Prez. Mahama: GoldBod policy to boost local gold testing and refining, retain more value in Ghana

President John Dramani Mahama has highlighted the potential of the Ghana Gold Board’s (GoldBod) new policy to strengthen local gold testing and refining, ensuring that a greater share of the value generated from Ghana’s gold resources remains within the domestic economy.

The President made the remarks at the 2026 Mining in Motion Forum organised by the African Minerals Policy Centre, where discussions centred on advancing Ghana’s mineral sector and maximising the economic benefits of the country’s natural resources.

The policy is expected to promote greater local participation in gold testing and refining, two critical stages in the gold value chain that influence the quality verification, processing and commercial value of the precious metal.

By strengthening domestic capacity in these areas, Ghana could retain more economic activity locally, create opportunities for skilled employment, support the growth of related industries and reduce its dependence on external facilities for essential gold-processing services.

The initiative also aligns with broader efforts to increase local value addition to Ghana’s mineral resources, moving beyond the extraction and export of raw materials towards a more integrated domestic gold industry.

GoldBod plays a central role in Ghana’s gold-trading framework, particularly in the formalisation and regulation of the small-scale gold sector. Improving local testing and refining capacity would complement these efforts by supporting transparency, quality assurance and the development of a stronger domestic gold value chain.

The President’s remarks underscore the importance of ensuring that Ghana captures more than the immediate proceeds from gold exports by developing the technical expertise, infrastructure and industrial capacity needed to derive greater long-term benefits from its mineral wealth.

Further details on the policy’s implementation, including the applicable requirements, timelines and measures for expanding local testing and refining capacity, would be necessary to assess its expected economic impact.

Prez. Mahama Applauds GoldBod as Gold-Related FX Earnings Reach US$10.8bn

The President also commended GoldBod for its contribution to the growth of Ghana’s artisanal and small-scale mining (ASM) gold exports, citing a significant increase in export volumes and foreign exchange earnings in 2025.

Speaking at the Mining in Motion Conference at the Mövenpick Ambassador Hotel on Monday, October 19, 2026, the President compared the sector’s performance in 2024 with its output in 2025, when GoldBod commenced operations in April.

“I wish to commend the GoldBod for the successes that it has chalked. In 2024, from the artisanal and small-small mining sector, Ghana exported 64 tonnes of gold,” President Mahama said.

He noted that exports rose to 104 tonnes in 2025, representing an increase of 40 tonnes over the previous year, with the 2025 figure covering the period from April to December following GoldBod’s establishment.

The President also highlighted the increase in foreign exchange earnings from the formalisation and regulation of small-scale gold exports, describing the figures as evidence of the sector’s growing contribution to Ghana’s economy.

“I’m happy to note that the GoldBod in 2025 alone, with the regulation of export of small-scale gold, brought into this country 10.8 billion dollars, which is an almost 100% increase over the 4.66 billion USD that came into the country in 2024,” he said.

The figures underscore the significance of the ASM sector in Ghana’s gold trade and the role of GoldBod’s regulatory framework in channelling small-scale gold exports through formal channels.

Established under the Ghana Gold Board Act, 2025 (Act 1140), GoldBod is mandated to regulate and develop Ghana’s gold trading industry, formalise artisanal and small-scale mining gold transactions, and help generate foreign exchange for the country.

President Mahama’s remarks at the conference highlight the government’s emphasis on strengthening the governance of Ghana’s gold resources and maximising the sector’s contribution to national economic development.