Mahama Drops Major GoldBod Announcement as New Policy Promises to Keep More Gold Wealth in Ghana

President John Dramani Mahama has highlighted the potential of a new policy introduced by the Ghana Gold Board (GoldBod) to expand local gold testing and refining, allowing the country to retain more economic value from its mineral resources.

According to a report by GHOne TV on Monday, October 19, 2026, Mahama made the remarks while addressing the African Minerals Policy Centre’s 2026 Mining in Motion Forum. He emphasised the importance of developing Ghana’s domestic capacity to process gold and ensure that more of the wealth generated from the industry benefits the local economy.

The President explained that strengthening local testing and refining facilities could reduce the country’s reliance on foreign institutions for these services. The initiative is also expected to create opportunities for Ghanaian businesses and professionals operating in mining, assaying and mineral processing.

Ghana remains one of Africa’s major gold-producing countries, but the need to increase the economic benefits derived from its mineral resources has continued to attract attention. While gold mining contributes to national revenue and foreign exchange earnings, limited domestic processing can restrict the additional value the country captures from the industry.

The GoldBod policy is intended to address this concern by encouraging greater participation in the gold value chain. Expanding local refining capacity could allow more gold to be tested and processed within Ghana before export, creating opportunities for investment and employment.

The initiative could also encourage the adoption of modern processing technologies, strengthen technical expertise and help local businesses develop specialised services for the mining industry. These developments may improve Ghana’s ability to participate in international gold markets beyond the production and export of raw mineral resources.

However, the extent of the benefits will depend on effective implementation, sufficient investment and the ability of domestic facilities to meet recognised international standards. Reliable oversight and the development of appropriate infrastructure will also be important to achieving the policy’s objectives.

Mahama’s remarks reflect the government’s broader ambition to promote value addition across Ghana’s mining sector rather than depend primarily on raw mineral exports.

If successfully implemented, the policy could help retain a greater proportion of the wealth generated from gold production within the country, while supporting job creation, industrial development and long-term economic growth.

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