in FX Repatriation
President Mahama revealed that in 2024, gold exports from the small-scale mining sector amounted to 63 tonnes, but only about 40 tonnes’ worth of foreign exchange was repatriated, leaving 23 tonnes unaccounted for in the official financial system.
However, since the establishment of Goldbod in April 2025, gold exports from the small-scale sector have increased to 104 tonnes, with full repatriation of export proceeds through the Bank of Ghana.
“This is a clear demonstration of how better governance and institutional reform can translate into tangible economic gains,” the President noted.
Call for Investment and Industrial Financing
The Minister for Trade, Industry and Agribusiness, Elizabeth Ofosu-Adjare, urged investors to view Africa’s industrialisation drive as a global market opportunity, rather than a development challenge.
She emphasised the need for stronger industrial value chains and financing mechanisms to support manufacturing and export diversification across the continent.
Meanwhile, the Executive Chair of the African Trade Chamber, Benedicta Lasi, said while policy intentions are improving, Africa must move faster from dialogue to implementation.
She stressed that structural bottlenecks, access to finance and infrastructure gaps still require urgent and coordinated action.
Summit Focus
The two-day Africa Trade Summit is being held under the theme:
“Financing Africa’s Industrialisation: Developing Industrial Value Chains, Benefits and Market Integration.”
Discussions are expected to produce actionable strategies to deepen intra-African trade, attract long-term industrial financing and position African economies to maximise the benefits of the AfCFTA.
