President John Dramani Mahama has defended his government’s decision to restrict gold exports, stating that the measure is vital to ensuring Ghana derives maximum benefit from its mineral wealth.
Speaking during an engagement with the Ghanaian community in Moscow, President Mahama said the substantial revenues recorded from gold so far prove that the country stands to gain even more as the policy is expanded to other minerals to fast-track national economic transformation.
The GOLDBOD Act, he explained, is part of broader efforts to streamline the gold trade, retain foreign exchange earnings, and ensure natural resources translate into tangible benefits for Ghanaians, including stabilising the cedi.
“Prior to that, anybody could buy gold in Ghana and take it out, and the forex normally didn’t come back,” President Mahama said, adding that his administration’s key priority is to formalise the artisanal and small-scale mining sector so that every ounce of gold produced is properly accounted for.
Ghana’s ultimate objective is to achieve full enforcement by 2030, ensuring that no raw or unprocessed minerals leave its shores. This phased export restriction will eventually extend to other major mineral resources, including bauxite, manganese, iron ore, and lithium.
