Mahama hails GoldBod as game-changer for resource control, pushes regional industrialisation

President John Dramani Mahama has praised the establishment of the Ghana Gold Board (GoldBod), describing it as a landmark reform that has strengthened Ghana’s control over its natural resources, particularly in the gold sector.

The GoldBod, which now serves as the sole authority responsible for buying, selling, weighing, grading, assaying, valuing, and exporting gold and other precious minerals, has, according to the President, significantly improved state oversight of gold exports.

Speaking at the Africa Trade Summit 2026 in Accra, President Mahama highlighted the impact of the Board on export performance and foreign exchange inflows, especially from the small-scale mining sector.

“In 2024, gold exports from the small-scale mining sector were projected at 63 tonnes,” he said. “However, only about 40 tonnes were repatriated in foreign exchange, and proceeds from 23 tonnes of exported gold did not return to the country.”

He explained that since the establishment of the Gold Board in April 2025, gold exports from the small-scale sector have risen sharply to 104 tonnes, with 100 per cent of the foreign exchange earnings fully repatriated through the Central Bank.

President Mahama also disclosed that Ghana is deliberately increasing the participation of indigenous companies in mining and other natural resource extraction activities. He noted that new local content laws now require foreign investors in the extractive sector to partner with Ghanaian companies.

Turning to broader industrial policy, the President stressed that Africa’s industrial future depends on regional cooperation rather than isolated national efforts.

“Industrialisation cannot succeed in fragmented markets. Africa’s future lies in regional value chains,” he said, adding that while no single country can produce everything, collective efforts can create competitive industries across borders.

He said this approach requires seamless movement of raw materials, intermediate goods, and finished products across the continent, supported by investments in transport corridors, energy networks, and digital infrastructure, as well as harmonised standards and regulations.

President Mahama described the African Continental Free Trade Area (AfCFTA) as the most ambitious integration initiative in Africa’s history, noting that it creates a single market of more than 1.3 billion people and provides the scale needed to transform Africa into a competitive manufacturing and investment hub.

While expressing pride in Ghana’s role as host of the AfCFTA Secretariat and as an early participant in trading under the agreement, he cautioned that the framework alone would not automatically industrialise the continent.

He stressed that AfCFTA must be deliberately linked to industrial policy, infrastructure development, and enterprise growth, while addressing non-tariff barriers, simplifying customs procedures, improving logistics, and expanding digital trade systems.

Drawing on Ghana’s experience, President Mahama said successful industrialisation requires deliberate policies, reliable infrastructure, skilled labour, and sustained macroeconomic stability.

He added that investor confidence depends on strong institutions and predictable policies, emphasising that Africa’s industrial transformation demands collaboration among governments, the private sector, financial institutions, and development partners.

“Governments must provide leadership and stability. The private sector must invest and innovate. Financial institutions must offer long-term financing, and development partners must align with Africa’s priorities,” he said, calling for greater coordination among African institutions to remove barriers to integration and growth.