By Issah Olegor
President John Dramani Mahama has declared that the creation of the Ghana Gold Board, widely known as GoldBod, has positioned the country to exercise greater sovereignty and control over gold exports, particularly from the small-scale mining sector.
Speaking at the opening of the 2026 Africa Trade Summit in Accra, the President said GoldBod’s establishment has helped Ghana significantly expand exports while ensuring that foreign exchange earnings are fully repatriated through the Bank of Ghana.
The President’s remarks come against the backdrop of longstanding concerns about illicit gold trading, weak export controls, and the loss of export proceeds that fail to return into the financial system.
For years, analysts and policymakers have warned that large volumes of gold exported from the artisanal and small-scale mining sector have contributed little to the foreign reserves because a portion of the foreign exchange generated remains abroad.
Delivering the keynote address at the summit organised by the African Trade Chamber, President Mahama linked GoldBod’s role to his broader “resetting agenda” for economic transformation, which prioritises value addition to the raw material exports.
He listed key commodities such as cocoa, cashew, oil palm, cassava, gold, manganese, bauxite, and oil as central to the industrial future.
In a wider critique of Africa’s historical resource exploitation, President Mahama argued that African countries must break away from what he described as a colonial pattern where foreign-owned concessions extract wealth while local economies remain underdeveloped.
He urged African leaders to be more assertive in claiming a fairer share of the continent’s natural resource endowment.
Using Ghana as an example, Mahama said the establishment of GoldBod has given the country greater control over the export of gold.
He noted that in 2024, gold exports from the small-scale mining sector amounted to about 63 tonnes.
However, he revealed that while this volume was exported, foreign exchange repatriation accounted for only about 40 tonnes, leaving the proceeds from an estimated 23 tonnes of gold unaccounted for, as the forex did not return to Ghana.
According to the President, this situation has improved dramatically since GoldBod was set up in April 2025.
He disclosed that exports from the small-scale sector have since risen to 104 tonnes, with 100 percent of the foreign exchange repatriated through the Bank of Ghana, marking what he described as a major step forward in strengthening the reserves and ensuring accountability in the sector.
The President made these comments at the two-day Africa Trade Summit, which brought together business leaders, investors, and policymakers to deliberate on trade integration, industrial financing, and the development of value chains across the continent.
The summit was expected to align discussions with opportunities under the African Continental Free Trade Area (AfCFTA), which seeks to expand intra-African trade and industrial competitiveness.
The Minister of Trade, Industry and Agribusiness, Elizabeth Ofosu-Adjare, also addressed the gathering, encouraging investors to view Africa’s industrialisation drive as a global market opportunity with strong potential for business expansion.
Meanwhile, the Executive Chairperson of the African Trade Chamber, Benedicta Lasi, told the media that despite the progress being made, more practical action is still required to address the structural challenges confronting African economies.
The summit was held under the theme: “Financing Africa’s industrialization, developing industrial value chains, benefit and market integration.”
