African Union Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, Francisca Tatchououp Belobe, has pointed to Ghana’s Gold Board (GoldBod) as an example of how reforms in the mineral sector can help African countries strengthen foreign exchange reserves, support currency stability and build more resilient economies.
She said the establishment of GoldBod showed how reforms in the mineral sector could support wider national development objectives, particularly through better foreign exchange management and stronger international reserves.
She made the remarks at the Mining in Motion Conference on Monday, 19 October, where she said Ghana’s efforts to promote local content, strengthen domestic businesses and add value to its mineral resources offered valuable lessons for other African countries.
She praised President John Dramani Mahama for Ghana’s approach and said the African Union was keen to share lessons from the initiative with other countries across the continent.
According to her, Ghana’s GoldBod initiative showed how reforms in the mineral sector could contribute to broader economic objectives rather than focusing solely on the extraction and sale of natural resources.
“The establishment of the Ghana Gold Board illustrates how mineral sector reform can serve broader national development objectives by improving foreign exchange, strengthening international reserves and supporting currency stability as well as macroeconomic resilience. The efforts to strengthen local content, domestic enterprises and mineral value addition also provide important lessons for other African countries,” she said.
GoldBod recorded US$1.871 billion in foreign exchange from its artisanal and small-scale mining (ASM) gold trading activities in September 2026, exceeding its monthly target of US$1.4 billion.
In a release on Wednesday, September 30, the board said the foreign exchange generated had been channelled through authorised commercial banks and the Bank of Ghana to support stability in the foreign exchange market and strengthen the country’s reserves.
She noted that retaining more value from mineral resources, strengthening local enterprises and improving the management of foreign exchange could help countries build stronger economic foundations.