Mahama Defends GoldBod as He Reveals What Ghana Stands to Gain from Gold Export Reforms

According to a report by Modern Ghana on Sunday November 1, 2026, President John Dramani Mahama has defended the government’s stricter regulations on gold exports, arguing that the reforms are helping Ghana retain more foreign exchange and strengthen the stability of the cedi.

Addressing members of the Ghanaian community in Moscow, Russia, the President explained that the Ghana Gold Board (GOLDBOD) Act was introduced to improve oversight of the gold trading sector and ensure the country benefits more significantly from its mineral wealth.

He noted that before the reforms, gold could be purchased and exported by various individuals and entities without adequate mechanisms to ensure that the foreign exchange generated from the transactions returned to Ghana.

President Mahama said the new framework was designed to address these weaknesses by strengthening controls over gold purchases and exports while improving the management of foreign exchange earnings.

He also highlighted the government’s efforts to formalise artisanal and small-scale mining, explaining that the initiative would help ensure that gold production is properly monitored, recorded and accounted for.

According to the President, the improvement in revenue generated from gold exports demonstrates the potential of the reforms to contribute to economic growth and strengthen the country’s foreign exchange reserves.

Beyond the gold sector, Mahama disclosed that the government intends to introduce similar restrictions on the export of unprocessed minerals, including bauxite, manganese, iron ore and lithium.

The government is targeting 2030 for the full implementation of the proposed restrictions.

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