President John Mahama has disclosed that the establishment of the Ghana Gold Board (GoldBod) has sanitised the gold trading and export business, raking in $2.7 billion within a short period of operation.
He added that GoldBod has also strengthened oversight responsibility in the export of the precious mineral, ensuring that Ghana benefits more from its gold resources.
Speaking at the Global Mining Summit in Accra, President Mahama described GoldBod as a key component of his administration’s strategy to reform the gold mining sector and maximise returns for the country.
“GoldBod, which is a key plank in my administration’s strategy to reform the gold mining sector and ensure maximum benefit for Ghanaians from our gold resources, has taken off. In its short existence, it has sanitised the gold sector, ensuring maximum returns from our gold export,” he said.
Expressing optimism, President Mahama projected exponential growth in export receipts from gold by the end of the year.
“Ghana’s gold export through the PMMC and GoldBod earned the country $2.7 billion between January and April, and this figure is expected to increase exponentially throughout the year,” he projected.
He noted that GoldBod is also exploring opportunities under the African Continental Free Trade Area (AfCFTA) to enhance intra-African trade in minerals.
President Mahama further stressed the need for African countries to deploy their resources to support development on the continent.
“The world is transitioning. There is a surge in demand for critical minerals like lithium, graphite, nickel, and other rare earth minerals. Ghana is ready to play a central role. We are establishing policy, legal and investment frameworks to explore and develop critical mineral reserves,” he stated.